Jeckyll Island rental income

[gentlearts]

Originally Posted by trip

Very true. I wanted to see if I could use the rental income to help pay down the mortgage until I was ready to use the unit more frequently when I retire.

I think plenty of people do this successfully, here in Savannah they do it all the time, but just be aware that you can’t do it on a shoestring. You have to be able to carry it without renters.

[CoastalGAGuy]

Condo ownership still leaves a lot of unknown expenses up in the air - special assessments are a big gotcha, unless your monthly fee is already sky-high. $1,000/mo. for a maintenance fee? That's too rich for my blood! Don't count on a 365 day rental season, either. There might be some stragglers in the winter, but it's too cold most of December/Jan/Feb to go to the beach in Georgia. It's November 2, and we're looking at highs in the 70s this week. Just do the math and figure out what you can tolerate in terms of shouldering all the expenses 1/3 of the time. And, half of the expenses another 1/3 of the time, just to be somewhere close to accurate. Condos walkable to the beach will be a surer bet in the Summer months.

[Michelle Tucker]

Hi Trip. I do property management in the Pooler/Savannah area. The vacation rentals in this area will be a seasonal market. The HOA dues can get pricey but allows for a low maintenance living and more time at the beach. Definitely an opportunity to make rental income, especially if the sales price is right. Do your research prior to submitting an offer, Review the CCR's to verify short term rentals are allowed. Check prices for cable and internet, average water and power costs. Interview and research your team you will be using if you won't be doing the day to day operations: house keeping, handyman, property manager and the tax impact to your personal tax return.
Good luck.