All Forum Posts by: Amber Collins

Hi everyone,

Let me clarify- tiny houses was misleading. These are two bedroom cabins (around 5-600 sq ft.) the minimum living space in Florida is 120 sq ft. People pay more for detached units and I want to provide a vacation experience, not a motel. These cabins are not stick built but rather come together like Lincoln logs, interlocking with no siding, just treated wood (stained, polyed 2x to protect from salt).

The reason why I don't 'buy a house' is because most neighborhoods don't want a hotel in the middle- it's illegal in many places. I am creating a sustainable, legal business with multiple units- not a one off airbnb house. Also, waterfront houses are not cost effective as they are a premium, developing land however can cost me as little or as much as I want.

I don't want an existing building and inherit someone's poor workmanship, up keep and for the price of a waterfront building I can have 10 cabins- each with a great nightly rate. Yes, I can make money. I have done my pro forma, I know what my sweet spot is and that's with 65% occupancy- plus my mother will be retired on the property so it's double purpose. She gets her house in FL and a salary. I get a great business and a vacation home.

I am considering Bayou Grande, Big Lagoon, Perdido Key/Bay- Basically the west side of the city. I want water access to provide kayak rentals, not necessarily private beach because I don't want direct hits from the hurricanes.

Hello BP,

My mother and I want to do a vacation rental property in Pensacola FL, I've figured out I want "tiny" houses on a waterfront lot (inland on canals). My mom is dead set on Pensacola because its just far away enough from her mother in law. I will own the property and she will be the live in property manager full time. I don't know what I don't know- what should I be considering?

Obviously its got to be the right lot- there is a half commercial, half residential lot on a canal I am considering. But I have never done new construction- with the tiny houses I just need a foundation poured with plumbing and electric. The houses are basically prefab.

What should I budget for the lot preparation?

If .4 acres of 1.6 is commercial, how hard is it to make 1 acre commercial and .6 acres residential?

I have budgeted for 65% occupancy- so if not 1 single guest comes for 4 months, we will be just fine. What are the slow months? Hurricane season I am assuming but Pensacola is great for nature lovers, people wanting to see the Blue Angels etc. all year round.

We will get all our lodging permits- how hard is it to do?

What are cheap amenities that have upped the value of your vacation rental?

Any thing else?

Thanks!

Hello BP,

My mother and I want to do a vacation rental property in Pensacola FL, I've figured out I want "tiny" houses on a waterfront lot (inland on canals). My mom is dead set on Pensacola because its just far away enough from her mother in law. I will own the property and she will be the live in property manager full time. I don't know what I don't know- what should I be considering?

Obviously its got to be the right lot- there is a half commercial, half residential lot on a canal I am considering. But I have never done new construction- with the tiny houses I just need a foundation poured with plumbing and electric. The houses are basically prefab.

What should I budget for the lot preparation?

If .4 acres of 1.6 is commercial, how hard is it to make 1 acre commercial and .6 acres residential?

I have budgeted for 65% occupancy- so if not 1 single guest comes for 4 months, we will be just fine. What are the slow months? Hurricane season I am assuming but Pensacola is great for nature lovers, people wanting to see the Blue Angels etc. all year round.

We will get all our lodging permits- how hard is it to do?

What are cheap amenities that have upped the value of your vacation rental?

Any thing else?

Thanks!

Thank answers my question perfectly! I can definitely get the other house sold before refinancing. Thank you @Kevin Romines

Hello,

I had originally purchased a property using hard money to fix and flip however now that I see how much development is happening in the area, I want to keep it for myself. I have everything I need- credit, income etc. to qualify to buy it. It does not need any immediate repairs so it will appraise as is for more than I mortgaged it for- the prices in the area are rising daily.

I had planned to wait 6 months and do a refinance, I am the sole member of the LLC I used to purchase. I currently have an FHA loan on my primary residence, once the 6 months was over I was going to sell my primary house, apply for a conventional owner occupied loan and purchase my flip house- I read I need to wait 12 months if I go FHA?

My question is, what is the best way to get it from my LLC to my personal name for a cash out refinance in 6 months? Do I need to put 20% down to purchase this house? What should I not do?