All Forum Posts by: Justin Melton

My wife and I have been talking about purchasing a STR somewhere in the Florida Panhandle. Prefer single family home to condo but can be swayed depending on thoughts here. My question is this? Is it possible to cash flow a STR and my family can use it for a week or 2 per year? I know if we use it during the busiest time of year that will cut into our profit but we are thinking of buying a few STR in the next few years in destinations we like to visit.

This will allow us to have a vacation home that someone else pays for but build us equity as well. If the market appreciated, then we will have even more upside. I know STR is a lot of work potentially and people don't take care of a STR like they do their own home, but this is very appealing to me to park $75-100k as a down payment for a vacation home such as this and use it as a STR.

I know there are lots of threads on this, thank you in advance. Any other markets we could cash flow a STR and use it a weekend or week per year. I was researching and national park areas seem to be popular but I also don't want to be in ridiculously competitive markets either since we are newbies. Thank you in advance!

I am looking for a 4plex plus in a resort area near a beach (prefer Florida panhandle) but I don’t see many of these anywhere.  Could you in theory buy a 4 plex for $1,000,000, rent 3 units, live in one and only put 50k down?  Thanks in advance for the feedback and advice! 

I have looked at various investment calculators online (I know BP has one as well)

I found a single family home 3/1 that is going to need a new roof eventually (next 5 years).  

I believe I could purchase for $65,000 and rent for $900 per month easily (I am very familiar with the market)  taxes are around $800 annually.  I believe it would qualify for financing and would have it managed.  I am assuming 10% vacancy and 10% maintenance.  

Thoughts on this deal? Thanks in advance! 

I am looking at a duplex, can someone suggest a lender in Ohio that would be a good fit for something such as this?  Also, what rate should I expect best case currently on a duplex assuming best credit?  Thanks in advance! 

I had an acquaintance contractor approach me last year about loaning him money to fund his flips.  He did several and I believe they were very profitable, he just didn’t have the cash to purchase these homes and to fund repairs ect.  He is someone that I do trust, but had never loaned anyone money like that and the timing wasn’t right.  

Now I am wanting to purchase some investment properties and think he would be a good fit to use as my contractor.  Question…should I just have him be my contractor or could we partner on some deals-I put up the money for property and/or repairs then we split some equity in the property or some arrangement or am I making it more complicated than it needs to be.  Thanks in advance for any ideas or strategies that could be a win/win for everyone! 

I was actually wondering this myself…like insurance for stuff that breaks and needs replaced/repaired.  However, on my own home I had microwave go out.  Not a big claim but I was owed $$ by the home warranty.  5 month later, I hasn’t been paid and threatened to sue them.  Finally got my check.  This scenario wouldn’t work for a rental if they had to get someone out there to make quick repairs.

Actually great point about having the boots on the ground team in the area.  This just as important or maybe more important than the area itself.  

I am an insurance broker and also do residential BPO as a side gig, but am really wanting to create mailbox money.  I am not educated with syndications ect but guess I can look into that as well!