All Forum Posts by: Nicole Marshall

@Tchaka Owen I definitely agree. Most of the people in my area moved here for a job 20-30 years ago and never left. I also agree to avoid most of Palm Bay and Malabar - just not a lot going on there. Harris is on Palm Bay Rd, which is the divider between Palm Bay and Melbourne. Harris also has a manufacturing facility in Malabar, but they more likely hire technicians vs engineers. I am personally looking in the downtown Melbourne and Eau Gallie Arts District areas. There are lots of multi-family homes there, with the chance for higher returns with STR.

Also, it's not JUST the space industry. We have a huge aviation industry as well. This area was definitely hurt when the space shuttle program shut down, but that was heavily government-reliant. The space industry has since become a lot more privatized, so there are more opportunities now than ever. You also have Florida Tech, which used to be a small university back in the day, but now has expanding at a rapid rate. So not only do you have students coming in (potential for student housing), but you also have those that will likely stay after they graduate with a science/engineering degree. The big companies in the area recruit from FIT heavily.

Melbourne was also named #1 place to live near this beach this year. https://www.floridatoday.com/s...

There's not a lot for sale on the MLS, but Brevard county is a great place right now. So many engineers/scientists that work in the area, so people are able to afford higher rent. Look in Melbourne (32901/32925) or Palm Bay (I generally look in 32905 since it's close to the river, but you can go further with 32907, 32909) for people that work in Melbourne, or Cape Canaveral, Titusville, Cocoa (close to the river, not inland) for people that work at CCAFS/KSC. You can also look on the barrier island, but your returns won't be as high.

@Tatiana Raid The down side to being on the first floor is the noise transfer between floors. Hindsight, I would have replaced the carpet upstairs instead of putting in laminate flooring. Oh well... I've gotten used to using ear plugs, but I'm also a super light sleeper.

I get most replies through Craigslist. I also advertise on nextdoor, Zillow (before they started charging), and my alma mater's forum site (I live near where I went to college). I do not use FB marketplace. I find that NO ONE reads the description. It's just a waste of time for me.

@Tatiana Raid I also have a 4 bedroom house and rent out 3 bedrooms. I live on the first floor with the 3 bedrooms upstairs, so I basically have an attached apartment aside from the kitchen. It is a great layout for renting rooms. I generally don't have all rooms vacant at the same time, but sometimes I have 2 that are vacant at the same time. I just run one ad for one room and then when I interview people I tell them that another new roommate will be moving in. The two bedrooms that share one bathroom aren't really very different (except for wall color), but I do let the person who signs first pick which room they want. I do give current roommates opportunity to meet potential tenants and vice versa. Usually they don't mind and trust my judgment, but the option is there if they want to.

Anyway, good luck in your search! Screening tenants is not the easiest job, but it's worth it to get the best roommates!

I would assume it's south Melbourne Beach, if it's less than $1 million. South MB is slightly more "rural"... less access to major shopping areas/venues. There is a Publix down there, but that's about it as far as I know. If you are on the beach, you are more susceptible to coastal flooding due to storm surge from a hurricane. I would check the local codes for STR ability - @Kerry Baird just bought a place in the area for a STR, maybe she can advise. For long term renting, I'm sure you could find someone, but your cash flow would likely be in the red.

If you mean is there a town between Melbourne Beach and Miami that is along the ocean... yes. As far as affordability (your criteria being < $1mil) - highly unlikely.

Congrats! I spent a couple years in the Huntsville area, and it is a hot market! It's the Rocket City, so you have so many professionals moving to the area for jobs, and universities nearby.

I don't know much about borrowing from your 401k for "cash", but from what I've heard you can loan yourself the money. So basically you're paying yourself back with interest. The only caveat I've heard is you can't contribute to your 401k while the loan is out. You might be able to get around that if you have separate 401ks from different employers, but that's just speculation on my part. Might be worth looking into though!

@Kamran Rahman Also, I specify single occupant only. I do not accept couples or anyone else wanting to share a room. I have a 4 bedroom house and rent out 3 rooms. In my city, up to 4 unrelated people are allowed in a house. I know in some cities it can be 3, so make sure you check your local code/zoning.

@Kamran Rahman If you are living in the house, you are legally allowed to "discriminate". You cannot advertise as such, but when choosing your tenants, you are allowed to choose one applicant over the other for whatever reason.

I try to make sure everyone has similar profession and similar work times, that way one person isn't keeping the other up at night or waking someone up too early. I also try to find people that are around the same age. The only time I had someone older (50 y/o woman), that was when I had issues - though to be honest it wasn't her, it was another roommate who looked good on paper and interviewed well, but once he lived in the house it was a different story.

This is a learning experience, just like most other things RE-related. Experience is the best teacher. You'll get in the groove of screening tenants - I doubt anyone is good at this their first time.