I think I've decided to retire in NC (New Bern, Kill Devil Hills: real estate, rentals)
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I've looked at all the lists of "best states to retire". I could do a lot worse than NC!
But I have a dear friend in Kill Devil Hills. I'd love to be near her. Plus the beach.
I grew up in Tidewater VA so the climate isn't a problem, nor are hurricanes, not that I don't respect them.
I'm thinking it may be a good idea to get a place before I retire while my income is better. I've been checking out real estate online and it looks promising. I could do Air B & B with the right house.
I could go VA, if the house will. I'd rather save up a down payment - we'll see how that goes. (As I sit here at the vet office waiting for my dog to come out of surgery)
At some point I'm going to get pre-approved so, if I see a place i want, I'll grab it. Might take a few trips to the beach!
There are lots of nice places - Manteo is one - I'd be happy with.
I'm thinking prices may drop but I've seen places getting snapped up really fast.
Okay - there's no real question here. But opinions or advice are welcome.
Growing up in Tidewater VA, you're probably already familiar with this issue, but before investing in a property, you may want to familiarize yourself with this website, to see what kind of flood risk a property has. It is pretty user friendly and you can just enter in the address to get specifics on a property:
Growing up in Tidewater VA, you're probably already familiar with this issue, but before investing in a property, you may want to familiarize yourself with this website, to see what kind of flood risk a property has. It is pretty user friendly and you can just enter in the address to get specifics on a property:
That's such great advice. Some of the listings I saw had obvious water damage.
My career field is facilities and that kinda hurts my feelings for those houses.
Looking forward to going through that web site. Thank you.
Renting a house on AirBnB from a distance will be impossible. How will you clean it in between tenants, check people in, perform maintenance, check for damages, etc, etc.?
If you"ll be selling a house when you retire then concentrate on paying off your current house prior to retirement, then sell it and roll the proceeds into the next house when you make the move.
I know this thread is many months old, but I wanted to add some information. We have friends that just moved out of KDH because of the increase of Flood and Home Owners Insurance. It has inflated a lot in recent years.
Now with the onset of the Pandemic in full swing this is really not a good time to buy an investment property for weekly rentals. You will be paying a lot of money for through weekly cleanings.
Manteo is a neat little town! I love shopping at The Christmas Tree Shop, having lunch in town. And it is also the home of Andy Griffin! We are owners at the Outer Banks Beach Club in KDH and love it there.
About Management Companies!! We own a home in E. North Carolina, live out of State, & rent our home out. Unless you have someone reliable to go by your property and check it out you are at the mercy of the Property Manager. They charge upwards of 8% + mo. to collect the rent & take care of any problems that occur. NC Law allows until the 5th of the month before the rent is late & then our PM put the rent in their Business Acct. until it cleared and then the money was sent to us. Usually by the 10th of the month.
There were supposed to be quarterly checks on our home & we never knew if they went to see our property. We were told they did. We came down last month to check on our home & found all the things that we had requested and in the Lease were not done. Monthly maintenance on the lawn & shrubs, filters changed, leaves packed in the gutters. We were not told how badly our home needed Power Washing, (which we are responsible for). These are all things the PM should have made us aware of and didn't. Our PM shuts her phone off at 5:00 pm on Fri. and does not put it back on until Mon. morning. There were a couple of emergencies that we weren't aware of until a neighbor called us. After a couple of years we fired her this past week.
It is nice to own a home in another State, but be sure to check everything out before you sign papers.
Growing up in Tidewater VA, you're probably already familiar with this issue, but before investing in a property, you may want to familiarize yourself with this website, to see what kind of flood risk a property has. It is pretty user friendly and you can just enter in the address to get specifics on a property:
Thanks for this!
I was looking for a place in New Bern, until I found out the flood insurance was $2700 a year!
The search continues!
I live 2 blocks from the Neuse in New Bern, but outside the worst zone. That quote is SIGNIFICANTLY HIGHER than what I pay. Good luck.
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