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Rent or Buy in Pensacola

Randy Daytona

Cold War Relic
pilot
Super Moderator
Do you have a rental property in this area?

Yes, a couple - also sold one in Cantonment a few years back. I will disagree with property management. The ones I have used were basically useless - they took 10% every month as well as 50% of the first month rental - and they seemed to find the most expensive repairmen in the entire state every time something went wrong. You can imagine how expensive this gets if the house turns over renters every year vs people who are long time tenants. I now manage the properties myself and have a licensed handy man on call that I trust completely. A few other things to consider is insurance costs (they can vary widely - as in almost double), wind mitigation, what kind of flooring (you have to replace carpet every few years but hardwood or tile is nearly maintenance free) and do you want a 15 year or a 30 year mortgage.

As Zippy said, I don't buy the houses to flip - I bought them for retirement income. I have spreadloaded my retirement into 4 distinct pillars: Rental income from a few houses, investments, military retirement and social security.

I only own a few homes as I don't want too much risk - but I do have multiple friends who own 15+ in Pensacola - they are all sitting pretty. If I had to do it again, I would go heavily into real estate to buy and hold - especially while interest rates are so incredibly low.
 
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