All Forum Posts by: Matt Jones

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Hi Jami,

I buy multifamily properties and, as a local real estate agent, I represent buyers who buy multi and single family properties.  Feel free to add me to your distribution list.  

When was it built, and how old are the major systems? $3,200 is probably a decent rate unless it’s new construction. New construction properties can qualify for significant insurance discounts, but otherwise, I generally expect insurance in this area to run a little over 1% of the property’s value if it’s in decent condition.

Feel free to DM me if you’d like a good insurance contact to shop around for a better rate. Just a heads-up: with the way the insurance market has been here over the past couple of years, this is accurate as of today, but things could look very different (for better or worse) in 6+ months.

 Welcome Terrence!  Pensacola is a great market for investing and the number of properties available right now is up so there are actually some on market properties with potential.  We have lots of wholesalers so I'd recommend getting on their lists to add to the number of investment opportunities that are coming across your plate.  PM me if you need a list.  I'm also happy to share access to a spreadsheet where I track Single Family, Multifamily & Rental Inventory for the Pensacola Market(Escambia & Santa Rosa Counties) each week.  Good luck & let me know if i can help you with anything!

Hey @Joel Matthews,

If you decide to invest in multifamily closer to home shoot meet a message.  I specialize in small multifamily properties in Escambia & Santa Rosa counties.

The numbers look a little tight but if you want to do a deal and get some experience this may be worth it to you anyway.  I like that you have a misc category AND a 20% contingency.  I and many other investors tend to underestimate rehab expenses so it's a great idea to build in some cushion.  I've done dozens of renovations now and I still use the 20% buffer and because of that I'm typically able to come in at or below my budget.  

I did not see closing costs on your spreadsheet for either the initial purchase or the refi.  I'd recommend adding those as they'll adjust your returns.  

Awesome, STR investing works well here provided that you have a great location and take great care of your property. The market is saturated with STR's further from the beach and attractions, so my advice is to be picky about your location and underwrite the numbers carefully to make sure the investment will be profitable. I'll PM you with info on some of the meetups.

@Bryce Nurding it sounds like you have a solid plan.  Unless you have an immediate need for the cash I'd wait until I could pull out the extra $40k.  As another poster mentioned rates are lower than they've been in the previous 18+ months but unless some very surprising economic data comes out between now and when you did your refi it seems unlikely that rates are going up in the short term and there is at least a decent chance that rates drop a little more before then.  That said, I wouldn't let projecting rates factor into my decision as much as whether or not you want to pull the extra $$ out.

@James Colvin Welcome! Pensacola is a great market and has areas that work for LTR, STR, Flipping and Wholesaling. There are also several local meetups for investors so it's easy to get involved. What type of investing do you want to do?