All Forum Posts by: Kyle Momany

@Candace Ganhann

There are tons of local meetups in the area!

I'd recommend going to a few to connect with other investors. We see partnerships happen all the time from people who connect at the meetups.

@Matt "Roar" Gardner hosts a great event in Niceville!

Quote from @Albert Blair:

Hello,

Anyone that has an STR in the Destin area can you please provide information. I see homes and condos available in the area. What are the pros and cons of owning a condo or home in the area for a STR.? It seems that the condos are right at the beach whereas the homes seems like you have to drive to the beachfront. Thank you for any input.

 Pros and Cons are going to be similar to most other beach vacation areas. There are typically more condos available beachfront, and the homes are typically more available a few blocks from the beach. 

@Avery Carl is spot on with locations. You want to be able to walk ( or golf cart) to the beach, as parking gets slim early in the mornings.

As far as preference, that's up to you. One isn't necessarily going to perform better than the other. There are multiple factors that go into performance,  so everything is going to be property and management dependent.

Let me know if you've got any other questions!

Quote from @Amanda Swanson:

Hi all - I currently have 2 STRs, looking at numbers and trying to narrow down a FL/AL beach location for the third. Is there any where in FL where the numbers still make sense to buy? Thanks for any insight.

Amanda, Congrats on the current success!

 The numbers depend on your goals. I.e. Appreciation, Cashflow, etc. 

As an agent & investor, most people are looking for cashflow in STR's so I'll assume that.


Most of the cashflowing deals we're finding are in Panama City Beach right now. More specifically, we're looking for unique properties, or areas. Think, value-add duplex, or a SFH that is in an area that allows STR but there aren't 100's already in the community, or seller financed deals.

Brandon Turner always pushes " Creating a deal" and we're implementing that more now then ever.

Hope this helps!

@Richard Evanns Congrats on getting started!

As an agent & investor, I typically use the 10%, or now 15% rule. Basically, I want my STR to produce 15% of the purchase price in Gross Income. I.e. $1M property would bring in $150k.

Also, I would 100% recommenced self managing, but we can have that conversation separate, if you want to DM me.

Keep looking, maybe dive into a new market!

@Savannah NA First off, Congrats on the original purchase!

Without knowing much about the property ( i.e. Location, Bedrooms, etc) it's hard to tell you what kind of returns you can expect and if STR or LTR is a better choice.

Feel free to message me and I can send you more info on the different options! :)

I'd still do a background check or income verification of some sort. When we put our house up for Mid-Term in the off season, we always have the tenant fill out a verification application. 

There are a million different website that can do it for you including zillow, rentredi, etc.

Hope this helps!

@Steven Gore This is going to be dependent on the owners, not the areas. You might find success in finding units that are listed for rent by owner then proposing you rent it from them. Make sure to explain your intentions though!

Keep track of any expenses from when you are headed there, to when you get home. 

Yes, most things can be used as expenses.

I'd consult with your CPA on specifics though.

Ask sellers if you can take over their mortgage - sub to.

Ask for seller financing.

Show up to local meetups, proposing deals to investors.

Put a good enough deal in front of someone, they'll come up with the capital.

Quote from @Stephanie Guillaume:

I love this thread. As a new and aspiring investor I love to learn about everyone's journey and see how to apply them to achieve my goals. 

Goal: buy my first multi family in 6 months. 

I'd love to do STR so not sure where to look for the best deals.

As an agent/investor in the Florida panhandle, and currently owning multifamily units used as strs. I can say, Panama City Beach has great multifamily options near the beach to be used as STR.

Let me know if you have any questions.