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If your thinking about the Outer banks. Go to obxconnection.com. There is a whole section on rental properties. And anything else you would want to know about OBX.
Then you need to know what times of the year exactly. If you will be there in the good summer months then the property definitely doesn't work from an investment standpoint. Almost all your income will be made between June and August. In the Wilmington area, vacation rentals will be done through the summer then off season rentals per month in the winter. Sounds like you are trying to justify the purchase with dreams of rental cash flow that just isnt there.
We go in early October. Weather is still beautiful and the water is warm from the summer, actually warmer than early June at times due to winter cooling it down. Takes awhile to warm it back up so I love October and usually that is after the rental income. Ours rents April-September usually. We have luckily had no damage or theft to our property in the 4 years we have owned it as a rental property. Will be upgrading appliances soon though but the current ones are just 8 years old.
This is my plan, as well; I'm not a fan of hot summers anyway, so I'd be traveling, probably up north or out west, during peak rental season. Sept-Oct and Mar-Apr are "summery" enough for me, and winter at the beach is delightfully atmospheric. Would work perfectly for me, especially if my amenities include an indoor pool and hot tub.
Honestly, my only fear is BEDBUGS...
How does everyone get over "the squeamish factor" when it comes to strangers sleeping in your beds and sitting on your sofa? For the right amount of money, I will. But that's the only potential fly in the ointment for me -- no pun intended.
My second concern is choosing a location/coastal state, but I still have a year left to figure that out.
This is my plan, as well; I'm not a fan of hot summers anyway, so I'd be traveling, probably up north or out west, during peak rental season. Sept-Oct and Mar-Apr are "summery" enough for me, and winter at the beach is delightfully atmospheric. Would work perfectly for me, especially if my amenities include an indoor pool and hot tub.
Honestly, my only fear is BEDBUGS...
How does everyone get over "the squeamish factor" when it comes to strangers sleeping in your beds and sitting on your sofa? For the right amount of money, I will. But that's the only potential fly in the ointment for me -- no pun intended.
Where do you stay when you travel? In a hotel, or someone else's house? Whats the difference?
True, and good point. I haven't really traveled since bedbugs became a 'thing' again, but you're right; no difference. Although I'm also probably buying an RV in which I would travel during off-season, so... No worries there!
@lilhippie1
My family and I have often thought about owning a place in OBX. We visit the island every 2 years from NJ and have thought about owning a place for an investment and vacation location. We do not come down that often nor do we stay that long but I often am complied to invest in things rather than rent.
I know you have said you do not make a lot of money but I would like to know, if you are aware, what type of return you receive. Also where are you located? We are looking at Ocean front due to the attraction of guests.
I look forward to hearing from you Dputz@jkpholdings.com.
@lilhippie1
My family and I have often thought about owning a place in OBX. We visit the island every 2 years from NJ and have thought about owning a place for an investment and vacation location. We do not come down that often nor do we stay that long but I often am complied to invest in things rather than rent.
I know you have said you do not make a lot of money but I would like to know, if you are aware, what type of return you receive. Also where are you located? We are looking at Ocean front due to the attraction of guests.
You'd be much better off buying investment property close to your home in NJ, and just renting a beach house when you visit the OBX.
May I ask why?
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