All Forum Posts by: Lake Lutes

I am under contract to purchase a 10 unit package of homes in Texas (all-seller financed), we are doing 1 escrow. Does anyone have experience doing 1 insurance premium for a package of homes, or will they all need their own individual policies?

Thank you to all!

 Absolutely - East Hill is a really popular area for traveling heath care professionals, as well as military on short term TDY orders who are looking for furnished stays.

Keys to success for my condo have been keeping the furniture fresh, and not looking like every other listing out there. Stand out, be unique, and offer something of value that you would love if you were a traveler (cleaning service, amenities, a theme, etc.)

Happy to help you find a place if you want some help on the agent side. Just let me know!

Thanks @Raymond J. Rodrigues!!

@Keyshawn Johnson I'll connect via messages, but for the broader community:

• What should I know about buying property in Destin? 

-Destin is primarily driven by tourism, military, and healthcare. There is also a mix of snowbirds and part-timers from southern states who consider this home. Beautiful beaches and weather, with great fishing and local food. Has appreciated a ton over the past few years, and will continue to do so!

• Any tips for maximizing house hacking opportunities in this area?

-Multi-family here is a little tough to come by. I would recommend buying a standard SFH with opportunities for an ADU, or a split floor plan where you could rent out the rooms! There are SOME MFH that do come-up, however.

2. Lenders and Financing

• Can anyone recommend lenders in Destin who are familiar with VA loans and can work well with first-time buyers?

-Ray (see above) is the man and can get you hooked up with great rates and low-fees!

Connect soon brotha!!

Thanks @Raymond J. Rodrigues!! @Tannia Castro - happy to chat and get you going on the right path! I operate from Pensacola to Destin to PCB. I'll shoot you a message!

Just shot you a text directly Sherry - I'd be happy to help your friend here in the FL panhandle. Plenty of references and reviews available if needed :) Looking forward to connecting!

Thanks for the shoutout @Raymond J. Rodrigues! @Nicholas Bourgeois happy to connect man! I've done this personally and have helped a bunch of other investors do the same. Shooting you a DM now.

@Brendan Bello Heck yeah man - good for you!

You will do great. Decide if you are going to use a PM or advertise and manage it yourself. If doing it yourself, have a plan for showing and screening tenants. There are a lot of good applications out there, but I use zillow for my rental applications. They have a good and simple lease builder as well.

Use rentometer and the BP Pro rental calculator to be sure you price it correctly, and take into consideration any expenses you might not have considered. Always prioritize the right tenant over getting it rented quicker! Best of luck man!

Hey Judgery!! Happy to get you that info. I have an STR condo down here, and analyze STR deals for investors daily. I'll shoot you a message!

From a publically available standpoint, Air DnA and Pricelabs puts out great data for their paid products on nightly rate, occupancies, etc.

STR income will always be dependent on who I managing the property, how nice the finishes and furnishings are, and the actual location of a property within the given city.

With my STR in Destin, numbers are more or less the same as last year, perhaps down just a hair. I just refurnished much or it and got new pictures, and the activity has been good thus far.

A 2/2 beach side in Destin/FWB, income will depend on view of the unit, and the things mentioned above. Proximity to the beach matters as well! My unit is a 2/2 in Destin, but on the North side of the highway. It made $43K last year.

 Couldn't agree more with replacement costs... a lot of BnB-ers trash your furniture. If you don't replace items frequently, the quality of your product decreases quickly.

As for insurance, I truly haven't experienced this phenomenon. I have multiple LTRs in Florida and 2 BnBs, and none have been hit hard by insurance. There's so many carriers still available in Florida - just shop your coverage and it shouldn't crush your margins any more than typical insurance does... maybe others are having worse experiences!