All Forum Posts by: Steve Bing

Joel I agree with you on the DST fees. I have looked local on fmls and have not found anything interesting around 200k. I really want managed that is the thought behind the DST, I don't want to do much but get a check. I am trying to spend more time as a realtor and less a property mgr / rehabber.

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Anyone have a great idea for a 1031 exchange option in the next 45 days? I need something 195k -250k and prefer it to be managed. Trying to diversify from 7 sf rentals. I will probably end up in a DST but not crazy about some of the available choices in that area right now.

Thanks

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Originally posted by @Brandon Richardson:

Originally posted by @Jeff Kehl:

@Brandon Richardson,

I'm sort of there as well. If it will come close to breaking even I'm fine with that. I just don't want a money pit. I was also looking at Destin/Panama City/Ft. Walton. What number are you estimating for occupancy? Where did you get it? That's my biggest fear is that I can't hit the occupancy number I would need.

Any occupancy estimate is really just a guess, so I kind of backed into my numbers.

Looking through VRBO, it's pretty obvious that if you have a beachfront condo in Destin, you can rent it every week for the months of June and July. You can just pull up peoples' listings and see how rented they are. And you'll be able to do at least 2-3 weeks in April, and a couple of weeks or so in May and August. The other months are less tougher, because it's so seasonal. So I got those numbers from VRBO, specific properties' managament sites, and then from some friends who sent us their rental spreadsheet.

So I basically used those assumptions above and ran all the numbers on it. I figured that the top end of rental income that you can expect in that area is $40k. And that's on nicer properties. Some of the older, "less nice" buildings top out at around $30k. And then we have friends who are in their first year of a rental unit in Destin who confirm that $40k is the cap. You could really hustle and maybe get mid-40s.

We are honestly okay with even paying a few grand out of pocket every year, because we'll hopefully be spending several weeks a year there.

I am also looking for a property in the Destin / Panama City area. Do you have any suggestions for condos to avoid or ones that looked promising? I am doing a 1031 exchange so looking for something in the 200k-300k range. If I could find something that would gross 30k-40k that would be great.

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All Forum Posts by: Steve Bing

Steve Bing has started 1 posts and replied 4 times.

Post: 1031 Exchange options

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