All Forum Posts by: Jossalyn Wallace

I second what Melissa Said! 

Hi Joseph! I was born and raised in NY but lived in NC for some time and now I live in NW FL. I will say the short term rental market here between PCB and Navarre, generally outperforms that of what I saw in NC. BUT being you're planning on moving into the property eventually, I would definitely take into consideration the lifestyle you prefer. Feel free to reach out if you have any questions, happy to share my experiences. 

I can't speak to Sarasota or the market there. The emerald Coast has been great for my business. I would suggest looking into Panama City Beach, Miramar Beach, Destin, Navarre, and Fort Walton Beach. You can get a good cashflowing condo or townhome in many of these areas within your budget. Reach out if you have any questions or if I can do anything to help! 

Hi! What makes some of the Sandestin condos tough to cash flow is the HOA fees. Just double check that these are all included when running your analysis. Depending on your budget I would also consider a townhouse that is walking distance to the beach.

 Hi Chris! Yay for retirement! To answer your questions 

* You can look at sites like airbnb, vrbo, airdna, etc to see what options in your desired areas are booking for by clicking through their calendar. You can also utilize a local realtor and property management companies. They can request rental history and rental projections for you. You do not have to be in due diligence to request these items. 

*Management fees tend to be between 20-30%. I always recommend self managing if you can to maximize cash flow. If you have a solid team it can be simple. 

* Taxes are public record so you can go to the counties tax collector site and see past bills there. Again, having a realtor is helpful in regards to knowing insurance costs, utilities, maintenance, etc. They can provide you with all of this information including tax amount, through a cost to own.  Otherwise you can call insurance providers for quotes and estimate the other items. 

For my investing business, I have a designated account per property and everything is ran through there. You can use something like quickbooks to streamline tracking. Also having a good CPA is huge. I hope this helps! 

Check with Hancock and Whitney. They have a REI portfolio loan product with lower down payment options and they also do SBA loans. You could pull a HELOC your current properties. Debt isn't a bad thing if you use it the right way!

What propelled us was doing a flip that made really great profit. We haven't had to put any of our own money in since, but we do flip regularly. 

Welcome! 

If you ever travel to Destin, let's connect! We get a ton of TN visitors. 

I do think having a realtor is beneficial but in this case you may be able to get away with an attorney for advice and contracts. 

Hi Dustin! Congratulations on taking the leap! I can't speak to the AZ market but have heard good things. I would still weigh your options there as it is always nice to have someone you trust on the ground.

As far as other markets, I personally sell and invest in the Florida Panhandle and have been very fortunate. We have a strong tourism market and a few surrounding military bases really rounding things out. With your budget I would consider Mexico Beach to Navarre. You will have a little bit of everything depending on your goals. Mexico Beach for example, will cash flow you some but would be more of a long term appreciation play as it is still growing. Panama City Beach, Destin, Navarre, Miramar Beach are more established therefore pushing higher premiums but we do see many properties here hitting that 1% rule. 

Feel free to reach out with questions or if you want to talk about the area further. Best of luck and crush it wherever you go!