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How do you find these seasonal tenants? Does a realtor help you with this? My aunt/uncle hired a realtor but he basically told them finding an off-season tenant was going to be very tough so that is why they just rented it out year round.
Realtors are fairly useless. Reason why is they want a one month fee to be paid by the renter usually. Sometimes by listing person.
If I am renting a place lets say permantly at $2,000 a month the $2,000 fee is nothing if I ended up staying lets say five years. An extra 33 bucks a month.
I rent same place for $2,000 a month for six months, paying a $2,000 fee is an extra $333 a month.
I used Zillow, Trulia, Craigslist and VRBO. Zillow and Trulia and Craigslist are free. However, Craigslist only if you are hard up.
Sometimes you will find a realtor who will do it themselves as a pocket listing or to their own clients For smaller fee.
Also I live near airport and JetBlue for instance takes lists of local short term landlors and my buddy puts his short term ad up at the nearby hospital as always nurses and doctors coming in and out.
Just checked Zillow. 1200+ properties for sale along Myrtle Beach? Alrighty, then! Wonder how it would differ farther down the coast or on the gulf, but I figured this place drew the MOST tourists (at least during the summer)... I can see where BIKE WEEK would be hard on a condo; am rewatching "Myrtle Manor," lol... Sounds like a long-term renter is definitely the way to go, but you probably wouldn't get much more than the average rent paid by any tenant anywhere versus vacationers/tourists? The expenses and insurance may eat it up.
You must figure in bank interest loses...mortgage costs ... and misc. costs such as a separate tax on your furniture.[In Myrtle Beach]...and possible insurance costs.
As investments go there are better ways to make money. There is no way to ever brake even.
What ARE the better ways? I'm beating my brains out here, LOL. I have just always believed that real estate is a sure thing; it's not going anywhere, and people will always need a place to live (and vacation).
A little late replying here but here's my question....if you create your own LLC to own the property, are all of these fees, maintenance, resort, and HOA fees, deductible?
If the property is purely a rental, most of these costs are deductible. You don't need to create an LLC to take the deduction. BUT, if you're losing money on the rental, the deduction only softens the blow of the loss...but it's still a loss.
Sounds like MB is kind of going downhill, just from new reports and anecdotal stories. Maybe I'll look elsewhere! But honestly, I can't see any oceanfront rental vacation home anywhere not AT LEAST breaking even if not making a profit.
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