All Forum Posts by: Sheldon Huff

I would no buy but at minimum wait to buy a condo in Florida and pay $100K less in a few years. 

Based on what I am seeing, that does not sound safe.  

Insurance could double, or you can't insure, or they decide the building needs 2M in structural repairs.  Don't walk away. Run. 

Hey Sheldon, Im also a local Pensacolian and real estate broker with 8 STR's in Pcola. I would say 50% occupancy in winter months is high unless you drop rates to $100-150 per night. Snow birds who visit during that time get gulf front condos for $1500 month. If you need any assistance I'd be glad to help.

If you are looking at the unit I am thinking of (I am also in Pensacola and know the area well) it is a townhouse not a condo. Actually more of a duplex the owner is separating into two properties. I would be careful about this unless you bought both properties as they are physically attached, they have a "shared driveway" that is on the lot of the other unit and it claims there is no HOA. Also, I like any STR to have the ability to convert to LTR if needed. In my opinion that unit would not provide adequate rent as either. Although the location is good for STR. If we are not talking about the same unit, ignore everything I said ;-)

Hey Sheldon,

As an STR/MTR host & co-host in Metro Atlanta, I'd say your numbers look tight, especially in the slow season. Living in it for a year lets you test MTR demand and refine your STR strategy. High open nights (60%+) in Pensacola is a red flag—double-check demand. If you PCS, budget 20-30% for a manager. Consider a backup LTR option and connect with an investor-friendly Realtor to gauge demand. It could work, but not a slam dunk.

Army vet and current STR PM Co owner out of Tampa here. Currently using my VA in my primary, but I just learned of another 0% down option available through Navy Fed from another vet client - have not dug in on it yet. I agree with Collin that condos are not optimal for many reasons. I would recommend a SFR if possible - the numbers without an HOA are more stable and predictable and the income is usually higher with a 3/4 bedroom house.

Army vet and current STR PM Co owner out of Tampa here. Currently using my VA in my primary, but I just learned of another 0% down option available through Navy Fed from another vet client - have not dug in on it yet. I agree with Collin that condos are not optimal for many reasons. I would recommend a SFR if possible - the numbers without an HOA are more stable and predictable and the income is usually higher with a 3/4 bedroom house.

Hey Sheldon! Pensacola is a great STR market, but condos can be an issue due to potential rental restrictions, condo covenants, and constantly changing rules, which could hurt your flexibility. Although the numbers look decent, I'd check with the HOA about short-term rental policies and consider possible volatility.

If you’re comfortable with the potential ups and downs of a condo and managing from out of state, it could still work, but keep those risks in mind. Honestly, I would suggest looking at non-condo options for more long-term freedom!

I've never recommended buying a condo for investment purposes. It is more of a liability.