All Forum Posts by: Tchaka Owen

@William Kissane - I remember you. You ended up buying right near where I used to live. Two comments:

1. Merritt Island rentals do not last on the market, if yours hasn't rented it's because you're asking too much. $3300 in Hampton Homes is a lot, you need to drop the price (unless you're on the water). It appears that you're in Pimpano......keep in mind that rents in S. Florida are different than in the Space Coast.

2. Based on what you've written as your goal, my advice is to sell the house and buy one in Cocoa Beach. They are very STR-friendly, while Merritt Island is unincorporated and goes by county rules. The current low interest rate is largely irrelevant. Why? Because if you're not fond of the LTR route, you're wasting your time. Plus the higher amount of interest will very likely be more than offset by the vastly higher income.

Good luck!

Quote from @Austin Phelps:

My wife and I (both 27) currently live in Cape Canaveral/Cocoa Beach, FL and make about 250k a year combined with a net worth of about 250k as well. We're looking to begin investing in real estate to increase our income for now and slowly get to the point where this is all we do for a living (tired of corporate jobs). With this base information, what would you all suggest? Initial property price range, strategy, etc. I really appreciate your time and help!

Lots of great advice provided already by other BP members! I'll add the following tidbits:

1. One of the best routes to wealth through REI is via multi-units; the downside to Brevard is the limited number. Compared to many areas, Brevard lacks. However, that's not the only path to success.

2. If you and your wife do decided to invest in Brevard, I see lots of upside (that's one of the reasons I moved here). The area got crushed at the end of the Shuttle program, a decade ago homes could be picked up for close to nothing. However, the space industry is booming. NASA isn't the only game in town and there are large tech companies here too (many in support) so Brevard isn't dependent on tourism. The county has a number of good schools, which is important to attracting brainpower. And though prices have gone up significantly, they're not as highs as in other areas. 

3. You'll want to attend some of the local REIA meetings to gain contacts and help get a feel of the local vibe. 

Good luck!

Tchaka 

Quote from @Michael H.:

Hi everyone, I'm seeing some posts from 2020 indicating that Pen Fed credit union will do HELOCs on rentals. Can anybody confirm is they are still offering this service in 2023? Looking for a quick answer if possible before I contact Pen Fed to inquire. Thank you so much!

I can confirm that they are NOT and have not done HELOCs on NOO properties since April 2022. The representative I spoke with did indicate that things change and that at some point in the future they might do them again. I suggest you call PenFed.

@Cindy Joseph - 1.5T is more appropriate, however check prices. Often those smaller units can be up there price-wise. $9k for both sides is not outrageous, however it's a tad steep for Florida - unless there's copper replacement, ductwork, etc. I have a number for you to get a quote.

Tchaka Owen

Feel free to give me a call anytime to chat. I'm on Merritt Island.

@Garrett Pettit - if you're going to work at Blue Origin, it is probably best that you consider Merritt Island, Port St. John, Titusville and possibly Rockledge or Cape Canaveral as they're relatively proximate to the Blue Origin buildings. While Orlando isn't that far, it's an unnecessarily long commute given that you have many options closer. 

@Cindy Joseph - I'm going to recommend that you provide more specific information as that may help. For example, where in Brevard is this duplex. Since you're new to the area, you might not be aware that Brevard is about 70 miles tall. A good contractor living in Mims might not be interested in a project in Grant. Also, what level rehab are you talking? 

Quote from @Michael Elder:

Im wondering if anyone out there is having success with a MTR in the space coast area of Florida. Im having trouble obtaining STR insurance after Ian, so I'm leaning towards MTR. Wondering if the area is conducive at all. Anyone in a similar situation please feel free to reach out

As a heads-up, what you refer to as MTR is what's a STR rental down here. STRs are 30 days and up.
AirBNB et al are referred to as "Vacation Rentals". That's under 30 days.

Quote from @Cindy Joseph:

Hi Cindy,

From an investment standpoint (ie, appreciation), I don't see much difference in any of them as they're all beach areas and are all desirable. To the neophyte, it's one big long beach. Think of the Outer Banks.....my first time there I was disappointed to find out that we weren't staying in Kitty Hawk, we were in Kill Devil Hills. Once I arrived, I realized it's one long beach from the causeway down past Nags Head. If not for the mile markers, you might not even know which beach you're on. Similar situation here. Where things could change for you is based on what sort of investing you plan on doing. If you're going to buy for long term rental, all those locations are good. If you're looking at STRs, not all of them allow it. If you'll narrow down a bit your objectives, I'll gladly answer any other questions. 

Quote from @Olivier M Ouedraogo:

"conventional rehab loan"

Those 3 words together should be a concern......those types of loans aren't common and who knows how much probing you will get. Go hard money. Easy, fast and get your rehab done.