Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hi, I want to get some info on beach property investing in the Carolinas' region. My wife and I want to buy some properties to rent out. We really want to get our feet wet considering the oceanfront scene is booming! I would like to know if anyone on the board has any experience with this type of investing, or any place I can go to get some in depth info. Thanks in advance.
I've done multiple investments with rental properties and currently have 7 different houses I'm renting out for profit, but none beach front. Basically the same principles but just work a little different depending on if you are trying to rent them out on a permanent basis or seasonally and if you're trying to invest in booming coastal area with lots of tourism or a quite place on the beach.
I've done multiple investments with rental properties and currently have 7 different houses I'm renting out for profit, but none beach front. Basically the same principles but just work a little different depending on if you are trying to rent them out on a permanent basis or seasonally and if you're trying to invest in booming coastal area with lots of tourism or a quite place on the beach.
What in your opinion would be the best option right now?
We have a blitheria of agents that can give you their spoof. Knowing the coast here personally I would say the window for investment was Six years ago before our waterfront went crazy and jumped up in value 400% percent. The people who got in early and got out a year ago made out big. Now values have slipped some because they were in local bubbles that are correcting, but not like in Florida values are still close to historic highs for waterfront of almost any kind. So I dont see any real good deals here. also take into acount we have a off season in the winter months which means less renting going on, not tropical like Florida were a year round thing happens. High insurance and the salt air eats up every thing like air units ect costs alot to maintain beach homes. I would find a college town area and buy rentals there that is solid gold always good renting and low issues. Good luck
Like the guy underneath said, college areas are normally always rentable BUT comes with many negatives. Every 2-3 years your house will be trashed (as our mine). In my family rentals, so far I never had to replace carpet, paint walls, etc. but the ones in college towns, its an annual thing.. not to mention broken walls, windows, and excess of bugs.
Also, leases will be more individualized (every room rented out to separate students instead of the whole house). And there is a bigger turnover (had 4 different tenants in the same room over the last 2 years while the same family has been renting the one house for 3 years
And then ofcourse there is rent (family has never been late paying while with college students its been a monthly thing) so generally.. more headaches dealing with college students, but..
it is way more profitable. My house in Tallahassee, Fl and the one in Raleigh, NC.. average rent from a family for a 3/2 is about $1100/month while I'm getting $1450/month from students with individualized leased. (all 3 rooms rented out separately).
so just depends on if you want to deal with the headaches for extra profit. You can always hire a management company to rent out/collect rent from students but then they take a chunk out of your profit (usually 10-15%) and some can be unreliable.
Only reason I have family rentals is because those houses aren't in college towns. But I'm also really young and can handle with most of the headaches, so depends on your ability or want to... long story short.. thats basically the preliminary questions you want to ask yourself. If you need any more help/advice.. let me know
Last edited by autumngal; 06-04-2008 at 04:28 PM..
Reason: do not post about moderation, dm a Mod instead
I've heard good things about Topsail Island/beach but also hear how untapped it is. Wrightsville Beach also has good reviews. What is your personal preferences on vacationing beach locations in NC?
Longterm renting would be wonderful but what I imagined was seasonal. We are anticipating a visit to the coast to get a feel of the different areas. NC has such an extensive coast with the beaches, sounds and islands.
it depends on what you are looking for in a beach. there are commercial beaches, residential beaches, and vacation beaches. topsail is ok. price wise, it's much better than a beach like wrightsville. it's all the same ocean isn't it? carolina beach isn't bad, much more commercial. more places to eat, shop, dine, and entertain. they even have a movie theater!
IMO, Carolina Beach is a good choice at the moment. Property values have really come down and there is currently a glut of properties on the market yet the vacation rental market is strong. And fwiw, they just broke ground on the new Hilton Garden Inn which should help kick start some development projects that are currently on hold. I suspect in five years CB will look a bit different and property values will reflect the change.
Also, we may be getting a new concrete pier for the boardwalk.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
carolina beach isn't bad, much more commercial. more places to eat, shop, dine, and entertain. they even have a movie theater!
