All Forum Posts by: Kevin Pillow

Ask an agent to look in the ECAR MLS Documents section for that property and others in the condo. There should be info like cost to own sheets, sellers disclosures and the budget for HOA. If there are any upcoming assessments it should also be disclosed there. In general the market is getting tougher and with only 10% down your cash flow is probably not going to be great with a 7% interest rate. I can pull those docs if you're interested just shoot me a DM. I would agree with @Ricardo Hidalgo that Panama City Beach may be a better target market if your only reason for buying is pure investment and not a personal interest in the Navarre area. 

I know this sounds bold but try possibly looking into commercial real estate. A lot of people are hesitant with the outlook being bleak for certain areas of commercial RE like office space but you can make alot of money if you learn how to increase a properties Net Operating Income. I wont go to into the weeds but for the amount of work most people do to get into residential real estate deals you can apply that same effort to commercial and have a better payoff. Most investors will say you make your money on the buy so find those deals that have an upside others don't see. I know thats super broad advice but if you had to take one thing from this its - don't forget that commercial is an option!

 No, I haven't had the chance but Florida passed a new law making it hard for citizens of countries like China, Russia and North Korea to buy property/land in certain areas. If I get the chance to help a foreign buyer I would most likely team up with an agent on my team who has done so before. @Matt "Roar" Gardner is certified to work with foreign buyers. 

Interesting question, I always wondered if it was harder for non-US Citizens to purchase/manage real estate here in the states. My first suggestion would be to find a point of contact that can give the basic process for any hoops you can expect like another Canadian investor or U.S. based agent close to the border that works with clients from Canada. Once you get that it would be the standard process of figuring out your buying criteria and sending it. @Spencer Riche may be able to give you some solid advice too!

@Matt "Roar" Gardner lives down that way and may be able to point you in the right direction. Typically there are pockets where STRs are allowed but it takes some local advice to find those pockets.

 Great case study on your deal! The agent piece is so important because as much as every agent wants to do it all. They just cant. The best agents stick to a niche so screening them to make sure they work in that niche can make or break the deal.

I'm curious how do they identify rental vs primary residence for the use of the property? Do they segregate even further into STR vs LTR?

 Thats what I thought, sounded like maybe there was some information that was miscommunicated. The state of FL is one of the friendliest when it comes to property and taxes. 

@Caleb Drake Since you're in Pensacola with multiple rentals can you shed anymore light on this 3x property tax on rental properties?

@Lyndsey Garza may be the one to help you out. I know she is out of Texas with a background in vacation rentals.