Reply to Considering Buying A Beach House and Will Rent Out (OBX)

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[quote=Anonymous]We own a beach house in Virginia Beach. We skipped OBX because the management companies have a stranglehold on the rental market. After fees and hidden costs, they take about 35% of the rental income. The contractors also have a racket there. We picked VAB because there are a ton is actual residents there. I exclusively market via Airbnb and vrbo. I don't use a management company. We used a cleaning service that charges 250 per cleaning that is passed onto the renters. We have a great electrician, plumber, and handyman who work on call. We are also only 3.5 hrs away incase we need to meet a contractor for a serious job or if we need to compete the work out.

I usually only have maybe one or two hassles a season. I have many regular renters that we transact business off the VRBO and airbnb platform which makes it cheaper for the renter.

I could never keep nearly 100% of my profits in OBX as I do in Virginia beach. However peoperty is much more expensive in VAB. But I love love being able to very easily drive to my house in the off season and use it for a long weekend. My house is also only 4BRs, so we never get big destructive party groups.

Expenses are ~54k/yr (PITI+utilities)
Maintenance is budgeted at ~12k/yr (keeping furniture updated, exterior, repairs)
Rent brings in, during the summer ~60k and we get some off season renters and have had some people winter there.

All in all we barely break even. A bad year we lose. It is not an investment, however our actual property has increased substantially in the last few years and we've been rezoned and can tear our house downand put up a duplex which greatly increases resale. If we had to use an OBX type management company it would be a complete bust.[/quote]

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