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Same here; love OBX and the east coast farther north, but zero rental potential in "off season."
Sorry; I've posted on a few forums and forget what I said where. But, yes, I plan to make my sole permanent residence the beach eventually (renting it out as much as I can and RVing the rest of the time). I'd just like to get started on the rental income while still working rather than have my money stagnate in the bank, but having trouble deciding on a location..
...yes, I plan to make my sole permanent residence the beach eventually...
Then as said before... don't look anywhere else than the beaches.
As to the purchase... until you're able (or willing) to cash out the RE you currently own
so that you can buy without a mortgage being needed... hold off buying until after that sale.
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...but having trouble deciding on a location.
Then as said before... plan to spend 3-6 month in EACH of your top choices.
Short term rentals, sublets, etc. where you're days and nights are in the middle of things.
Beyond the financials involved in this rental scheme you'll also want all manner of other
common retired life amenities available as well as a community you'll enjoy being a part of.
It's nearly impossible to really learn these things from online sources.
Don't expect to.
I have a friend who has a rental in FL (she lives in VA) and she does pretty good. Not a huge profit in the beginning, but profit has gotten better. Plus she uses it a few times a year too
I AM able to pay cash (thought I said this; sorry)...
And I absolutely cannot travel until retirement (1 1/2 to 2) years; this is why I'm asking strangers rather than just driving around looking for myself...
Surely it's possible to choose at least a TEMPORARY beach location (I can always switch it up later if it's a good rental property) for now via info-gathering.
The tax thing in FL is attractive, as is the potential for year-round rentals... And I agree that it's silly to consider buying any other type of property - anywhere else - if my ULTIMATE destination is the beach.
And I absolutely cannot travel until retirement (1 1/2 to 2) years;
this is why I'm asking strangers rather than just driving around looking for myself...
I know.
No matter how many times or ways you might ask the same basic question...
the same basic answers are going to continue to crop up.
Buy once. Have a solid reason to KNOW that location choice will really work (for you).
Hold off on the purchase until you're ready to follow through on the best choice.
Until then: plan a couple of extended vacations to the 6 top prospects.
Once retired (and while the house is being sold) do longer stays at the final 3.
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I AM able to pay cash (thought I said this; sorry)...
And find something other than RE schemes for the rest of your retirement funds.
No matter how many times people tell me to visit, I will continue to reply that I CANNOT TRAVEL UNTIL RETIRMENT and don't want to wait two years to invest. IN REAL ESTATE.
What kind of town are you looking for: Rural with few restaurants and sparse shopping and not a lot of condos? Or a bigger area with lots of restaurants and shopping and also large high rise condos lining the beach. Or somewhere in between?
Do you care if certain areas are more likely to have hurricanes/tropical storms? Because you mentioned the FL Panhandle,which historically gets hit with more tropical storms/hurricanes versus theJacksonville FL area, for example.
I'd love access to a big city (for myself in retirement) and have a preference for wave action versus dead-calm surf, although vacationers with children seem to prefer the gulf in that respect. Jacksonville and Sarasota are other locations I've considered, although too far south gets too hot in the summer for renting OR living myself. St. Augustine seems too quiet/unprofitable.
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