All Forum Posts by: Timothy Gleason

Wow...lots of misinformation here in this post. Pensacola is too small for technology?  Seriously?

Your best advice has come from @J Benoit. The 'PIG' club is active and growing and would be a good place to tap into for the team you're looking for. They also have a list of preferred vendors available to members. 

I just picked up a home in town yesterday from one of the wholesalers in the club. First American Title on Scenic hwy is an investor friendly Title co. 

This town has it all: waterfront, tourism, steady military presence, slums, burbs, etc. something for everyone. 

Good luck!

Steve Marshall Glad to hear from another Pensacola investor, and a brother in arms. Two things: I'm in the same market as you (geography and price). I'm guessing you're looking at rents in the $650-750 range for that price. I'd be very hesitant about being an absentee landlord without a GOOD PM at that rent level around here. Second, and more direct to your question, have you thought about PTP lending sites? I've never used them, but they were covered in one of the early podcasts about financing these exact kinds of deals. Pro: you get a loan up to $35k, and can sell/transfer the home and still use the loan for another house without having to pay back. Con: unsecured debt = credit score hit. Good luck and let me know if I can help you out here, I'm BOG here in Pcola.

I'll chime in. I grew up in NJ, now live in FL. As a kid, it seemed so IRRESPONSIBLE & PARANOID to even think about carrying a gun. Now that I'm a father of 2, sole income provider for my family, and live in a state which honors my rights, it almost seems irresponsible not to. I doubt you'll get many replies, but I'll pose this one question: if you are investing in real estate to secure your own financial future and not rely on others for support, why would you leave your security in anybody else's hands than your own. FWIW, I'm military, have spent many of my own $$$ on training, and don't believe anybody should make the choice lightly. Set your budget at $500, and there are many fine and reliable options for a CCW sidearm. Don't forget the training!

The impact windows are fairly pricey. I think you'll come out ahead putting in standard double-pane windows and including the removable fabric style protective coverings when you sell. Plus, most buyers will see that as an 'extra' (including the hurricane fabric coverings) whereas they see any window as just a 'window' regardless of the quality level.

I grew up in Brigantine. The direct impact of the casino closings will not be an exodus of bay front/oceanfront property owners. Most of the casino workers are service workers (waters/maids/dealers). Most of the waterfront owners are NYC/Philly residents or retirees. 

If you were to market, I'd choose a peripheral market that will still have a tourism draw (Ocean City, Brigantine, Avalon, etc). I think Atlantic City = Detroit in many ways. Always has been. 

Good luck either way. 

Originally posted by @Jody Levins:

thanks for the replies everyone. I have listened to a few of the podcasts they have some great info. I will also have to set up my keyword alerts. @William Allen I will definitely have some questions in the future. Mainly different neighborhoods good for investing. 

Jody-

I too am from Pensacola, just getting started in Buy & hold. This is a great town. We've got every flavor, age, style and price level of property you can ask for. Waterfront, urban, rural can all be found in the city limits. Additional to the great advice on researching within this site and the podcasts, I'd suggest hitting up the local REIA (Pensacola Investors Guild). I've met some great folks there. Next meeting is Sep 9th I think. Good luck and let me know if there's anything I can do for you.

BTW, this town is moving North. Beulah is essentially "North Pensacola" these days.  I'd be willing to bet that there are some good deal plays from a appreciation standpoint between Flomaton and Pensacola. 

As the title states, I see these homes all over the place, as I live in an older town that had a strong military build-up during the WWII period (Pensacola, FL).  They typically have brick or asbestos facades, pier foundations (crawl space), tiny kitchens, small closets, and wood-burning fireplaces. Some have been upgraded to central air over the years.  Many are in decent, safe neighborhoods.

Besides the usual updating, repairs, etc, there are also potential issues relating to antiquated wiring, lead paint, asbestos and others I'm sure.  When you come accross these homes, what strategies typically work for you?  Light rehab & rent?  Full Gut & Flip?  They're so old and out-of touch with what today's buyers are looking for...but there has to be some way to monetize...right?  (I've got my own opinions, but I'll hold those until later in the post)

FYI, depending on area, most of these retail in the $80-90k range. REO's can be found in the $40's, and I've seen distressed ones go in the $20-30 range...esentially the value of the land itself.

-Tim

Example photos included:

Will Wu I too am in FL and understand the requirement for AC. In Pensacola, low income rentals commonly use window units, though I suspect that is the case in large part due to the age of our city. Retrofit of older homes to central AC is a high cost for a low SF rentals. Aside from install concerns (mold, rot etc) I'd worry about theft as well. Guess it comes out of the security deposit, but just one more hassle. What I've often thought of as a middle ground option are the mini-split systems. They use a small exterior unit paired with a ductless wall mounted unit. They were everywhere in Afghanistan when I was there. If they were Army/Navy/Marine proof, i'd guess they'd be pretty tenant proof as well. If you went this option, no ducts/air handlers, limited theft concerns. They still have a small filter, but it's reusable. Also, they might not have the reach to condition a whole unit, but might be good enough depending on size. Total cost is usually ~$3-5k. -Tim

Mike Berlay I think you'll get a lot of support for CO on this forum. It seems there is a disproportionate majority of users from Denver and other parts of the state. My sister and I grew up in NJ, just outside NYC. She now lives in Denver and I live in FL. Without making this post overly political, the super liberal states seem to be digging their own grave as their policies continue to push businesses to more capitalist-friendly states. Look at the job growth in TX, TN, FL and others and compare against MI, CT and NJ as examples of this trend. I think you're wise to look at other options. The 50 states offer enough variety for anyone to find their own version of paradise. Good luck!

Love this forum! Mike H. Just gave a fantastic explanation of a complex topic. Thanks!