All Forum Posts by: Michael Hamby

 Sounds good man!

Looking forward to seeing the after!  Your agent found you a good one!

The Pensacola ones aren't doing well?  I am about to start 3 here.   I have heard some agents saying the airbnb market in Pensacola is becoming saturated with some many investors doing airbnb now.   I know there is a severe shortage on the availability of long term rentals.   I am hearing 25 applications for 1 unit in some cases.  Maybe that is the correct pivot?

I am looking to connect with someone in the Pensacola area to chat about distressed commercial property.

I think I would sell.   The family variable is the tough part but it doesn't sound like it would make much money with a mortgage. A family property that doesn't make money could cause more issues than selling it.  I am in a similar quandary and one of my mentors asked me the question, If you had the profits from the sale, what would you do with it?   Would you seek to buy the same land in Idaho or Invest in the panhandle?  Make whatever that answer is a reality.

I really like your last three questions.  I am in a similar quandry and these last three is exactly what I am trying to decide!

I pay for a professional Rentometer subscription. I like this because it shows the comparable rentals, size, and bed/bath count on the report. I'd go with the median price as indicated in the report or higher then drop $100 for every week it is not rented. Pensacola in particular has a rental shortage so now is the time to try and push rents. Additionally, I have found zillow, unlike their zestimate, is another good data point and accurate in rent amounts. For a 3rd point of data, I'd use hot pads.com, the MLS, or property manager.

I am in a similar quandary.  I have been asking my colleagues and some new advice I have never heard was, if you had the profits outright now i.e. 72k what would you do with it?   Would you want to buy the same house now you have now or something else?  Whatever that answer is, you should go with that. However, if we consider buying real estate for retirement purposes only and understand we don't make much on them until we pay off the mortgage, would you want to continue to hold this property forever so it's an amazing free and clear stream of income in 20 years.