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Posted on 5/14/18 at 1:03 pm to blupony
quote:So, you are considering all of your costs associated with purchasing the property, interest, condo fees, etc and are already making a profit in year 1? You do have some benefit of not having costs during the slower early months, but seems very hard to believe.
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 5/14/18 at 1:38 pm to NOSHAU
quote:
So, you are considering all of your costs associated with purchasing the property, interest, condo fees, etc and are already making a profit in year 1? You do have some benefit of not having costs during the slower early months, but seems very hard to believe.
Not counting the purchase price but including HOA, property tax, business license, insurance and rental listing fee. Not sure if I am forgetting anything.
True that I bought right at start of peak season but the only fee I have in slow months is $285 HOA fee. So even for the January and February, if they sat empty It would be less than $600 expenses.
Posted on 5/14/18 at 1:50 pm to blupony
quote:
Not counting the purchase price
I have lots of profitable business ideas of you don't count the capex.
Posted on 5/14/18 at 3:53 pm to blupony
I have a hard time believing you are finding $80-100k 'beach' condos that rent for $20k a year right now. Are you buying them retail or getting great deals somehow? Why is the price so low? Hard to believe someone wouldn't be buying them all up at that price point. My main concern is the price point, almost anyone can afford those?
The idea that you can make 4-8% and possibly more depending on financing and what not on a condo is certainly very valid, I rent some myself. But beach real estate is no different than any other real estate and you have to buy right. You can't just blindly buy any real estate because you like it and expect the return to be there.
The idea that you can make 4-8% and possibly more depending on financing and what not on a condo is certainly very valid, I rent some myself. But beach real estate is no different than any other real estate and you have to buy right. You can't just blindly buy any real estate because you like it and expect the return to be there.
Posted on 5/14/18 at 5:25 pm to baldona
quote:
I have a hard time believing you are finding $80-100k 'beach' condos that rent for $20k a year right now. Are you buying them retail or getting great deals somehow? Why is the price so low? Hard to believe someone wouldn't be buying them all up at that price point. My main concern is the price point, almost anyone can afford those?
I agree. I bought the ones mentioned back in 2014 & 2015. Prices on the same units now are going for $150k-$170k.
Income potential is there, but ROI would be less.
I paid $112k for one last week, but estimate the income to be closer to $15k-$17k than $20k.
Posted on 5/14/18 at 9:17 pm to blupony
How much work needed to be done? When I was shopping a lot of the units seemed to be neglected.
Posted on 5/14/18 at 10:58 pm to jmarto1
Not much at all. Relocated and put in a bigger TV, replaced the sofa bed mattress, added a memory foam topper to the main bed, added knobs to kitchen cabinets, put in a wicker dresser, new sheets & pillows. Decorated it with pictures & art we took out of other condos.
This wasn't at Sugar Beach; however Unit 100 is for sale there for under $100k, but it doesn't have a balcony, dishwasher, oven, or W/D hookups.
This wasn't at Sugar Beach; however Unit 100 is for sale there for under $100k, but it doesn't have a balcony, dishwasher, oven, or W/D hookups.
Posted on 5/15/18 at 10:39 am to blupony
what website are you using? I have a good handle on finding deals around Chattanooga but not so much in the coastal areas.
Posted on 5/15/18 at 12:23 pm to bobaftt1212
Beach Condo MLS
I use this site. They used to list the solds with asking and sold price along with days on market, by complex. They stopped doing that recently.
Also, she is not my agent, so I am not endorsing her. I just like the way her website is setup.
I use this site. They used to list the solds with asking and sold price along with days on market, by complex. They stopped doing that recently.
Also, she is not my agent, so I am not endorsing her. I just like the way her website is setup.
Posted on 5/15/18 at 2:14 pm to blupony
She was my agent. I would recommend her as she went out of her way for me
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