All Forum Posts by: Daniel Walker

I think long term is a strategy anywhere.  And long term rentals are hard to find in this area, so as long as your priced at market value you should have tenants within a few weeks.  You will probably pay top dollar for the property though.  

Over 600k US bank has option.  I can provide Bryan’s number if you’d like.  Under 600k,  caliber home loans were but I haven’t checked with them since December 

Nick, sorry I'm traveling and not a ton of time to explain. Not trying to be a know it all either. But a few bites... 99% include all utilities in their HOAs except power. And there are about a half dozen that include power. Some of the older buildings might not include internet or cable but most do. Count on paying power, HO6 insurance policy and taxes. On the weeks rented, management companies project 25 weeks a year rented. Spring break has just began. Easter is a big rental week then it dies down for 2 weeks usually. Then the summer begins and is busy until Labor Day. Most owners use October as their stay BUT the secret is out and October is becoming a rental season, especially long weekend stays. This is due to how beautiful it is most days. Also thanksgiving is a busy rental week and now between Christmas and New Years should be an easy rental period. If you have a 2 bedroom or less you should have no problem renting to snowbirds. This is typically early January with checkouts first of March. Though some snowbirds come earlier and/or stay later. In a general sense, whatever you can get per week in July is what you should be able to charge monthly to a snowbird. If you use a management company, make sure they allow you to market it yourself and negotiate a 10% fee if you provide the renter. There are lenders offering 10% down on second homes with rates close to 3% today. 30A is our most popular location and the highest price per foot. But this is the lowest ROI as well. If ROI is your top priority you'd be better in Miramar beach, Destin, Okaloosa island and Panama City beach.

Prices have began to level out.  In fact the only locations that are still pushing 10% appreciation are gulf front homes and townhomes on 30A, where they appreciated about 8% from last year.  The remainder is about 2-4% since last year with a few locations showing small decreases.   I am sure hurricane michael and the upcoming election has something to do with this.   But sellers are wanting top dollar and buyers want a deal. Sellers will only achieve this if new construction or with recent upgrades.  Buyers will only achieve this if they are ready to pull the trigger before they see it and make contingent on seeing and approving the property during the 15 day home inspection window.   

I hope this helps some and I’m sorry if I came across harshly before.  I only had a few seconds to chime in.

So many incorrect statements on this thread.  So so many from nearly all of you

I've sold several.  In Rosemary, consider it a success if you can cover your costs, get the tax write offs and have a beach house you own and can use.   Rosemary is the 3rd highest price per square foot in our area.  Rents have gone up since the recession, but not as much as the prices for property in Rosemary.   Rosemary has been and I think will always a be a good long term investment, because it is forever popular and a "who's who" place to be here.  But on the cash flow, probably won't be much and the Cap rates will be very small.   

@Al Pat. Get a realtor to list it on the mls got you. You KAY then 150.00 but it goes to all the sites out there, including Zillow. Then they can worry about letting people in the place not you

Jake, I would like to meet you to discuss your services to promote your business.   On the money, there are hard money lenders out there that will require a certain amount down but can finance 100% of repairs.  So that 100k could get you a 500k home (20% down).  I also know a traditional lender that can do 10% down with no MI.

I apologize I was doing talk to text

There’s not going to be a whole lot of property that meet your criteria considering your budget and rental expectations. I do know a local lender that can do 10% down with no mortgage insurance and the rate is below 4%. Amount must be over 600 and under 1 million. In your price range for a single-family home, you probably won’t have a beach view.   Possibly a peek a boo Beau. Having a pool or a community poPossibly a peek a boo Beau. Having A private pool can increase your income by 20 to 25% as well. There are specific areas where the rates of return are better than others for sure. If you have time I can break those down for you one day. I hope this helps him some.  

In the Florida Panhandle, ROIs have decreased due to rising prices but rental rates aren't keeping up. For the best ROI in this area...stay gulf front in Panama City Beach, be a short walk to the beach on 30A, Miramar Beach and Destin. Builders are building massive 8+ bedrooms with amenities in the homes (outdoor kitchens, lagoon pools with swim-up bars etc. These will cost you over a million but would get the same income as the 3M+ gulf front homes. New construction is the most popular and has the easiest exit strategy. Buyers want to see the income history.