All Forum Posts by: Melissa Jolley

I like something close to rhe college for a flip. I remember thinking short term would be great there.

Arizona seemed a little more strict on septic tank issues so I would 100% have that inspected so you can include in yiur scope of work. If you need help finding a realtor....I believe mine moved up that way. 

@Raymond Stead II

Welcome!

Flagstaff is awesome. We flipped in Yuma, AZ while stationed there....escaped to Flagstaff to beat the heat. I think FWB is prime time. The homes are older in some areas and need to be updated. I feel like the majority of buyers want turn key......the 70's style homes tend to sit on the market. There is a meet up at the twisted grape....you can find the info under the events tab. I like Beach Community Mortgage for lending....fyi.

You will find all the answers to your questions here!

@Joel Owens incredible insight here. Thanks so much!

All, thanks so much for your input!

@Joel Owens If I had to guess, based off of what you are saying....this is the issue. The cost of building combined with the wet land is too risky. This area was hit hard by a hurricane which caused most of the affordable housing in the area to be wiped out. In addition- those that were not previously seeking affordable housing are in rentals (paying a premium) while their homes are repaired or until the insurance company deals with their claim. The need is certainly there. I see it mostly for small multifamily. 2/2's or 3/2's 1,000 sqft or smaller....there is actually a state college close by and a satellite campus for a major university. Contractors here are booked out for months....people are living in RV's still and it is the wild west. I appreciate your input!

@Greg Dickerson I do believe this lot is shovel ready. It has been given all DEP approval and approvals from the city and county. Since the need is so great....I don't thing assistance is out of the question. There have been numerous council meetings about where/what/how to build housing for displaced residents. This is a beach town but the property is about 15 minutes inland. 30% is much lower than I was thinking- I guess because I know how sharply building prices have gone up. The property previously had a letter of intent from DR Horton but their reputation is the area hurt them a little...plus the DEP report was not complete at that time.

@Jay Hinrichs This is a great Idea. It is one thing to be ready for development but if it is not set up to suit what developers want at the time....it will likely sit. As far as HBU...I think the best use would be multifamily all the way. It is currently platted for 150 or so single family lots with about 30% allocated to green space. The location is what really gets me. It is located off of a main highway that runs from Alabama through FL. This has been helpful as I get deeper into commercial RE. 

Hello all!

I have a question for those who deal with commercial development. There is a property that was purchased for a small subdivision (around 150 lots) in my area- it was never fully developed and was foreclosed. It has been fully entitled with plat maps as well. The property is around 60 acres. This area is in serious need of affordable housing and the property is zoned for multi or single family. 

Unfortunately, the property had some issues related to wet land and was on the market for a while. The DEP issues have been ironed out and the city/county are ready to have the land developed.

Question- what specifically do developers look at when evaluating raw property? Is it a benefit that the plans are already in place? Is there a percentage of land cost that developers like to stay under based off of the future value of the developed land?

@Mark Manship is right on. I am liking the VA Reno loan more and more. Deborah is an awesome choice as well. The uglier homes are sitting longer since most of the buyers want to do minimal work. That is a great opportunity for you to get in lower and still get what you want. There are a few additional fees this type loan but check it out for sure!

@Anthony Lilley

You are not wrong. The best advice I can give for our area is to buy ugly. We did this in Bluewater Bay and have done it at other duty stations. You really have to ask yourself....what is the MOST important thing? Try to find a 3br that has enough space to make it a 4br. In our market, 4Br homes are in high demand.

I feel that the likelyhood of meeting the 1% rule in Okaloosa County is difficult IF planning to buy with a VA loan and not planning to buy in Crestview.

Let me know if I can help!

If there is water pooling around the base of the home then something is making the water run under the house....if it is pooling from all sides of the home...then I would try to make sure there was no sink hole activity under the home. Generally, if water ran under the home, it would be able to run out the other side. The gutter think is a possibility but even after exiting the gutter it should flow to the lowest elevation. 

@Craig Blancato

Both. Let me explain....the seasonality of the beach makes STR appealing but it does get slower through the winter. Snowbirds come in after labor day and leave in Feb. Do short term during season and 5-6 month lease in the off season.

A few key points- STR's are expensive to have managed through a PM. Will you self-manage? They will be more profitable and popular with guests if they are closer to the beach....is that in your budget?

@Melissa Jolley

I know of a single family home in PCB that will be sold furnished that cashflows $350 or so a month. Rent shot up before home prices could catch up in some areas. The condo market is not quite like that. The trouble is predicting when these things will level off after the hurricane (or if they will).

Locals would say landlords are terrible people who are charging insane prices for rent.....but PC has been trashy for years and I know officials there have really tried everything.

Inlet beach area is up and coming. I think it will mimic other, more expensive parts of 30A.