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Grand Isle rent game.
Posted on 7/7/19 at 11:11 am
Posted on 7/7/19 at 11:11 am
I am curious if any of you guys have rental property in Grand Isle?
I "believe" that the cost of vacation rental in GI is fairly high compared to a lot of other destinations on the Gulf Coast, especially when you consider the cost of the house and property in GI vs higher cost of properties in places like Florida, yet I find rent cost is comparable between the two if comparing apples to apples.
My question
Can incurring debt to build or buy rental property in GI be a net positive asset? The thing that has me the most concerned is insuring the property.
Any comments/opinions about the Grand Isle rent game is welcomed.
I "believe" that the cost of vacation rental in GI is fairly high compared to a lot of other destinations on the Gulf Coast, especially when you consider the cost of the house and property in GI vs higher cost of properties in places like Florida, yet I find rent cost is comparable between the two if comparing apples to apples.
My question
Can incurring debt to build or buy rental property in GI be a net positive asset? The thing that has me the most concerned is insuring the property.
Any comments/opinions about the Grand Isle rent game is welcomed.
7
Posted on 7/7/19 at 12:20 pm to tropheus12
Can confirm that insurance on a modest small family camp is high as giraffe you know. Can only imagine on a big expensive camp. Another thing is competition as it sure seems like 50% of the places down there have a for rent sign.
Posted on 7/7/19 at 12:25 pm to tropheus12
A lot of camp owners that I know rent out their camps just to help pay the insurance.
Posted on 7/7/19 at 3:00 pm to tropheus12
the cost differences are about competition, grand isle is the only game in town for this state so prices dont have to be low, just low enough to get rentals
as for insurance, dont bother with anything other then liability, any other insurance will be stupidly insane high and all your profits will go to just paying for that so you wont make any money
if you are buying, buy a fixer upper and do minimal repairs and just cover things up with paint. its not your house, its a rental.
in any given year it could be gone with just one hurricane, so dont spend a single penny you dont have to if you want to make money renting it. with luck its pays off what you spent on it before you ever have to deal with major storm damage.
if you are building then learn from others. the permanent structures there are all made of concrete filled cinder blocks for ground level or are overbuilt and designed to let the walls cave in to save the main structure and foundation so after storms you rebuild it fast and easy or in the case of ground structures you can just wash all the mud out the front door and replace the furniture and your ready to rent again.
off hand i dont see it as a good or smart income property investment at all, the risk and costs are high so you are much more likely to just break even then make money. i think most people who do this buy it as their own camp and just rent it out when they dont use it to let the rent pay for insurance and upkeep expenses by renting
as for insurance, dont bother with anything other then liability, any other insurance will be stupidly insane high and all your profits will go to just paying for that so you wont make any money
if you are buying, buy a fixer upper and do minimal repairs and just cover things up with paint. its not your house, its a rental.
in any given year it could be gone with just one hurricane, so dont spend a single penny you dont have to if you want to make money renting it. with luck its pays off what you spent on it before you ever have to deal with major storm damage.
if you are building then learn from others. the permanent structures there are all made of concrete filled cinder blocks for ground level or are overbuilt and designed to let the walls cave in to save the main structure and foundation so after storms you rebuild it fast and easy or in the case of ground structures you can just wash all the mud out the front door and replace the furniture and your ready to rent again.
off hand i dont see it as a good or smart income property investment at all, the risk and costs are high so you are much more likely to just break even then make money. i think most people who do this buy it as their own camp and just rent it out when they dont use it to let the rent pay for insurance and upkeep expenses by renting
This post was edited on 7/7/19 at 3:09 pm
Posted on 7/7/19 at 3:13 pm to tropheus12
When I was shopping insurance on an average property off the beach was right at $4,000/year
Posted on 7/8/19 at 10:04 am to tropheus12
Coworker bought a place in a canal off the Jourdan River in Bay St Louis and rents it out the majority of the time and makes good money off it. He sets the rates just below the casinos rates and stays so full that he has to block out weekends way in advance for he and his family to enjoy it
Posted on 7/8/19 at 9:47 pm to tropheus12
Buy a lot for 20/ 30,000k put a $20,000 camper on it and insure the camper for $500/year... when hurricane blows the camper off you collect insurance and buy another...five grand for a pad, five grand for a canopy ...over and out... not investment grade but fishing grade
Posted on 7/12/19 at 6:19 am to tropheus12
FYI - I'm pretty sure there's an ordinance on Grand Isle that you can't have rental property more than 100 yards off LA 1 or something similar.
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