Last week I shared with you that we have purchased our first foray into PCB investment properties – our first vacation investment property in Panama City Beach.
Now, let’s talk more about another side of PCB investment properties—the renovation…
As soon as the seller accepted our offer on our PCB investment condo purchase, we were on the phone with our “reno guys”…(you remember, from the “I got a guy” list) to schedule our beach condo renovation. We timed the start of our PCB condo renovation with the closing of the sale, hiring them to come in and start (in the words of Chip Gaines) “demo day.”
We planned to rip up the flooring and rip out the showers and install new flooring and showers. When that is complete (as I write this, the flooring and shower project is not quite finished…but getting there), the painting begins, along with the addition of some new appliances.
When that is all finished, that will be the completion of phase one of the renovation…. and we will put our condo on the PCB vacation rental market.
Going through a home renovation is exciting….and of course, in our excitement, we wanted it all done sooner rather than later… Okay, okay… I wanted it all done right away. Reality check. Much as with the blown budget… the reno timeline always extends farther than the first projected date.
Now, in all fairness, it is not our reno guys fault that little miss Hurricane Sally decided to come to visit the Panhandle. And unfortunately, her presence caused some minor flooding issues in and around Panama City Beach. Sally made her presence known with lots of rain and flash floods on the roads in the area, which caused problems with travel along the beach roads. Thus, Sally’s stay along the Gulf Coast pushed our project back a day or two. Oh, and on the subject of Hurricane Sally…if you plan on having a vacation home along PCB beach, you always want to be “tracking the tropics” and have a hurricane plan.
So anyway… the project is still underway and only pushed back a few days. And I have gotten over my disappointment. I am now focused on simply looking forward to the big reveal of phase one.
And of course, I am excited to get my condo on the PCB vacation rental market with other PCB investment properties.
After all, the longer the property is not on the market, the less money it makes… right!?
Speaking of the PCB rental market, as an investment property real estate agent in Panama City Beach, many investors ask, “What is the best option to manage the rentals of the investment property?”
There are options, of course. Specifically, you can hire a PCB property management company or manage the rentals of the vacation property personally. Understanding the market and the needs of our investors, we can offer advice and direction that can make hiring our team a little less time and energy-intensive than doing the management yourself.
Which brings us to another must-have list for a Panama City Beach real estate agent and that is a list of property management companies, of which there are many OR other resources that will enable an investor to manage PCB vacation properties themselves.
As I mentioned last week with the “I got a guy…” list, we use the same approach with any other referral type; we will never recommend unless we have or are willing to use them.
Next week as we continue the adventure, we will discuss PCB investment property management options.
In next week’s post, I will share with you more detail about your options for PCB investment property management, as well as the pros and cons.
In the interim, if you are interested to learn more about purchasing your Panama City Beach home or purchasing a PCB vacation investment property, reach out to Life’s A Beach Real Estate.
We have a team of PCB real estate agents – true real estate professionals – who can walk you through your transaction, whether it is your first home, first vacation home, or first PCB investment property.