Buying Investment Real Estate in Miramar Beach Florida

So, you're thinking about investing in Florida, and you've been looking around and you found Miramar Beach, and you're wondering, what does it cost? What are the things involved? What I need to know while investing in real estate in Miramar Beach? And, what are the things I need to know? Well, listen up here investors, want to be investors or aspiring beach bums. This information is going to be great for you. So, stick around.

So, let's talk about it. Let's talk about investing in Miramar Beach. So, if you've never been out here before or you've been driving through and you were coming to visit, vacation in Destin, or just simply just driving through or saw something on Google and you're like, wow, that looks like a great area, well, you're in luck. This is a wonderful area. It kind of cuts off when we talk about Miramar, Sandestin. Kind of cuts off from Destin to the really ritzy area of 30A. And this location right there, again, just east of Destin. And the reason that people want to vacation here and they want to move here is because there's tons of stuff to do, there's tons of stuff to do. You've also got the Baytown area down in Sandestin. If you're looking for that, that resort feel, you've got the outlet malls, you've got everything in Destin, of course, the beautiful beaches that we have here, great restaurants. There's tons and tons of stuff for everybody to do. Not only that, but you have great nightlife. I'm a local here, and this is where I go. So, if you see me out there, please say hello. And, it's been fantastic. If you'd like to go out, have a couple of drinks, have that beach mentality, and just kind of relax. It's not as bad as certain places in Destin where it's a little bit too much. It's kind of a nice little relaxed but still upbeat area and a lot of places to go out. Also, people move here because the job market's great. It's great for businesses. You've got lots of Tourism, specifically in this area and businesses want to move in here. And not only that, it's the beaches. You just can't beat the beaches down Miramar, and just having access to that and just being part of that atmosphere. It's hard to convey over a video how much that affects people wanting to go to this area.

BUYING INVESTMENT

Okay, so let's talk about Investing in Real Estate. What things are available for you to invest in here. Well, we have Single Family Homes, Townhomes, Condos, and well, Land.

If you're looking at Single Family Homes, let's give you a ballpark of what it looks like here in 2021. Your single-family home, if you're looking to invest in one of those, its median home price in the Miramar, Sandestin area is about $719,000. Little bit up there. It's a high all the way up to $11.7 mil, that's million, and a low of $225,000. Now, our national average for a single-family home is $217,500. So, yeah, it's a bit up there. It's beach living. And it's not just beach living, it's beach living and balling.

Alright, going down to Town Homes. If you want to invest in a townhome, your median home price for a townhome is  $472,000. And that's a high all the way up to $1.8 million, which is a beautiful place, and a low of $200,000.

If you're looking to get into Condos out here. Well, your condos, we can go into a bit more as we talk about if condos are a good investment. So, be on the lookout for that video. But, the condos, for your median price is $389,000. Now, that's not just gulf view, that's all the condos in our area, and also has bay view and everything like that. You also have a high of those, all the way up to $3,000,000, and a low of $117,500. But, know that one is certainly not on the gulf.

For your Land prices. It really depends on what you're looking for. If you're looking to build something out here. Depending on what you want to do, will depend on with that price actually looks like.

Okay, so, as we look into what to actually invest into, we're going to have things like New Construction, Pre-existing Home or what we call in the industry, a Resale Home, and of course, your Land.

So, New Construction. How does this work? There are a couple of different ways. You can find a lot and then you can build on it and it doesn't have to be at the same time, Okay? You can build a custom home. Just know that that's going to be the most ritzy way to do this. As you kind of move out and look at different places that are building brand new homes, those homes are what we call spec homes or speculative homes to see. They're going to speculate that you're going to find this home and move into it. That's the easiest one to get into as a brand new home and you don't have to worry about customization or all the other added cost that it takes in order to get this home. However, I want you to know that there isn't a whole lot of customization that you can do in these homes. It's kind of, we may be able to change the countertops, maybe, or the flooring, but that's going to be about it.

As we look into Resale Homes, you're going to look at a lot of newer, kind of Mediterranean-looking type homes in this area. Although, it is a little eclectic as far as ones that were built in the 70s, all the way through the 2000s. And, you know, a lot of them even have been revamped, flipped, what have you, to kind of meet the demand that's out there because it does have a higher price point. You've got a couple of different ones that you can go into. Your standard sales, what you're going to find out there, that somebody just listed for, in order to purchase. You also have your REO or real estate owned or foreclosures. I will be honest, at least in 2021 financing for these hasn't been going through. It's usually people that have cash that are going in and purchasing these right now. But, if you got the cash, you want to purchase then any of these, you're looking for those deals, give our team a call. And of course, we do have auctioned homes, those are the ones that went into foreclosure. I could do an entire video on what it takes to get the auction homes. But, do get yourself involved with a Real Estate Professional that can advise you specifically on what that looks like and how that process goes.

