| smartest city to buy a beach front condo for investment? |
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c3troop
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Joined: 26 Jun 2012
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| smartest city to buy a beach front condo for investment? |
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[list=] hey guys new to the forums. I'm looking at buying a beach front condo to rent out all year except two weeks when we would stay there. I'm looking at orange beach Alabama but it spears all you get is your mortgage paid through renting it out and don't really make any money. Anyone iknow another city on the gulf that makes good returns on rental condos? is this even a smart idea as a long term investment?[/list]
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Tue Jun 26, 2012 2:30 pm |
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dswails2729
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You may want to look into Mexico Beach, FL. It's ~ 30 minutes east of Panama City Beach. It's on the up and coming so everything is pretty cheap right now.
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Tue Jun 26, 2012 8:07 pm |
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dswails2729
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If you want something closer to AL, look at Fort Walton Beach, FL.
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Tue Jun 26, 2012 8:09 pm |
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oldguy
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Myrtle Beach seems to have a going condo rental business - property managers keep your unit continually rented to vacationers, typically one or two weeks at a time. A service does the towells & sheets, cleaning, mainenance, similar to a motel.
But, just like most vacation properties, it doesn't make a profit - it just helps you cover the mortgage, maintenance, property taxes - so that it doesn't cost a lot to own it.
A better way to invest and make money with a rental is to buy away from a Beach and rent it full time, a year at a time, to working people. That way the wear & tear is much less, the rent is steady, and the appreciation + income provides an investment profit.
Then, when you take your two-week vacation, spend about $3000 and rent someone else's baeach house (that way you don't have to clean the sand off of your feet - and someone else has to give you clean towells.) And the $3000 expense will be offset by the profits from your rental house.
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Tue Jun 26, 2012 10:34 pm |
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ElPasoHog
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Joined: 15 Jul 2012
Location: El Paso, Texas
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I'm looking at investing in a townhouse / condo in the Tampa area. I've done a lot of research but not necessarily on beachfront properties. I know that for the rest of the bay area though prices are still depressed but it's an incredibly strong rental market.
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Sun Jul 15, 2012 1:30 pm |
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