All Forum Posts by: Daniel Winsor

@Jamie Rose - Thanks Jamie. I'd considered it quite a few times! Alaska will always hold a special spot in my heart. Thanks for the welcome.

@Sarah Torres I guess that just means it's an untapped market? That's how I'll choose to look at it! I'm limiting my searches to duplexes for the time being, but once I get my own living situation figured out, I will hopefully start looking into private money investing. There are definitely some distressed properties that could use some love when I get more experience under my belt. Thanks for the kind words!

@Greg H.

I presume you mean days when you said "28 minimum rental". That would suit me fine as I plan to do 6-12 month leases. Air BnB is not something I feel comfortable with at this stage in the game.

@Greg H.

Thanks for the response. I definitely have been a little disappointed so far in the options. I've pretty much limited myself to duplexes for that reason. I've viewed quite a few homes and, barring some distressed properties that are too big a project for me, only one has really piqued my interest and seems to have some decent numbers to back it up.

Still, small price to pay in my mind for getting to live here.

David, I've definitely considered it. I don't understand AIR BNB rentals and might be willing to look into it after I get my feet wet in the standard rental, but Key West is the place for it for sure. That said, there are an insane number of rentals like that, so I'd imagine the market is flooded.

I would be living in the 1/1 to start off with, and renting out the 3/2. I am being conservative and saying $2900 for the 3/2. I have checked every rental site, Craigslist, and my RE agent has said 1k per bedroom is a good starting number, so I feel comfortable using that figure. I have looked at 1/1 units in the area if I were to rent on my own, and the places that have caught my fancy are in the realm of $2250, so I used that number because that is what I assume I WOULD be paying if I rented on my own. Currently, I am living in a hotel at a cost of $75 a night AND paying storage at $250 a month, meaning my current living expenses are $2500 before higher food costs.

Long story short:

3/2 - $2900

1/1 - $2250

View report

*This link comes directly from our calculators, based on information input by the member who posted.

New to the forums. Been lurking for a while, but starting to get serious about investing now. I've just recently moved to Key West and the region is a little bit wonky. I've been looking at houses for about 6 months now, and this is by far the best deal in the price ranges I can afford.

House is a duplex with a 3/2 and a 1/1. I plan to live in the 1/1 and rent out the 3/2. I am factoring a rentt of $2250 for the 1/1 as I can't really find anything cheaper in the area that I would be willing to live in. This is a win for me, as I receive a housing allowance of $2900, so I'm still profiting. I haven't seen a 3/2 on the island renting for less than $4000 on a yearly rate (winter rates are insane), but I'm being conservative and calculating at $3000. If/when I start a family, I can transition to the 3/2 myself, potentially still rent out a room, and then rent out the 1/1. My father has expressed interest in moving to the area, and might be inclined to live in the 1/1. Rent would most likely decrease to about $1700, but I would be getting a very good deal on a 3/2, better than anywhere else I would be willing to live by a large margin.

I'm keeping vacancy rates very conservative despite the fact that I will be occupying one of the units and not factoring any money going into the house immediately as it is move in ready and some major repairs are being made (new roof and siding) price to the sale.

I realize that seems like a lot of justification, and it might be a little, but the sheer prices of rental units down here, decent ones, is unlike anything I have seen. I could easily afford the home on my salary with no rental income and I have job security for at least 3 years.

Would be living in the home for at least 3 years personally, potentially much longer based on other factors. 

My first time posting so I will make any edits required. Thank you in advance.

Hello all! Been a member for a while, but finally getting serious and posting.

Daniel Winsor

Background: Bought my first home two years ago. Just leased it starting this month following a work move. Assisted in a couple major renovations growing up, but no other experience in RE.

History: Originally from Alaska, but been bouncing around a lot for work. Most recently lived in the Central Valley of CA and so happy to have just relocated to Key West, FL. Up until now, was flying F-18s with the Navy. Moved to Key West and will be flying the F-5.

Goals: Would like to build a modest portfolio of rental properties to eventually achieve FI based on cash flow. Committed to the Navy for at least 3 more years, and interested in RE becoming my follow on plan. Key West seems to be somewhat underrepresented, so hoping to find a local or two to bounce ideas off of.

Joined to get information and motivation to pull the trigger in the future. I have the time, and the income, just need the guidance/motivation to make it happen!

Thanks in advance and happy to be a part of the community.

First question: Potentially have a deal lined up before it hits the market and would like to figure out if the valuation is correct. Where would a post like that go?!