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  1. #1
    Registered User Semi Pro Member
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    Buy a beach rental?

    So we're at the beach with a couple other families. Someone floated the idea of all of us buying a house out here and renting it out when we're not using it. Rental rates in the area are strong. I like the idea. But I may be intoxicated by the ocean breeze. What does the community think?


  2. Buy a beach rental?
  3. #2
    Registered User Semi Pro Member
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    336
    I love the idea of cash-flowing properties. But not as an impulse purchase far from home, with a couple of partners who are your friends. Too hard to manage. And will certainly lead to fights over money.

    Better off with a rental property with a long term tenant.

  4. #3
    Registered User Semi Pro Member
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    Don't let the ocean breeze intoxicate and prevent you from making a rational decision. What do you even know about the market, being a landlord, etc?

  5. #4
    Registered User Semi Pro Member
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    I love the idea of owning real property. It just is investment I "get". And I love the idea of having a beach house for summer vacations.

    But I get the words of caution. I do lack proximity, expertise (not a handyman!), and also don't think doing business with friends (who are also inexperienced) makes sense.

    Man, I really want to figure out how to make this work. So it's still bouncing around in my head. Maybe a condo?

  6. #5
    Registered User Junior Member
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    33
    A condo sounds more reasonable as a starting point. I don't know that I would have the guts to do it, though. Every week the place is not rented, you are losing money. And how do you go about finding renters, anyway? But that is my problem sometimes. I only see the problems. Other better are better at seeing the opportunities, and the solutions.

    If you decide to move forward, best of luck. And keep us informed.

  7. #6
    Registered User Junior Member
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    36
    I think getting tenants may be easer now than ever for a vacation rental. You can try both Airbnb and VRBO. Plus your network of friends and family may be interested as well. So despite concerns of others, that part may be the least of your worries.

  8. #7
    Registered User Semi Pro Member
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    I like ChiGuy's thinking. Find the solution. Don't look for the problem.

    But I hesitate to take the plunge. The numbers just don't seem to work for me. And I don't want to do it with friends and potential strain important relationships.

  9. #8
    Registered User Semi Pro Member
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    270
    I understand the attraction of a cash flowing property paying for a vacation house. You make a little money. And you spend a lot less on those beach trips.

    But to get started in property ownership and management, I would prefer owning a small single family home. Find a quality tenant, and keep them in there for a few years. Learn the ropes, with some level of safety.

    Don't put yourself in the position of needing a property manager and lots of tenants running in and out (which means more maintenance costs and PM fees).

  10. #9
    Registered User Semi Pro Member
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    282
    Perhaps you are right Toman23. Though it lacks some of the appeal, just a regular rental property would be more sensible.

  11. #10
    Registered User Semi Pro Member
    Posts
    414
    Have you thought of commercial real estate instead? I'm growing interested in that sector. Was wondering if anyone else was looking that way.

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