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re: What are the ins/outs of buying a beach condo as an investment?
Posted on 7/27/14 at 8:32 am to I Love Bama
Posted on 7/27/14 at 8:32 am to I Love Bama
quote:
Your numbers are very wrong
Meh...not knowing his numbers, it's not enough to call him wrong...but he probably is.
Condo in Orange beach brought in an extra $8k last year over the loan payments and shared leasing co fees. Of course I don't take it, I put it back into the loan and keep some cash on hand for furniture/maintenance issues. It's a brand new tower and will keep being an attractive destination for quite a few years to come.
Yes, you have to be able to identify inflated pricing. But, if you get a solid deal, drop $25k down payment and let leasing customers pay your retirement for 15 yrs, I cant see how it's a bad investment.
And the often overlooked factor, for a family like mine that goes to the area anyway a few times/year, I save thousands in $$ I would have spent somewhere else on housing....it is a # to be factored in for me!
But not far all
3
Posted on 7/27/14 at 8:37 am to GeeOH
quote:
And the often overlooked factor, for a family like mine that goes to the area anyway a few times/year,
This is a big part of it imo. Find a location that is desirable and you can do find. Air B&B can be your friend. You also have to plan to get through the slow seasons as you may not rent it out at all. The non-affluent people I know that have done this tend to not plan for possibly having to notes at once without the extra income.
Posted on 7/27/14 at 8:57 am to GeeOH
You're the first person I've met that has made money on a condo investment in the gulf. I've ran the numbers every way possible and I just don't see how it is done.
That's awesome you're doing it though. I'm jealous.
That's awesome you're doing it though. I'm jealous.
Posted on 7/28/14 at 4:50 pm to GeeOH
quote:
Meh...not knowing his numbers, it's not enough to call him wrong...but he probably is.
Condo in Orange beach brought in an extra $8k last year over the loan payments and shared leasing co fees. Of course I don't take it, I put it back into the loan and keep some cash on hand for furniture/maintenance issues. It's a brand new tower and will keep being an attractive destination for quite a few years to come.
Yes, you have to be able to identify inflated pricing. But, if you get a solid deal, drop $25k down payment and let leasing customers pay your retirement for 15 yrs, I cant see how it's a bad investment.
And the often overlooked factor, for a family like mine that goes to the area anyway a few times/year, I save thousands in $$ I would have spent somewhere else on housing....it is a # to be factored in for me!
But not far all
Are you my uncle?
He just did the same thing. Bought a condo at Orange beach in a tower, rents it out, and uses it every few months.
He is an experienced homebuilder/seller so I'm sure he ran the numbers before diving in and it seemed to be a worthwhile investment.
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