All Forum Posts by: Crystal Ball

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $620,000
Cash invested: $72,000

$30k reno on an acquisition we created our own comp on by selling the home next door at $702k. First partnership with my CPA & exactly on budget for the three month reno. Trash out, landscaping, interior paint, deck rebuild, minor repairs, new backsplash, new appliances, all new furniture and kitchen supplies. https://listing.panhandleproductions.net/v2/DNLZRZV/unbranded

What made you interested in investing in this type of deal?

We are building a portfolio of short term rentals in the 32408 area code. I can't pass up a real deal!

How did you find this deal and how did you negotiate it?

It fell out of contract and the listing agent called me since we had made an offer on it. We were able to get it at contract price instead of the $25k over we had offered prior!!

How did you finance this deal?

DSCR loan through Kiava.

How did you add value to the deal?

Trash out, landscaping, interior paint, deck rebuild, minor repairs, new backsplash, new appliances, all new furniture and kitchen supplies.

What was the outcome?

Successfully into our management program...https://www.airbnb.com/rooms/822027067009249019?guests=1&adults=1&s=67&unique_share_id=4489c12d-c164-4a73-b279-eba57eb3f289

Lessons learned? Challenges?

LOCK YOUR RATE!

Hear firsthand from a local GC on his methods of success in the new construction process & financials today!

Guest Speaker: Augusto Aday moved to PC just a couple years ago after an extensive background in building and development in south Florida. He quickly grew a portfolio in Bay County of over 66 doors and is now working on several new construction projects in multifamily. Join us as Augusto breaks down the new construction process as a custom builder and walks us through financials of a recent project.

This is one you don't want to miss and you can check out a couple of his new projects live!

Investment Info:

Single-family residence buy & hold investment in Panama City Beach.

Purchase price: $380,000
Cash invested: $65,000

Beating a $1M proof of funds and an uncapped escalation clause by waiving inspection, I was able to get this gem as a primary appraising $15k to my favor BEFORE the rehab which will add another $50k equity. The listing went viral when I tested it as a flip with my ex-husband as the tenant. We've had a lot of fun with this property and have some WILD ideas coming up for use as house hack next with a bouncy house and RV! :)

What made you interested in investing in this type of deal?

Location and price. I own two more doors here on the East End of Panama City Beach where you can walk to the lagoon or beach in 5 minutes. It is all short term allowed, super close to great restaurants, marinas, diving, the state park, and the best of what PCB offers in a wonderful neighborhood.

How did you find this deal and how did you negotiate it?

First day on MLS I snagged it. Beat multiple offers by waiving inspection.

How did you finance this deal?

10% down primary income statement loan.

How did you add value to the deal?

Complete reno in 10 days to interior with new vanities, flooring, fixtures, and appliances. Countertops and backsplash were done 3 weeks later, and landscaping is being done now. Converted pool to saltwater, got the hot tub working, added a backyard gym.

What was the outcome?

Fantastic home and will be able to house hack this summer for short term rentals as we are adding an RV in the driveway and a bouncy house in the backyard!

Lessons learned? Challenges?

The MLS boards do not like creative listing descriptions. Apparently reality TV shows, the press, and the general public do very much. :)

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Definitely would not recommend the ones I worked with on this transaction. Except the title company who is wonderful as always and closes many transactions for me - Deanne Taylor, Meg Whitener, Summer Holt with Defender Title.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $380,000
Cash invested: $65,000

Beating a $1M proof of funds and an uncapped escalation clause by waiving inspection, I was able to get this gem as a primary appraising $15k to my favor BEFORE my rehab will add another $25k equity.

What made you interested in investing in this type of deal?

Location and floor plan

How did you find this deal and how did you negotiate it?

First day on market, wrote a killer offer and knew how to position as a local.

How did you finance this deal?

10% down income statement loan.

How did you add value to the deal?

Rehabbed in 10 days - ceiling scraped, new flooring, trim, counters, paint, doors, fixtures, lighting, vanities.

What was the outcome?

Gorgeous new primary with a pool for my boys this summer!

