All Forum Posts by: Melissa Jolley

Schools, jobs, walk-ability, average household income, days on the market for nearby homes...to name a few.

@Joshua A Kloos

I am located in FL too.

I know of a lender that does debt coverage loans. The interest rate is a bit higher but it is a good way to get your foot in.

Welcome to FLORIDA! You're gonna love it here.

All good things! If you purchased the first home with a VA loan then your funding fee will be higher for the multifamily (since it is a second VA). 3.3% if memory serves me correctly. Make sure to factor that in when you are looking. I think a fixer-upper is the way to go. Multifamily- FOR SURE! I am not sure what the price-point is where you are but I would strongly consider looking at a triplex or more that can still qualify under VA. Keep as much cash on hand from the SF sale and use it to renovate the multifamily. To maximize....live in the unit that will bring the least amount of rent.

Please post an update when you get the ball rolling- pretty exciting stuff!

We had a similar issue in Arizona. The pipe was in good shape and the roots discovered, both in the tank and line, were very small....like hair. Super common. Our buyers were not deterred by it and did not ask for repair. Like others have mentioned, you certainly need more information before taking it off the listing price.

A scope for us was around $200. 

I hope everything works out for you- I HATE SEPTIC ISSUES. 

Finally able to attend this one. Looking forward to it.

@Jon Hilfiger

From the posts above it looks like you know about the NEW regulations for STR's in Destin. Please make sure you are in compliance with these regulations. They are new to everyone so agents are playing catch-up too. You can read more about it here: https://www.cityofdestin.com/468/Residential-Rentals

Also, keep close tabs on your HOA. Many owners that sit on the board may occupy their homes year-round and aren't always fond of STR's. Just make sure to keep up to date on all meetings that take place.

Congratulations!

@Alexis Sherwin Destin has the possiblity to cash flow but it is a seasonal place. TN can be ideal year-round. In Destin the prices are fairly high right now- those looking to be completely hands-off will not have much luck if they pay retail. Property management eats up a significant portion of income. There is certainly money to be made- it depends on your investment style. For example, I would not expect to grab a condo off of the MLS and pay a ful-service property management company and make very much annually. I have been looking for a few clients lately. I see the most value in the condos/homes that need updates.

I hope this information helps! 

@Darren Koenenn I think Inlet Beach is coming up. There are several developments that I know of but please always look into the builders ratings and local reputation. There is a common misconception that newly built homes will have less issues and I have noticed that it is not always the case. I have personal experience where that is concerned. West end is really coming into hits own- it is less developed than some parts of 30A. 

Buying a rental that has never actually been on the rental market can be difficult though- I have found rental projections to be all over the map. Cash flow potential is much greater since you will self-manage. 

I recommend shopping insurance through a broker and making sure you are covered well- that has been part of the issue here since Hurricane Michael. 

I run across a lot of investors that also plan to stay in the unit.....depending on the time of year and frequency, this can make or break the deal too.

As far as appreciation- in this area, newer builds certainly hold their own but I feel like they are long-term investments. I would not expect anything for at least 3 years. The comps that they are using to price the units for the market right now are likely on the higher side- prices are up here and have been for a little while. On a national scale- larger metro areas have seen prices coming down or staying flat. Again, I believe buying new is a long game. I like to have a few options so I would like to see what the unit/home would do as a long-term rental and short. 

I hope some of this helps- I enjoy knowing that people are looking to invest in my area.....it is beautiful here.

@Tyler Hardy

It is likely the area (causing it to sit)....in fact....I may know which one you are talking about. That said-there are families of every type that need homes there right now. The need is the greatest in Panama City, not Panama City Beach (the bridge traffic has a lot to do with it.

Let me know if I can help.

@Ki Lee There are a few properties in North West Florida where Hurricane Michael hit that could meet the 1% rule. A few of them are less than what you want to spend. As far as the neighborhood goes- the area is in transition. There is a serious need for affordable housing and many of the folks that were living in run-down areas have left town because they were renting and their homes were damaged. Property taxes are low, insurance is still less than it would be in CA (presumably) and the need is extreme. The airforce base that was damaged is being rebuilt but there is little information about the timeline for that project. 

Farther to the west it is difficult to find properties that meet the 1%. 

Overall- having insight into the local economy is key. 

Hi Jaylin! Welcome to Okaloosa County. Take a look at "PIG" Private Investors Guild on Facebook...they do events in the area. Check out the events section on Bigger Pockets too.