New Investor in the Orlando/Cape Canaveral/Cocoa Beach Area

[Lindsay Diven]

I signed up to Bigger Pockets a few years ago, but in the midst of finally signing up on our first investment deal in Cape Canaveral, FL so thought it was time to finally engage in BP!

My husband and I live in Orlando, FL (Lake Nona area) and have two kids. We are securing a deal in Cape Canaveral. We were originally looking for a vacation home/condo to rent to snow birds in the winter and for us to use in the summer. However, a friend's landlord approached us wanting to subdivide and sell his properties. We are working on the final terms and feasibility study, but he will be doing seller-financing for the land and we would pay for the construction of a duplex just steps from the ocean!

We are nervously excited to take action with our first investment, but I feel like we are just diving in. My husband is a GC so he will be managing the construction and has excellent subcontractor relationships, so he isn't has nervous about that portion as I am!

We would like to rent one side full time and then use the other side for seasonal rentals (snow birds) and personal use in the summer. I just conducted a vacation rental analysis and am seeing prices all over for weekly and monthly rentals. My next step to do a vacancy estimate and long-term rental analysis.

Any insight or words of advice for vacation/seasonal rental would be appreciated!

Thank you,

Lindsay