All Forum Posts by: Stephen Reyes

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 ;-)

What are the details on this property?  I am still having trouble finding reasonably priced rentals in the Pensacola market. 

My son is going to FSU, my wife will be making frequent visits there because he is her baby ;-).  So, this is not an investment-driven decision.  Just a way to reduce the cost of us having a place there. I live in Pensacola and manage my own rentals here, I don't want to manage a property remotely though.  

I am considering buying a property that I would like to use occasionally (6-8 weeks a year) while in Tallahassee but set it up as a STR when I am not in town. Anyone here manage STR for out of town owners in the Tallahassee area? Would also love to hear if any tips from people who have done something similar in any area.

Unfortunately I do not.  I currently manage my own rentals and, although I ultimately plan to use a management company, I have not begun that process. 

 Thanks for the update, glad to hear it is working well for you.  How did you find your Section 8 tenants?  

Ensley is certainly not the highest rent area in Pensacola. It is full of areas to avoid, depending on what you are trying to accomplish. MFR 2/1 would probably range from $550-1000 per month. I would avoid Ensley unless you are local and can review/manage the property or you are working with a property manager (not just a realtor) that works in that area. Just my opinion.

@Justin Rush

Still no real update. I have started looking a properties that have the potential to divide or build additional units. I am currently looking a couple that have low-grade MFR on the property that I could use to help fund the project of building more Not sure I am ready to take that kind of project. I have only done simple buy and hold rentals up to this point and, I do have a day job. However, I see great potential in doing it. How about you? Have you made any investments?

Sorry, I did not end up doing Section 8. I had so many applicants for traditional LTR I stayed with that. I am now considering buying (or building) something specifically for Section 8 rental. Perhaps MFR. I am being told there is a significant shortage and I would like to think I cold provide a product that would help the people needing the housing AND support my investment goals. Did you you end up accepting Section 8? If so, I would love to hear your experience.