All Forum Posts by: Tim Koumoundouros

Thanks for the replies and info everyone!  I'm really looking forward to visiting the area soon!  I'm glad to hear Panama City trying to improve their image and move past the spring break party stigma.  It's also good to hear that things are picking up again in Florida as things open up.  

From what I'm gathering it seems like this area is one of the hottest investment spots in the country and continues to grow.  It's encouraging to see coming from Chicago where markets are cool.  

Hi Florida BP community!

My family and I were looking to potentially buy a 2 bed/ 2 bath beachfront vacation condo in Panama City.  The plan is to mostly rent it out and use it a couple weeks per year.  My parents have visited the Destin area numerous times and love the area, but the prices of the condos there are quite high.  Panama City Beach looks much more attractive price wise and I am taking a trip down in two weeks to check the area out.

We have the financing basically figured out.  We have enough to chip in and cover the monthly carrying cost if needed and were hoping renting it out during the hot summer months would make it a nice mixed-use vacation/ investment property. 

I was looking to connect with a realtor in the area and possibly get some insight from other investors. I would like to use a management company for the property and would welcome recommendations if anyone has any.  Our family is spread out in Atlanta/ Chicago/ Minneapolis so we probably wouldn't self manage right away.

Also, with the pandemic I'm curious if demand has been picking up on the rental as well as the buying side.  From what I can tell from my preliminary searches, it looks like demand is starting to pick back up here as things open back up.  

I appreciate the insight and thanks in advance!

Tim

Thanks for the replies everyone!

@John Clark I'm definitely going for the appreciation play for this deal.  I'd like to be on the NW side while I live in the property.  Thanks for the tip regarding the airport train lines.

@Renata Brajkovski Thanks for that market insight where your renters are looking.  It's always helpful to know where people are looking to rent!

@Henry Lazerow Yeah I like the NW side right now.  It's already getting expensive, so I'm busy looking for a good deal!

Hello fellow Chicago area investors,

My name is Tim Koumoundouros.  I've been a long time follower of Biggerpockets and wanted to introduce myself and start to contribute to this great community.   

Little bit about myself:

I currently live in a small condo in Old Town that I purchased a few years ago and work downtown.  I've always been interested in real estate and have been following the Chicago market for 5 years now.  I have a construction background and am pretty handy so I can do many small repairs and maintenance items myself.  

My strategy:

I am looking to rent out my condo and purchase a multi-unit that I can house hack and hold as a rental.  I am targeting the northwest side of Chicago (Logan, Avondale, Irving, Humbolt) but am open to other areas as well such as Berwyn.  I am familiar with the HomePossible program and fully intend on taking advantage of the smaller down payment option. 

I've been doing a lot of reading on this site and am currently analyzing potential deals as I find properties. 

I look forward to networking with you guys and contributing in this forum!