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re: Will a Beach condo pay for itself by renting it ?
Posted on 4/19/18 at 6:49 pm to EA6B
Posted on 4/19/18 at 6:49 pm to EA6B
I stand corrected...1 million for $12k property tax.
But that is Florida, where they have no income tax, so they make up for it in property taxes.
I pay close to the same amount of property tax for my properties in Tampa than I do for ones that assess for twice as much in Orange Beach.
But that is Florida, where they have no income tax, so they make up for it in property taxes.
I pay close to the same amount of property tax for my properties in Tampa than I do for ones that assess for twice as much in Orange Beach.
0
Posted on 4/23/18 at 9:37 am to baldona
quote:
As said, in 2006-2012ish you could. Now the purchase prices are too high to get a reasonable return for the most part. Its possible, but not very likely.
I'll second this. I got lucky and found one a couple up north wanted to get out of. It's covering it's expenses and that's about it. My equity has made a nice jump in a year and a half though. It's a 5-10 year investment for me
Posted on 4/23/18 at 11:12 am to blupony
quote:
The last beach condo I bought was in Orange Beach in 2015 and I am grossing over 21%. Net over 13%. The one I bought in 2014 does 25% gross, and 15% net.
I don't believe that's possible. Please post location, size, price paid, income, and expenses.
Posted on 4/23/18 at 11:46 am to lsubec
If your using mommy and daddy's money than sure.
Posted on 4/23/18 at 5:25 pm to Ole War Skule
quote:
I don't believe that's possible. Please post location, size, price paid, income, and expenses.
Both are studio condos in Orange Beach
$85500 / $21100 / $8100
$96500 / $20600 / $7640
Posted on 4/24/18 at 1:49 am to blupony
quote:
Both are studio condos in Orange Beach
$85500 / $21100 / $8100
$96500 / $20600 / $7640
yeah...right
Posted on 5/11/18 at 7:48 pm to Ole War Skule
Bumping this because 2 weeks ago I went under contract for a condo in Gulf Shores. Before I went to closing today I already have enough income from rentals to make a profit for 2018 after expenses.
Prorated for 2018 I am already over 6% gross and that is in less than 2 weeks before I even owned the unit.
Anyone who says there isn't money to be made in beach rentals just doesn't know what the hell they are doing.
Prorated for 2018 I am already over 6% gross and that is in less than 2 weeks before I even owned the unit.
Anyone who says there isn't money to be made in beach rentals just doesn't know what the hell they are doing.
Posted on 5/11/18 at 9:58 pm to blupony
We got us a new sheriff in town boys.
Posted on 5/12/18 at 2:29 pm to blupony
quote:Get back to us when the next 2008 happens
Bumping this because 2 weeks ago I went under contract for a condo in Gulf Shores. Before I went to closing today I already have enough income from rentals to make a profit for 2018 after expenses.
Prorated for 2018 I am already over 6% gross and that is in less than 2 weeks before I even owned the unit.
Anyone who says there isn't money to be made in beach rentals just doesn't know what the hell they are doing.
Posted on 5/12/18 at 6:41 pm to achenator
What happened in 2008 that affected income on beach rentals?
Did people quit going to the beach that year?
Did people quit going to the beach that year?
Posted on 5/12/18 at 7:26 pm to blupony
quote:i would think rentals were down but I haven’t done the research
Did people quit going to the beach that year?
Posted on 5/12/18 at 10:27 pm to jimbeam
If a 1% drop is the what I should be fearing, I think I'm good.
This post was edited on 5/12/18 at 10:31 pm
Posted on 5/13/18 at 12:37 pm to blupony
quote:
If a 1% drop is the what I should be fearing, I think I'm good.
I rented the same Destin beach house from 2002 until 2007, it was for sale the entire time, it started at $850K, and by 2007 the price was down to $50K. There were so many for sale signs down highway 98, you could no longer see the names of the condo buildings.
Posted on 5/13/18 at 1:35 pm to EA6B
quote:
I rented the same Destin beach house from 2002 until 2007, it was for sale the entire time, it started at $850K, and by 2007 the price was down to $50K. There were so many for sale signs down highway 98, you could no longer see the names of the condo buildings.
One of my partners had 3 condos in Destin. He made it through but he did have to supplement them from his own income a bit. In 2007-2010 I stayed in the same two condos in Caribe Orange Beach. The condos we stayed in originally sold for about $650. They were short sold for about tree fiddy in 2010-11.
Posted on 5/13/18 at 3:53 pm to blupony
quote:
What happened in 2008 that affected income on beach rentals?
Did people quit going to the beach that year?
Yeah, people did kind of quit going and the whole pan handle of Fl took an arse beating for three or four years. You might could rent it, but it was for pretty cheap.
And so many people were in foreclosure and leaving that I've heard horror stories of the remaining owners having to pay a shitload of HOA fees.
Posted on 5/13/18 at 5:05 pm to achenator
quote:
One of my partners had 3 condos in Destin. He made it through but he did have to supplement them from his own income a bit. In 2007-2010 I stayed in the same two condos in Caribe Orange Beach. The condos we stayed in originally sold for about $650. They were short sold for about tree fiddy in 2010-11.
I see I made a typo, the $50K was supposed to be $450K, but it may have eventually sold for even less. There were still people renting on the beach, but the owners were watching their equity evaporate, and tried to just get out of the properties before they were upside down on the mortgage.
Posted on 5/13/18 at 6:14 pm to notiger1997
Wow. Didn't think it affected rentals that much. Went to Orange Beach, Pensacola, and Panama Coty during those years for my sons travel baseball and everything seems pretty packed.
So was the main reason that a lot couldn't afford vacation after losing their home or the fact that there were so many rentals selling for pennies on the dollar that they were able to undercut the competition with lower rates and force them to have to sell...for pennies on the dollar?
So was the main reason that a lot couldn't afford vacation after losing their home or the fact that there were so many rentals selling for pennies on the dollar that they were able to undercut the competition with lower rates and force them to have to sell...for pennies on the dollar?
Posted on 5/13/18 at 7:14 pm to blupony
This thread
Posted on 5/13/18 at 8:34 pm to HailToTheChiz
There is money to be made but i think you have to get a condo at the right price. I lucked up on getting my one bedroom for $150k
This post was edited on 5/13/18 at 9:46 pm
Posted on 5/13/18 at 8:51 pm to jmarto1
Sugar Beach?
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