So, the wife and I will be moving to Pensacola for around 2 years. Right now, I am trying to figure out the best option for us. We don’t have any kids so we won’t to make the best decision financially.

Right now we are looking at...

1. Purchasing a condo, then having it as an investment property when we move back.
2. Renting a condo for the 2 years.

We are still unsure with what we will do with our home while we are gone. We are only about 3.5-4 hours from home. So, we could come back during the weekends. Or we could rent our house out to make a few extra dollars.

We have no experience with renting properties and we have no experience with renting a condo. This will be a huge learning experience. Just looking for some advise from people who have been down this road.

This post was edited on 8/13/18 at 9:11 am

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Posted by Ole War Skule

North Shore

Member since Sep 2003

3409 posts

Posted on 8/13/18 at 9:43 am to GeauxTime9

Summers will be tourist hell for you if you're on the beach. We have a condo in Perdido and never go in the summer due to the mobs of wet kids in elevators, sand tracked everywhere, noisy hillbillies etc.

(and get the hell off of my lawn!!)

There are some very nice areas in Pensacola and Gulf Breeze which would be much better than living on the beach for 2 years.

You're going to have to run the numbers, but I would not take the risk of ownership for 2 years. Big downside if economy tanks or rates rise too much and very little topside as real estate there has already increased quite a bit in recent years.

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Posted by CoachChappy

Member since May 2013

32558 posts

Posted on 8/13/18 at 11:15 am to GeauxTime9

To clarify, you want to purchase a condo in OB, PCB, Perdido and work in Pensecola?

or purchase a condo AND rent yourself a condo in Pensecola?

Also, you will be keeping your current house?

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Posted by Triple Bogey

19th Green

Member since May 2017

5986 posts

Posted on 8/13/18 at 2:07 pm to GeauxTime9

My Mom bought a 3 bedroom in Perdido Key about 4 years ago. The property values have been going up pretty steady and barring anything major like another housing crisis or a hurricane, its actually worked out great. She has a ton of equity in hers already. She rents hers out pretty much all year, aside from when we all go vacation, and the mortgage for the year gets paid through just the summer months of rentals. I understand your situation is a bit different since y'all will be living there. I'm just saying its not a bad idea from an investment point of view past those 2 years y'all plan to be there.

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Posted by Kuhn

Gulf Breeze

Member since Oct 2008

156 posts

Posted on 8/13/18 at 8:19 pm to Triple Bogey

I’m realtor over here. Your HOA dues are gonna be your killer. Property Taxes are much cheaper in AL but they keep building newer condos over there so you won’t see much apprication.

Like someone said above Pensacola area has some nice homes and areas that are still cheap. We are growing like crazy. If you need more help just shoot me an email - Gulfcoastkuhn@gmail.com and I’ll help ya out.

This post was edited on 8/13/18 at 8:26 pm

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