Getting Started in Pensacola, FL

[Timothy Gleason]

I'm a career military officer, just moved (back to) Pensacola, FL. I'm looking to get started (again) with REI, and I'm targeting waterfront/canal-front properties that need a little TLC.

Some back-story: I always wanted to get into REI, and got an opportunity in 2008 after I rented out my first residence in Jax, FL after a military move. I became an absentee landlord, and did (what I felt was) adequate research to select a good Property mgr. 10 months later, I was left with a destroyed house (+3000 in repairs), stolen appliances, and angry neighbors. My tenant had duped the PM by using a stolen identity, and then proceeded to steal all my neighbors' identities while living in my house. When they vanished, they were ghosts. There was no way to collect. The house went vacant in SEP 2009 and finally sold at tremendous loss in MAR 2010. I learned absentee landlording is NOT for me.

My military specialty requires that I move quite often, though I've finally reached a point where I'll be in one spot for 3 years, hence my renewed interest. I'm developing my strategy, with the help of all the info on this site. Initially, I think I'll do some minor flips and then begin to acquire 1-2/year buy & hold.

I'd love to hear from anyone in the area with similar interests!

-Tim