Now, also investing in Land, ensure that this land is zoned correctly in for your use. We've got a whole bunch of different things out here. We have things like Cobra Zone, and Coastal Barrier Resource areas, okay? And those things you can't build on, and even if you could build on it, you're never going to be able to get it insured. Not never, but it's going to cost a lot. You got to make sure that it's zoned correctly for the use that you want it for. There are also wetlands and different mitigation things you have to do. So, again get with a real estate professional to ensure that you're buying and you know what you're getting.

Other important information that you're going to want to know about investing here in the Miramar Sandestin area is that a lot of people are using this for an investment. And, whether that's going to be a long-term or short-term type of rental because it's a secondary home, look at putting somewhere between 25 to 30 percent or more on some of these homes. Now, there are some different places if you're looking to condos that maybe, condo-hotels or condotels, that don't allow your typical conventional financing. So, you may have to work into a portfolio loan. And of course, if you need somebody, again, you can reach out to us. We have some great partners that will be able to help you out with specific complexes that you may want to be getting into. But if you are moving here for a primary home, this fantastic for you, know that they have great things like Homestead where if you're married or single, you can take up to $25,000 per person. Currently off your tax appraised value to be able to take those taxes down, and you're going to want to do that when it comes to taxes, which we're going to get into right now.

Your Property Taxes. Yes, you get to pay them once a year. It's not crazy if you come from a place like Ohio or something, where it's paid twice a year. It's only one time a year, so, it doesn't get that confusing. So, our median home price where we were talking about $719,000. That taxes based on what's called Mills. It's going to be around $8,342.40. Well, Tim, where did you get that info? It's based off of whatever it is, as far as what the purchase price or tax appraised value is. Its tax appraised value of $1,056 per $100,000 of whatever hat home is worth. So, taking 50 grand off the top can save you quite a bit of money and that's straight across Florida, not just in Miramar and Sandestin.

You're also going to have Closing Costs, depending on the price of what you are purchasing. It could be as little as $5,000 to $6,000 in closing costs upwards to $15,000 depending on your price point. Make sure to talk to Real Estate Professional to get those numbers or a lender to get a good idea of what that is.

Also, you have Rental Fees. If you're doing a short-term rental in this area, our standard short-term rental people charge about 25%. And that's 25% of the rent that they'll be getting paid for that. Now, for long term, it's somewhere between 8% to 12% that they'll be taken from the rent from you. So, make sure to equate that into your next investment.

Also, know that here in Florida, you can purchase real estate and personal property, meaning, furniture, and other things that are in the condo, in the house can be included in the sales contract in Florida. So, no need to do a bill of sale, you could do it all in one, which is awesome. And of course, I want to remind you that some areas are in a CBRA Zone, a Cobra Zone as we call it. And, if it is built in there, getting insurance necessarily be impossible. Just know that these zones can still be zoned this and not be in a flood zone. I know it's weird, right? But they have these different maps so you can check out that we look at to see if it is in that zone. And, if so, only certain types of loans will be able to get there. Now, if it's in the zone and it's in a flood zone, well, that really skyrockets your insurance out there. And, lately, as of 2021, some of the carriers have been dropping off here in Florida as well. So, that's only increasing our price but to live here in Paradise.

Okay. So, as we look at different investment types, as you are investing here, there are three main things that I see people or I help people with versus the buy-and-hold strategy, where you find a house that you want or want to invest in. You buy it, you live in it, you hold it for a long time for that appreciation to come through. This area's real estate is very stable in comparison to most other places in, Florida. And why? Because, well, there are four military bases just around our area and that keeps the real estate pretty stable as one of the factors that kind of help that out. We also have our buy-and-hold and rent out strategy, which is where you buy a property, maybe fix it up a little bit and then rent it out. It could be short-term rentals. It could be long-term rentals, but we're now only worried about with the cash flow is. We're also worried about how much we're going to make by holding on to this asset over time.

Of course, the third and probably the most, well thought about when you invest, and there are tons of shows on HGTV about flipping properties. That's another one that you can do. If you can find a house, a de-stress property, get into it, fix it up, flip it over and then get a nice little profit at the end. I could pretty much do an entire video on that, but it's very tough to find some of these properties that are going to do so. But, if you got cash doors, and you're willing to fix that up and take the time and learn it and have some fun, maybe do some videos yourself, just kidding. This could be something for you and it's a little bit tougher, but there are plenty of people still doing it that have the funds in order to do so.

Well, that's all I have for you for Buying an Investment Real Estate Property here in the Miramar Beach area and what you need to know. If you have any questions about anything that I mentioned here, please feel free to call/text us at 850.320.7757 or email us at Admin@WhittemoreGroupRE.com