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Has anyone sold a home in a different state and used the money for a coastal condo or duplex on the beach?
What are some additional benefits and disadvantages? Besides hoping to make more money on a rental and taking weekend trips occasionally, how much are you roughly profiting after posting it on VRBO, cleaning fees, HOA fees and flood insurance..exc.
Just curious if it would be worth it. It seems like everyone goes to the beach for spring and summer vacations. Any additional advice would be appreciated.
The best I can tell you is that I am not a fan of owning rental property that is located a long way from where one lives, so I would never consider owning rental property in a different state from where I was living. I'm not even sure I'd own rental property at the beach if I lived in Charlotte or Raleigh either.
I own a condo on Oak Island and it rents extremely well, and not just in the summer. Spring and fall rent well, and we get longer term (30 - 60 day) renters in the winter. It definitely generates a positive cash flow. I rent it through VRBO and do all the cleaning and most of the maintenance myself. I have experienced a couple of emergency situations that would have been very difficult to deal with is I weren't 15 minutes away though. If you're several hours away you have to have someone absolutely reliable to check on it between renters, make sure the cleaners did what they are supposed to do and handle emergency situations when they arise.
Last edited by Edward Teach; 06-13-2019 at 06:31 PM..
Thanks Edward, that was very informative. I appreciate all of the feed back.l
We actually live in NC about 3.5 hours from the beach but have a house in Ohio that we have rented out to the same people for the past 8 years so it's just paying the mortgage and we are receiving equity. I would would like to own something closer and would like to make money on it. Definitely something to consider. I definitely agree that you would need to trust your cleaning crew!!!
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