All Forum Posts by: Victor Warnsley

I have spent 15 years in the Army myself so thank you for your service. If you are relocating possible to DC I would look for something on the east coast,Everything from DC is a hr flight or less. Buying ocean front or and water front is normally not cheap. So make sure your numbers are very tight. Also management is usually two to three times more. I would also ask how many non performing mths the unit or home has. Any other questions be happy to help out.

Thanks for the insight and thank you for your service! I've seen some really nice, affordable beach condos in the Myrtle Beach area, but I've heard that Horry County property tax for non-residents is atrocious. The Gulf Coast AL area seems to be a good area as it is closer to my family in MS, but I'm open to other locations. I'm in no rush to buy, but I'm definitely making sure that I do my due diligence.

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Originally posted by @Jesse T.:

Originally posted by @Victor Warnsley:

Hi fellow BPs!

But I do have a great interest in acquiring a property within the Gulf Coast Alabama region.

Over the years I've made connections with some realtors in the area and recently was introduced to a few beachfront properties within the $170-$240K price range. These properties tout a good cash flow history (although I will need to analyze this further) and is within my desire price point; however, I have no clue how to finance a property like this.

My hope is to gain some insight as to what financing options are out there for this unique situation. I'm open to suggestions AND critique as well so all ears!

You will need to finance it as an investment property. Since you won't have traditional leases you will need to qualify on the basis of your income.

They key to your success will likely be property management. You might start there, find a good established company. They might be able to refer you directly to an owner looking to sell, or they might help with a sanity check on a property you would want to buy(since they make money when you make money).

Thanks for the advice! A couple questions- An investment property is normally funded at 80% LTV, correct? Would it be a better strategy to obtain it under an LLC and then finance it as a commercial loan or go the good ole' fashion way of financing it under my own name?

A lot of the big name players (Wyndam for example) now manage most of the condos and beach houses in the area I'm targeting so I think that might be my best route.

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Hi fellow BPs!

I'm seeking advice from the astute masses on buying vacation properties. I've been a civilian employee within the armed forces for 5 years within the Midwest. Although a lovely area, I've been reluctant to invest in a SFR or an investment property as there is a huge likelihood I will relocate to DC and I do not wish to deal with all the headaches of being an out of state owner in the rust belt. But I do have a great interest in acquiring a property within the Gulf Coast Alabama region.

My hope is to gain some insight as to what financing options are out there for this unique situation. I'm open to suggestions AND critique as well so all ears!

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Hi everyone, my name is Vick Warnsley and I'm a newbie to BP too! I'm currently on a one-man crusade to build affordable, sustainable housing in my fair state of Mississippi (Lord knows they need it). I'm 25 and I currently reside in Dayton, OH working as a consultant for the greatest Air Force in the world! Would love to connect with experienced investors to gain advice, friendship and even investors.

@David Schulwitz it's always good to see Airmen with a gameplan after retirement. Are you stationed at Malmstrom or Whiteman?

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All Forum Posts by: Victor Warnsley

Victor Warnsley has started 2 posts and replied 15 times.

Post: Meet-up in Lima, OH. Ben Leybovich & Brandon Turner in Attendance

Post: How-to's in buying 1st beachfront property

Post: How-to's in buying 1st beachfront property

Post: How-to's in buying 1st beachfront property

Post: I'm a Newbie