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Your scenario is not something that I would be comfortable investing in...so I can't give you any recommendations. However, I have heard that there may be some ocean front properties coming up for sale on Nantucket Island.
The best real estate investment is property investment. It is a type of investment that always grow. If you will invest for it, you will get near about double of your money.
It's counter intuitive, but in some markets, you can do very well with distressed houses. How well? 12-15% roi with no maintenance expenses at all - ever. And in some markets, you can bank on the demand for those houses to increase in a downturn. We saw this happen exactly in the downturn in 2008-10 or so.
I'm not handy; wouldn't want a DIY project or "flip," and I don't rent to S-8 (my personal choice)... Ideally, this property would already be in a successful rental program and competently managed for me... Yet STILL make immediate profit...
If you had $200-300k sitting in the bank earning .25% interest and wanted to use it to purchase a "vacation" property to rent out now (using only occasionally) and then occupy full-time in retirement, perhaps still renting it out short-term while traveling elsewhere and most likely getting a reverse mortgage on it, WHERE along the eastern seaboard would it be for the greatest profit from investment?
Which region/state? City or beach (rural or suburban is out of the question)? The coast or the gulf? North, mid-Atlantic, or south? SFH or condo? As far as the beach is concerned, oceanfront or set back?
I've gone around and around in my mind and on the Internet... From the Maine coast to Long Beach or Brooklyn in NYC to Virginia Beach to the Carolinas to Tybee and St. Simon's Islands to Tybee and Myrtle Beaches down to St. Augustine and Vero Beach and then back up around to Sarasota to the Panhandle.
FYI: Yes, I've visited most of these places. Yes, I already own my primary residence and would sell that when I retire. No, I don't wish to purchase more property locally, as tenants are a headache in my area (I've been a landlord) and the market is dead; I don't wish to risk getting stuck with anything else here.
And, yes, I could play the stock market, but I'd much rather purchase my DREAM HOME instead. Advice?
Vacation rentals tend to take years to become profitable. You have to build the book of business of the people who rent it. The financing market is tight. Look into private mortgages.
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One of the best types - distressed properties
