My first investment property

[Steven Gray]

After studying real estate investing for a year and some change I finally pulled the trigger and started looking for my next investment property. I own one already but it was my previous residence so I used VA funding bought it with the intent to live in not rent. As of this past Friday I am under contract for a condo in Destin Florida. I offered 161,250 with 20% down and splitting closing, they accepted (which tells me I offered too much) I ran the numbers on my home made short term rental calculator and there is plenty of meat on the bone for me. At $125 at a 50% vacancy rate covering only 5 months a year (summer months) it will cash flow $2425 after cap x and commissions for those 5 months. My wife is an ER nurse in the area and has several travel nurse co-workers and friends who I plan on short term leasing to during the winter months to cover my monthly payment and hold over until the next vacation season. Please give your feedback good, bad, or indifferent. I am obsessed with REI and will take all feedback.

Steve Gray