All Forum Posts by: Bob Hutton

@Christine Sierra we have a couple Airbnb’s down near Cocoa Beach. It’s been slower the last few months, but we do get a couple stays a month. Basically just enough to stay afloat right now. St. Augustine seems like a larger tourist destination and wedding destination. We are going up for the second wedding within a year. If you do a nice job decorating and price it right, I think Airbnb could be very lucrative up there.

Reach out to Ashley Parker with Keller Williams. She knows the area well and works with a great team. 

I live on Merritt Island and have been looking in the area as well. I had a mailer hit early last week and I have gotten about a half dozen calls so far. We targeted absentee owners.  Those who have called are asking for me to make them an offer. In speaking to the owners, most of the homes are in good to great shape and some have been fully updated. I'm calling back with offers tomorrow. One of the guys did give me a price, but it was 117 on a 2-1 that rents for 850. 

Sorry this doesn't answer your question, but merritt island is a challenging market to find the deals, I'm still looking for my first. If your willing to go a little further, Titusville and cocoa may be an option. I am hoping to hear some more responses to this as well. 

Welcome! Im new to rei and in Brevard county as well. The only wholesale deals I have found have been in Titusville, Palm Bay, and Orlando. There is a rei meetup in Merritt island on Tuesday, I'm hoping to find more information then. Bob

Thank you all for the encouragement and information. We are looking forward to moving forward in this new venture of our lives.

Great post! As a newbie I I feel the same way. I'm still working on getting that first deal under my belt, but taking every chance I get to invest in my knowledge.

My wife and I are going to start investing in our local community.  Our plan is to use the brrr strategy.  We have been out driving for dollars.  We have been bringing the property information home, entering it into a spreadsheet, researching the properties online, and low and behold the majority of these properties are owned by out of state owners.  We are going to start a yellow letter campaign as soon as we establish our llc,the 31st of this month.

We are trying to stick to our North Merritt Island area as we know it pretty well and love the school district.  The majority of the neighborhoods we are searching have a typical asking price between $150,000 and $175,000. So we are looking at rehab properties in the price range of $75,000 that need about $20,000 in rehab.  I have thrown a generic price of $18,000 for holding and closing costs.  I plan on doing the majority of the work to these properties, but calling in the professionals when needed. 

Our hold up is financing, but we are researching hard money loans.  I believe my analysis will work to turn these type of properties in to cash flow by doing a cash out refi after the seasoning period.  Does anyone see any issues or have I missed anything?

I am also trying to connect with local investors, but only know of the rei meetings in Merritt Island that is on the second or third Tuesday of the month. 

Thanks!

Thank you John!

My wife and  I are new to Bigger Pockets and real estate investing.  We are looking for others in our area to network and work with.  We are currently searching for a highly recommended real estate attorney.  We have a group of friends that are real estate agents and have been a valuable source of information, but we are looking to diversify our network.  Thank you.

Thank you all for the insight.  I was letting my ambition, the low price on this deal, and the possibility of finding a mentor override the type of properties and areas I am looking in.  I did not do this deal.