All Forum Posts by: Zach Westerfield

@Alexander Schloe

Hello Alex and welcome to the area. I am also military and just moved from the Eglin area after 4 years there. I have several long term rentals there that cash flow very nicely. I was able to find a triplex, but it was a major renovation project.

Are you looking for fixer uppers or move in ready properties?

Zach

@Nathan G. Thanks that is a lot of help. I plan on putting together a list of at least 4-5 candidates in the next two weeks and sitting down with them for an interview. I have a property that will become vacant in the end of February so my thought was to start by letting the new party manage this one for two months. If they seem good I will turn all the properties over in May. Does this seem like a valid strategy?

Second question, how will turnover work for my existing tenants? I have put a lot of time and money into developing a good lease and process for selecting great tenants and I like all the ones I currently have. I am moving in May (which is the reason for third party management). Will the new company take over my existing leases as is or will they want to tenants to sign new leases?

I am looking to transition my portfolio in the Destin, Fort Walton Beach, Niceville, Valparaiso and crestview area to a property management company. Right now it is a small portfolio of 2 SFRs and a triplex. Does anyone have recommendations for a good property manager in this area?

@Charlie Cameron how big of renovation are you talking? You can be surprised what you can qualify for with a standard VA or FHA loan. I have done both for foreclosures and very run down properties. The 403k loan is a good right but leaves you with a higher loan payment in the end. If you have a little more cash up from, you can do a seller escrow repair account and increase the purchase price by the amount of the repairs (roof, major repairs, etc). PM me if you want to know more. Also, when it comes to getting property's approved for FHA or VA, it's the appraiser who signs off on it, not a home inspector. It never hurts to ask, as sometimes the appraisers miss a lot. Just make sure you yourself know what you are getting into.

@Luis Castro there is also the professional investors guild in the area, or P.I.G. It is a very wholesaling centric group and a good place to link up with local wholesalers and get on their lists. I have done business with @arianne Lemire and can definitely say her company is top notch and professional.

@Kyle Thanks!

Thanks for the tips!

I'm looking for a good HVAC guy in the destin fort Walton beach area. I recently bought a triplex that need two new systems, and so far the quotes I have got gave me a heart attack

Jen Wilson with Century 21 is who I use. Her and her husband are investors themselves so they understand the investor mindset

Cory,

welcome to the area. I would recommend starting by going to some of the real estate investment club meetings. Look up Arianne Lemire on here, she runs one that is pretty good and meets one Tuesday a month. It is a good area to do BRRRs as there is a strong rental market and lots of old houses that are good value add opportunities.