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I sold a beach property I had a couple years ago. I never used it so I turned it into an Airbnb for 3 years. It was quite lucrative. I could make more money renting it from May - Sept and closing it up the rest of the year than I could as a yearly rental. You'll do well but expect some aggravations.
I hope you have good returns. I sometimes wonder what kinds of returns people get buying rental properties by the shore.
Conventional wisdom says that 12 weeks of summer rental income = 12 mortgage payments. Having owned rental properties, I know that you get nickeled and dimed, so we'll see.
I hope you have good returns. I sometimes wonder what kinds of returns people get buying rental properties by the shore.
I have a friend who bought one that works in a condo/motel capacity (takes a lot of the work away, they have their own housekeeper, front desk etc) several years ago and she has done even better than she anticipated. Renting in late spring, summer and early fall pays her mortgage for the year. Even with using it herself at times (not summer weekends though).
the traffic isnt so bad, especially since they added a lane to the GSP. i dont think the towns necessarily want that.
When was the last time you drove to South Jersey? Specifically OCNJ? Traffic is bad. That 3rd lane your talking about only goes to a certain point then it becomes 2 Lanes again. Right now there is construction on both sides north & south which doesn't help either. But coming up on the Somers Point exit going South it's 2 Lanes there on down. This summer traffic has been so bad. So many accidents, especially on the parkway and they have been bad! On the weekends, locals no if you want to go somewhere go early and depending on which day forget going certain ways. You'll be sitting in traffic that is coming/leaving (depending on day) on the parkway and the back way. I can't even describe it and people dont believe it until they see it when I tell them. Especially certain roads when going the back way. I swear shoobies forget how to drive when they go on vacation. It's aweful all summer.
The ones I can think of are apartment towers for 55+, like the one in Asbury Park and also in Neptune. Toms River/Berkeley Township, of course, is probably the best known place in NJ for "shore" retirement communities with houses and townhouses, although I don't think any of them are on the actual barrier islands but rather the bays.
Upper Township NJ 5 minutes outside OCNJ has some newly built 55+ communities and are in the process of building a new one now. It's part of the low income house in NJ. Upper Township didn't have any and were told they better get some. They are entitled people so they were the route of 55+ instead of the other way bc residents didn't want any "slum" communities.
When was the last time you drove to South Jersey? Specifically OCNJ? Traffic is bad. That 3rd lane your talking about only goes to a certain point then it becomes 2 Lanes again. Right now there is construction on both sides north & south which doesn't help either. But coming up on the Somers Point exit going South it's 2 Lanes there on down. This summer traffic has been so bad. So many accidents, especially on the parkway and they have been bad! On the weekends, locals no if you want to go somewhere go early and depending on which day forget going certain ways. You'll be sitting in traffic that is coming/leaving (depending on day) on the parkway and the back way. I can't even describe it and people dont believe it until they see it when I tell them. Especially certain roads when going the back way. I swear shoobies forget how to drive when they go on vacation. It's aweful all summer.
I agree. I live in Gloucester county now, but I still work in Cape May County. I was scheduled to work on July 5. I actually volunteered to come in on the Fourth of July Sunday and work instead, because I did not want to be in the awful traffic going home on the fifth. Luckily where I’m located allows me to avoid the parkway and the expressway and I can take Route 50 most of the way. At the end of July though, my niece got married on a Friday evening on the beach in Cape May, and leaving from work, I had to take Route 9 seven miles down to the Garden State Parkway. It took me about 45 minutes to go those 7 miles, it was horrible. I actually called my nieces mother to tell her I probably won’t make it. Luckily, the limo was just as late so I did not miss the wedding.
Most of those accidents on the GSP could be avoided if people would simply observe the law and keep right pass left, but that’s another rant for another thread.
Interesting article about the Jersey shore in today's NY Times: "The Long, Slow Drowning of the New Jersey Shore --
Billions have been spent to protect the beachfront. But inch by inch, water is winning the war."
Interesting article about the Jersey shore in today's NY Times: "The Long, Slow Drowning of the New Jersey Shore --
Billions have been spent to protect the beachfront. But inch by inch, water is winning the war."
Before I got a paid subscription I got 5 or so articles a month for free by setting up an account, just e-mail and password. It's far too long to paste in here.
But, if you disable JavaScript, you can read it... gratis.
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