All Forum Posts by: Tyler Hall

@Raymond J. Rodrigues thanks for the recommendation!

@Lake Lutes sounds good. I appreciate your response. Wants I get more details I will be reaching out to you!

@Matt Jones thanks so much for your time and your answer. From what I am currently tracking, I will be at NAS Pennsacola the whole time for the training. I did a little bit of research and notice that the AirBNB market is saturated so it's good to hear your take on it as well. Thanks again!

I am active duty military and I will be PCSing to NAS Pensacola, hopefully, within the next 6-12 mos. I will be attending training there that lasts roughly 12 months. My wife and I are looking at buying a property that we can live in and fix up (cosmetically) and then either rent it out as a standard SFH or as a short term rental.

I am interested in see what other professionals have seen as good areas to invest in, what the average rents you are currently seeing for 3/2 roughly 1500sqft homes. What is the AirBNB market looking like? Are there any restrictions, etc.

Looking for some general feedback on the area!

Thanks!

-Tyler

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $250,000
Cash invested: $5,000

This was a property my wife and I purchased to live in while fixing it up with the idea of renting it out. We found this property had good bones and bad pictures on Zillow. This caused it to get less traction as other homes at the same size. We were able to work with the sellers since they were going through tough times and wanted to get out of the house quickly. We knew at the price the house would cash flow, then the house market went crazy and rental prices went up tremendously.

What made you interested in investing in this type of deal?

My wife and I want to build a build and hold portfolio. We ran numbers on a lot of properties but were strict on finding one that work. Once we found this one we knew it would be the perfect property to make our first investment while we also lived in it. We knew we could increase the value day one with some basic cosmetic updates.

How did you find this deal and how did you negotiate it?

We found it on Zillow, notified our real estate agent we were interested. We found out the sellers were highly motivated due to personal problems so we were able to negotiate some of the closing and we able to get into this house with little down.

How did you finance this deal?

We utilized the VA loan, so we paid all of the fees associated with that and then paid roughly $3500 for closing.

How did you add value to the deal?

We looked at other houses with the same specs that were for rent in the area. We were also looking at a TON of houses in the area so we knew this house was under what it should have costed. From running so many comps we knew we could either break even day 1 or cash flow a little.

What was the outcome?

The housing market went crazy the house appreciated a ton and the rental market increased tremendously allowing us to cash flow a lot more after all expenses are paid.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $250,000
Cash invested: $5,000

This was a property my wife and I purchased to live in while fixing it up with the idea of renting it out. We found this property had good bones and bad pictures on Zillow. This caused it to get less traction as other homes at the same size. We were able to work with the sellers since they were going through tough times and wanted to get out of the house quickly. We knew at the price the house would cash flow, then the house market went crazy and rental prices went up tremendously and the appreciated sky rocketed so this is going to be an amazing first property for our portfolio.

What made you interested in investing in this type of deal?

My wife and I want to build a build and hold portfolio. We ran numbers on a lot of properties but were strict on finding one that work. Once we found this one we knew it would be the perfect property to make our first investment while we also lived in it. We knew we could increase the value day one with some basic cosmetic updates.

How did you find this deal and how did you negotiate it?

We found it on Zillow, notified our real estate agent we were interested. We found out the sellers were highly motivated due to personal problems so we were able to negotiate some of the closing and we able to get into this house with little down.

How did you finance this deal?

We utilized the VA loan, so we paid all of the fees associated with that and then paid roughly $3500 for closing.

How did you add value to the deal?

We looked at other houses with the same specs that were for rent in the area. We were also looking at a TON of houses in the area so we knew this house was under what it should have costed. From running so many comps we knew we could either break even day 1 or cash flow a little.

What was the outcome?

The housing market went crazy the house appreciated a ton and the rental market increased tremendously allowing us to cash flow a lot more after all expenses are paid.

@Justin Allen Thanks for the information! I had a feeling there was a lot of restrictions due to the prices of the properties so close to the gulf. I see you're from Ocean Springs but do you know if Gulfport also has a lot of restrictions as well? Also, do you know of any restrictions on medium term rentals like @Bonnie Low mentioned?

Thanks so much for the information!

@Bonnie Low that is some great information! I never thought about doing a medium-term rental before but due to the location, this might be a great idea. Thanks so much for the input!

Hey all!

I just found out that I will be PCSing to Keesler AFB in Biloxi in a few months. I wanted to get a good understanding of the market out there. Where are some family-friendly locations? I was told Ocean Spring, and D'Iberville are nice locations, any others? My goal is to buy a 3/2 SFH or multi-family in one of those locations, use my VA Loan and turn it into a rental within a few years. With that being said, how is the rental market out there? Are there any restrictions to doing STR?

Ultimately I want to just get a pulse on the local market, do a long-term flip of my primary residence, and then turn it into a rental in a few years.

Thanks so much!

-Tyler
 

@Ashley Goane thanks for the info. That's what I am doing now with my primary residency. I am doing a long term flip them I'm going to refinance out to a conventional loan and move to a new property and repeat. My real question was how many days do I need to actually live there. For example if I make a property my primary residence with the VA loan and then rented it out for half the month every month would be legal or not.