Looking for Partner to do a Beach vacation rental in FL

[Brent Bowers]

I have a deal in my hands and I am looking for a money partner. This is a property that is right on the beach in Melbourne Florida. This is not a fix and flip. This is a buy and hold for big cashflow and vacation for free. This kind of deal is not for everyone, but if interested feel free to contact me.

Brent

[Richard Fisher]

Hi Brent,

I am from South Florida and I am familiar with the Melbourne Beach area. I have looked at vacation property there a few years ago. Please give more details on the property and what you have in mind for it. It is a single family home or a multi unit?

Richard

[Peter R.]

Hey @Brent Bowers I'd be interested in hearing what you have.

[Brent Bowers]

@Peter R and @ Richard Fisher,

My plan is to turn it into a vacation rental. It needs 50K in paint, central AC, pool drain, clean and possibly re surface. The owner is willing to do terms or cash. Cash price is 885,000.

Terms 910,000 with 10% down (possibly less down) and principal payments of $3,500 per month. With a 2-3 year balloon.

ARV is between 1.1 and 1.2Mil.

However my numbers are not working out. The purchase price needs to be around $715,000.

But, my plan is not to flip, it is to hold for cash flow. Rental prices per night are around $700. Plus there would be the added Cash flow of the 300 SF mother in law suite that is currently rented at $1,200 per month. But, if not purchased at right price it will make the refinance difficult. I'll PM you guys the address.

[Brent Bowers]

@Richard Fisher it is a single family.

[Kerry Baird]

Can you please PM me the address, too?  Remember that the rentals there are still seasonal, and there is a low-demand season.  I'm curious!

[Brendan Griffin]

can you pm me the address?  Thanks

[Joshua Haas]

Would you be able to pm me the address as well please? Thanks.

[Bradley Pietrzak]

Bro dont pm anyone the adress untill you have secured somthing people are sleezy and will take anything they can out of you if you give them the shot make sure you have somthing contracted first with a person you have a good gut feeling with. Always expect the worst and go for the best

[Laura Renner]

@Bradley Pietrzak I completely agree! I learned that lesson just last week.  And the investor is set to make very good money from the deal. Fool me once....but never twice :)

[Brent Bowers]

Thanks to all who replied an those that gave me advice. I am not very familiar with beach properties and I am glad I posted this because I did find out that the numbers did not work. I see there are some restrictions on short term rentals and this property needs a lot of work.

But, you never know... Someone with the right creativity can make almost anything work. Here is the address:

5115 South Hwy A1A Melbourne Fl.

I personally do not have it under contract, but I know who does. And if you like I will give you their contact information. Also a realtor has it listed for a short term listing. The wholesaler has it under contract for less.

[Kerry Baird]

Thanks for posting the link.  Looks like it is being undermined, and should be moved back on the lot.  Additionally, the rooms are small, narrow and dark.  I'd want to scrape it and start all over.  

[Peter R.]

@Kerry Baird have you dealt with any projects that have done a scrape and replace?  What is the temperament of Melbourne/Brevard County for building things in general, if you don't mind my asking.  I haven't done a construction project over here yet, only minor rehab and rent.

[Scott Schuetz]

The wholesaler that has this under contract sent it to me last week. I did a drive by and for us investors, at the wholesale price, it's not a deal. For an owner occupant it could be great, the beaches are beautiful in South Melbourne Beach. Here's the problem, that area is the only beachside area in Brevard with an excess of inventory. Avg days on market are double and triple other areas. I'm 19 miles north of there and if that property was near me at $850k it would likely sell in a day. South Melbourne Beach can be a great place to live but a tough place to invest. Hope that helps.

@Peter R. I haven't done a construction project myself, but from what I've seen the temperament for new construction is good. There are dozens of scapers and vacant lots being built on right now in Indialantic

[Kerry Baird]

I have not done a scraper.  Just run of the mill rehabs.  When my proverbial oil well comes in, I would consider scraping and building.  There are teeny houses on teeny lots on Cape Canaveral adjacent canals that I'd love to scrape and build on. 

Back on the subject, I didn't drive by the house, so can't speak to the integrity of the foundation.