All Forum Posts by: Matt Jones

@Tim Hershberger as long as you plan to live there first there are several local lenders that offer a 0% down conventional loan including Renasant Bank, Rapid Rate Mortgage & Regions.  DM me if you need contacts for loan officers.

@Thomas C.. Google “Escambia County Crime Map” and it should bring up an interactive tool that will let you search by address to see what kind of crime and how much is happening around a property that you are considering.  Pensacola is a great place to live and to invest.  Good luck with your purchase!  

Hey Trevor - I know Milton well.  It sounds like you may have a land use question in which case I can connect you with the right department within Santa Rosa county but if it's something else or a question of value I'm happy to answer those questions as well.  Just send me a DM.

BRRRR seems to be the most popular investing method these days and while I am a fan of the BRRRR strategy it is not for everyone. If you work full time, have a family and are not interested in spending a significant amount of time hands on in real estate then you may want to consider more turn key properties. It's also much easier to find move in ready properties than it is to find properties that fit the BRRRR model. The primary benefits of BRRRR are replenishing your working capital through refinances and creating equity through your renovation. Buying move-in ready properties is a slower process but ultimately much more passive. With $150k cash you could buy between $600k - $750k in properties(assuming 20-25% down payments). As your properties generate cash flow, go up in value and the mortgages get paid down they will generate additional available funds for downpayments even if you don't save money from your day job towards new rentals. So, still a very nice strategy over the long term. The questions I encourage you to ask before choosing your strategy is what is your ultimate goal, how much time do you have to dedicate to real estate and how hands on do you want to be in your investments? The best strategy is the one that fits the answers to those questions. Welcome to Pensacola, it's a great place to live and a great market to invest in!

@Kenneth Stelmack I think when you are ready, both personally and financially, and find a deal that fits your criteria it is a good time to buy.  The marked has always gone up and down but good investors have started in all market cycles and usually continue to invest in all markets when they find a deal that works for them.  I think the market is unlikely to crash or drop significantly in the near future, there are only about 1/3 - 1/4 of the number of homes for sale that would have been on the market this time of year 4-5 years ago.  Many homes being sold in the area are getting multiple offers and we have more buyer's than sellers.  Until the number of homes for sales goes up significantly the chance for home prices to drop in any kind of significant way is very slim.  The chance for prices to continue to rise at a fast pace is fairly strong.  My advice is to establish a criteria for the property you want to buy, be diligent in running your numbers and then start making offers.  If you can find a property where the numbers work for you today then buying could be a great move.  Good luck & welcome to Pensacola!

@Cole Beauchemin I agree with what @Dylan H. said on not counting on increased rents from renting by the room to make your investment work.  Renting to flight students by the room is great and can be very profitable but I am seeing more and more students buy houses with that intent so eventually it may be hard to find students to rent.  More importantly, at least to me, and more immediate is the fact that finding a property manager to care for your property by the room is very difficult.  Almost all if not all local property managers will only rent the property as a whole and will not be willing to manage multiple leases in the same property.  If you buy something that works as a traditional investment you have more options and exit strategies when the time comes to sell or to hand it off to someone else to manage.

Hi @Account Closed, I am a full time Realtor and investor in Pensacola.  If you are still looking for help selling your house please feel free to reach out with the details.  I have a lot experience helping investors buy & sell and I always enjoy working with other BiggerPockets members!

I second Veronica, she is great.  Also, Perry Palmer at Bank of Pensacola.  I'm not sure who is doing their loans now but CenterState bank on Bayou Blvd has also been good for this type of loan in the past as has Beach Community Bank and Bank of the South.

$795 is high from the ones I have seen and done in the past.  Appraisals have gone up in cost and this region has had long lead times for appraisals in recent months.  Maybe that includes a rush fee?  Investment loan appraisal or not, single family home appraisals in this area don’t usually cost over $595.  That is with a traditional lender or bank. If you are going hard money or some type of other financing it may be more typical for the lender to mark up the cost.  

@Kenneth Garrett  Great point about the code update coverage!  In the effort to save on premiums many people miss that and some insurance agents/brokers don't ask you if you want that coverage, they just drop it to make their rate look better in comparison to competing quotes.