All Forum Posts by: Zach Westerfield

In my opinion, Destin is a harder market to find cash flowing properties. The values are higher as well requiring more capital. I have been focusing on the ft Walton niceville valp and crestview markets. You can find a mix of flips or rental SFRs in those markets with decent numbers. Crestview is probably the best for cash flow, and also the best chance to find multifamily. But you have to be more careful of the neighborhood there.

Welcome! Good luck as you get started. The Ft Walton area is pretty good although small multi-family can be hard to come by. Feel free to reach out for specific questions

Hi Diana, Just wanted to chime in with my perspective since I am also hoping to get into vacation rentals. Personally I think right now the vacation rental market is really high. In my area (Destin) it is near or above 2008 levels in many places. I think based on historical economic cycles we are due for an economic correction in the next 1-3 years. When that happens vacation rentals are usually among the first to get hit. My plan is to hold out and wait for this correction. I see that as the best way to pick up something that actually achieves a good return. Short term rentals have tons of hidden fees and expenses that eat into returns, so you really have to buy low to get a good return. For example I have a friend who bought 6 vacation condos at once on nearby okaloosa island around 2009. I think he only paid $300k total. Today they are worth at least $200k a piece, and he cash flows nicely. Just my two cents

Hey Tyler, I've done a va loan ft a foreclosure. Let me know if you have any questions I'm in the local area and active duty

I plan on being there

There are properties to be had in the area. If you can go to the investor meetings and network. My experience is there is a disproportionate number of wholesalers in this area, which as a buy means people competing to bring you deals. My recommendation is to first establish your criteria, then go to a few meeting and get on some buyers lists. You can find deals as good or better than what you described here

Welcome and good luck!

Peter, would you mind sharing the numbers on longer term rentals in destin, specifically on 3/2 or 3/2.5 properties west of the airport?

Todd, With a standard refi the most I found I could get was 75% LTV. I've heard of some banks offering 80% but none of the ones I talked to would. With a delayed finance the most you can refi out is your purchase price, up to 75%. So basically you can get all of your purchase money back out but no extra cash (depending on your numbers). I'm not certain if this was a bank rule or Fannie Mae rule, but I believe it's Fannie Mae. It's interesting that today's BP podcast was an interview with @arianne lemire, who fist told me about the delayed finance. I was surprised that Brandon had never heard of it. I did have one banker tell me he has been doing this 25 years and never heard of it until I got him to look it up

Brian c, feel free to message me and ask as many questions as you want. I spend a lot of time researching before I took the jump, but I found there are nuances that aren't often talked about