Real Estate Agent 路 Florissant, MO 路 Member since 2016 路 6 posts 路 4 votes
I'm Patti, currently licensed in MO. I have worked mostly with buyers, but I really dislike the cold and snow. I've wanted to move to Destin, FL since I was a child, and I've started taking steps (lots of learning and reading first) to figure out what I need to do to purchase vacation rentals so I can move there, get licensed, and manage my properties while living in the sunshine!
Thank you! I've been reading non stop, and will continue reading and learning until I feel I can put a solid business plan into place, then start putting my plan into action. It'll take some time to get my income vs investment where I need it to be, but I will get there!
Love the plan. I had started with a similar plan. (When I was a single agent) Let's talk sometime, I'd be happy to share.
Now that I've built a team, Invest 360 we are planning to expand to different cities through the Agent Expansion model. Currently our focus is on selling Buy & Hold properties. The next area for us to tap into is helping investors buy Vacation Rentals.
I was already married with kids when I decided this is what I wanted to do, which throws a lot of wrenches in the plan. Can't just uproot children and move without being very sure in your financial situation, schools, insurance, etc., however as long as I plan accordingly, have backups for when things go wrong (because nothing ever goes as planned lol) this will be better for them, they rarely see their father as he's working all day, and by the time he gets home he's tired. That's no way to live! I look forward to sharing ideas with you in the future and getting to know people in the BP community.
@Patti Longworth Welcome to BP! It's a great place to network and learn.
Sounds like you have a great goal! Do you have any rental properties already? Perhaps you can 1031 exchange them into a vacation rental as a start. I live about 30 minutes west of Destin. Let me know if I can help in any way.
@Patti Longworth welcome to BP! You have a good plan but it will require liquidity. I along with other partners invest in VRs in the Destin, Miramar... areas.
If you have questions/comments just let me know... It's a small world.
Thank you! I do own one long term rental now, profitable, mortgage is $580, rents for $800, tenant pays all utilities except sewer. I'm going to sell it when we start, we have pushing $30k in equity, and we also have a paid off home valued at $195k, so HELOC is possible if we decide to go that route, however I'd like to avoid it unless something too good comes along we must jump on lol. Starting small is the plan! I don't want to start this with a ton of debt or money invested until we're comfortable. Very excited to get started!
@Patti Longworth you have stated a good plan/points. I think working as an REA gives you a great start with that first deal! This is very important due to all the competition... The obvious reason is NWF is becoming associated with the tourist destination moniker. An example is Destin on flip key is now the number one searched destination and with our 2016 rents I believe it. As you get closer in you/family decision feel free to ask regarding school districts, area for VRs vs personal residence or just general questions. BP is a large & helpful community.
I will! I really like Kelly Plantation for our residence, but I haven't looked at anything as far as our residence in person, I don't want to go looking until I'm ready to pull the trigger. I've been listening podcasts like crazy and reading a lot about it, and I've started on my business plan, so I'm getting closer! 馃馃