Buying Investment Real Estate in Crestview FL

Are you looking to invest in real estate and you don't really care too much for the beachy scene? Well, you might not want to rule out Crestview Florida as an area to invest in, so stick around to find out why.

So, buying investment real estate in Crestview, Florida. Now, obviously, you're not going to find your beautiful beachfront condos in Crestview. However, you still have the opportunity to make great money off of Airbnb's or even traditional rentals. Now, they both do pretty well in the Crestview area. Crestview is located right off of Interstate 10. So, you may have some travelers that need a place to stay for a night or two to rest up.

So, Airbnb would be a great option for them. You might even have some vacationers that come to the area that ought to stay away from the touristy hot spots such as Destin and Miramar Beach or maybe Navarre Beach. So, they want to stay somewhere where it's quieter. However, those still have easy access to the beach, they're just going to have a longer commute.

Now, long-term rentals are also great because of the high volume of military families in the area. So, some choose to not purchase a home. So they would want to rent obviously, because their time in the area may be limited. You may have some military families that are retiring or they know that they're going to be in the area for quite some time, but they might want to rent a home to give them time to figure out which area is best for them and decide what works better for their family. You also have those out there that just have no desire to purchase their own home and they don't want to take on that long list of responsibilities that are included with homeownership. Therefore, long-term renting is a great opportunity for them as well.

Now, let's talk about some of the benefits in buying investment real estate in Crestview. So, Airbnb's maybe more profitable because you can charge a higher nightly rate. Now, you will also be able to adjust your nightly rates based on different factors, such as the demand on your type of property, or certain times of the year such as spring break of the summer or even holidays, and even the days of the week. It makes sense to charge a higher nightly rate Thursday through Sunday because you know, that's when most people are likely to travel for vacation. Now, when you traditionally rent long-term, maybe six months or two a year, you're going to have a lease in place so you won't be able to adjust your rental amount. You'll at least receive the same steady income throughout the term of the lease. However, when the lease does expire, you'll have your opportunity to increase that rental amount with advance notice to your tenant. I hope if they do decide to stay and it makes sense and it's fair enough, especially if your expenses as a homeowner has increased such as your insurance and your taxes. There are some additional costs that you need to keep in mind when you do invest in Airbnb. Just know that some guests may book your Airbnb for the sole purpose of hosting a party. And now, depending on how crazy that party gets, there's going to be that risk of damages that will need to be repaired prior to the next guests checking in. As such as holes in the wall or messed up plumbing, stains in the carpet. You might not even want to know where those stains came from or broken railings on the stairs or a deck etc. As so, you're going to be, you have to be prepared to come out of pocket to make those repairs again before the next guest checks in. So, the more turnovers that you have, the more opportunities your property will be the site of a drunken mosh pit.

Another thing you need to keep in mind when you invest in an Airbnb in Crestview is that consistent occupancy is not guaranteed. So, you may have periods of time where you don't have any bookings. It could be several days, it could be several weeks. So you just be prepared to cover the expenses during the time that no one's in there and you're still paying for your own mortgage if you do have one on that property. And now, when you invest in long-term rental, at least you'll have a tenant in place that you have your guaranteed steady income during the term of that lease.

Now, there are several different types of properties that you can invest in Crestview. They're Single-family homes and Townhomes, Duplexes, and Triplexes. I did do a little research and looked at over the last 90 days and your median is 3-bedroom 2-bathroom homes. The average square footage is 1,472 and your monthly rent can range anywhere from $725 to $2,900 a month. Now, when you invest in Airbnb, you can pretty much run out whatever you want. You can invest in something as small as an RV or an entire 3-bedroom home. So you can, even if you have a spare bedroom in your home and you still live in the property, you can just rent out that extra bedroom, make a little money off of it. You might have a little guest house out back or maybe a converted workshop and to a little separate guest house that you can rent out. If you have a home with a basement, you can convert that basement into a little apartment and it has its own little separate entry. That way your guests won't disturb you as they come and go. But for Airbnb's, the nightly rent average is anywhere from 50 bucks a night to 150. Of course, if it's just a little room, it's probably gonna be more so close to the $50 range. And or if you're renting out a home, of course, it's going to be a little bit higher than 150. But average in the Crestview area, it's actually $127 a night.

Well, if you're considering buying investment real estate in Crestview, Florida, and may need a little assistance getting started. Feel free to reach out to us here at the Whittemore group. You can give us a phone call or text us at 850.320.7757or email us at Admin@WhittemoreGroupRE.com