All Forum Posts by: Melissa Jolley

Grew up in a block home in North Florida. Got termites. Live in a frame home in North Florida....got termite bond :)

Live within 40 miles of where Hurricane Michael hit- the older block homes did well but still need MAJOR work. I don't think these two factors would have any influence on my decision to purchase unless there was a current termite infestation or previous damage beyond the scope of the repairs I wanted to do. 

Comes down to insurance costs for me. Wind mitigation for the roof helps a lot.

Get yourself a rental in a military town. Figure out how big the base is and go for it. Look up the BAH (basic allowance for housing). Make sure your rental falls mid-range and you are good to go.

Brian,

The market in Navarre is always pretty decent. Plenty of members of the military looking to rent/buy in the spring and summer. The fall/winter may be the times when you see prices fall off a little. Inventory (retail) is low right now- the average sale price has increased since last year. One deterrent is the traffic. One accident on 98 and you are stuck for a while. People love Holly By the Sea (Subdivision). I noticed a few block homes on 98 that looked abandoned in that area a couple weeks ago. Probably 6 on a half acre. Several bay front multifamily units that really needed some help. 

I had some investors looking in Panama City, Mexico Beach...etc. I will likely be called a terrible agent for this but I was honest with them. Some lots are being listed for the same price that they would have been WITH A HOME before the storm. I am not looking for one transaction. I am looking for a lasting relationship that can turn into many transactions. @Anthony Shaw did you end up finding a couple condos? I have someone shopping in PCB right now. The prices are holding but I did notice a few buildings were coming under new management. 

Have you managed a STR before?

@Bryce Stclair I have learned to adjust my rental expectations with BAH in a military community. When it goes up, I go up. When it goes down, I lower my rental amount. 

@Don Gouge I am sooo sorry it took so long to respond. I must have missed it. No down-payment. VA loan. We were able to get closing costs paid by the seller. Purchase price DID include VA funding fee...which was high since the AZ house was our 2nd VA purchase.

ETA: There are two $40K mentions in my post. One for the AZ house and one for the TN house.

The TN house was a new build $183K including VA funding fee (first time use). The closing costs were paid by the seller and it was 0% down.

Charlie,

This is great! I love it when a military family can use their resources to make this lifestyle work. We did it in AZ and TN. I agree with the above posters- We grabbed a pretty ugly flip in AZ on a VA loan. It passed inspection- It was just 1980's from top to bottom. We have so many resources here for renovations- much better options than we had in AZ (Home Depot). Hope your PCS goes smoothly. Keep us updated on what you picked. I saw one on the market in Fort Walton Beach that was pretty rough-- good potential though. It is all about the schools here.

If it was just built in 2016 you probably don't have enough equity to price it where it will actually sell. Sounds familiar. Also...I bet they can build their own for what you are asking.....been there! This happens frequently in military communities. I have seen people pay to sell their home and loose $5K in the process just to get rid of it. 

BOTTOM LINE: If they can build a home for the same price you are asking....it won't work.....you will be waiting for that one special buyer instead of having your pick.

RENT it ASAP.

2007 Avalanche. Business in the front...party in the back. Purchased it because it got a brand new motor at 55K miles when the Chevy place neglected to refill the fluids before trying to start it up. :) So....I have a paid off 2007 with about 65K miles on it. I am a RE agent but I will not get swept up in the luxury car stuff. I bring value with my brain...not my car. 

I have identified two listed MHP's that I am interested in but I am not sure yet how I can finance them. I am waiting on responses from a few local resources at this time. The price on the first one is low- $125,000 but the park has never been up and running (which I know is going to be an issue for financing). It doesn't have dedicated septic tanks per trailer. There are 10 lots and 4 septic tanks and a well on the property (9.4 acres). It is in a rural area that I am familiar with.....plenty of highway frontage. The sale includes an old home on the property as well. 

Things I need to know- Those who have done the MHP thing....isn't the cost to move trailers onto the property prohibitive? I am only planning on renting the land.

Next- How have you all financed these purchases? It seems like I will need to make several repairs and obviously the septics will need to be inspected (1988).....so I will need cash to do all of that. 

ALSO- Hurricane Michael hit about 40 miles away with damage within 10 miles of this location. There is a serious need for rentals in Panama City and inland. I expect this to continue for a while.

In the process of getting an average lot rent for the area.