Buying STR in Destin/Fort Walton Beach

[Carlos Lopes]

Looking to buy a property in Fort Walton Beach. I’m in the military, and will be moving again in about 15 months. Currently renting, but was really debating buying a beach front condo in Okaloosa island to live in for the remainder of my time here, but then hoping to rent it out once I leave. 

Does anyone have any experience buying short term rentals in that area? Any recommendations? Just currently exploring what would give me the best bang for my buck. Seems like okaloosa is very busy and lucrative during summer, but kind of a dead town in the winter. 

[Steven Wachtel]

Honestly I think that's a great move, and I wish I would have done it. I bought a condo in Destin while I was there at Eglin, but I never lived in it and I'm still stuck with an awful rate. If you can get a primary residence rate on it and STR it when you move out, you'd probably be sitting pretty. Just keep in mind that your insurance will probably go up when you change your policy to cover STRs. Also watch out for any HOA restrictions of course, and be aware that interest rates may be a lot higher for a non-warrantable condo - although I'm not sure how that would play out if it's your primary.