Lessons learned? Challenges?

Lending is always the challenge. So. Much. Paperwork. Good thing my assistant is the bomb!

STR's are my team's specialty. We co-host a local REI meet up here the first Wednesday of each month at craft 850. You'll find a lot of like-minded real estate investors there to connect with and learn with. We all own investment properties here ourselves and have learned intimately how best to work and play in this market! I am launching my own brokerage next month called Investors Gone Wild Realty along with an educational website all about investing. Happy to share and connect!

I'm a very active investor realtor in PCB. The demand has far surpassed pre-2020 levels. I have some of the most accurate data in market to show these changes and lists of reasons why this market is such a hot spot for investors in the short term rental space. I re-located here 8 years ago after traveling extensively for 15 years in the convenience store industry and have spent the last few years testing every facet of real estate investing here. It's a challenging time to buy, but we have some great resources for creative solutions. Feel free to connect. Happy to share and discuss my favorite topic. :)

100%! I hired Vacasa to manage my first STR in the Florida Panhandle. They were hiring a local sales manager but I just had a new baby so I took a sales position instead. They managed my unit that was not even legally allowed to be rented as a STR, kept having cleaning issues, damages, etc. Their numbers were ridiculously off, rented way too low, and on and on the problems went. Nonetheless, I signed 80 properties under management with them before I really understood the industry and market, yet when the upper management kept lying to our clients, wouldn't stop the managers from renting off book, and took referral fees from the company that didn't even belong to them, they fired me as a whistleblower. They are an EXPERT marketing and tech company, yet do NOT know how to manage people or instill the right systems in place to avoid dismal failures like this. I'm calling for reform in this industry since it got no better when I went to iTrip Vacation Rentals as a Sales Director and found the GM on hardcore drugs & the operations manager had been "supposedly" stealing from clients for years by billing for work not performed. Rampant nepotism and stealing from clients is the norm with these huge companies - "SUPPOSEDLY" my attorney has me add. :) I've seen the most success with owners at properties who manage their own as a super host and take on the neighbors units or with local companies who have a vested interest in keeping a solid reputation. Unfortunately I will never refer to these large companies again since it is the equivalent of hiring Dollar Tree to manage your investment. I now train many of my owners to self manage very successfully or find them local resources for a far better outcome!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $410,000
Cash invested: $65,000

Great deal in a dual property purchase. Flipping it. Planned to hold as STR. On water with boat lift and jet ski slips in fantastic location in Panama City Beach, Fl.

What made you interested in investing in this type of deal?

The price & location.

How did you find this deal and how did you negotiate it?

Aging MLS inventory, seller motivated by capital gains tax trigger.

How did you finance this deal?

Lender failed me at the last minute so I JV'd the deal with a local investor.

How did you add value to the deal?

Cleaning up the property, landscaping, staging, and some minor repairs.

What was the outcome?

TBD! It's going back on market this week!

Lessons learned? Challenges?

Get the right lender! Since my primary home sale was delayed, I wasn't able to hold this one as a STR as planned. That's the lovely thing about real estate though - many options!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am the agent. I can tell you which lender not to use! lol If I had used @andrewkilbin @lendingdeck it would have closed no problem!

@Brian G. - PM'ing you now. 

1.) I can connect you with some great property management companies in this market for more accurate income projections and let you know which to avoid. The average 3 BR here does $50k - $60k. Numbers are going to come in higher after this massive producing year we just had. 

2.) The biggest bit of advice I can tell you in this market is self manage if you can. I co-host a local real estate investor meet up and our next topic is short term rental systems for self managers. I'm writing a seminar on this now specific to our market to publish on a new website Q1. 

3.) Split entrances / spaces if you can to rent separately in the off season and as a whole in season. Amenities are key. 

After signing hundreds of properties into the top 2 vacation rental companies in the US, I can walk through a home in 10 minutes and let you know it's highest and best use as a STR.

And I agree with the others - make sure your realtor owns STR's or has and understands that personally, then jump in and get rolling! It's a hot market and will be for years to come with the massive infrastructure changes happening!