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

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[quote=Anonymous]My parents owned a place at an N.C. beach for years and rented it out, but it only “worked” for a few reasons. The property was about a block from the beach and not in an area likely to be underwater anytime soon. They didn’t need to worry about problems with resale in that time and place. They didn’t expect to make a profit- just offset part of the cost of the mortgage, upkeep, etc. They lived just 2 hours away, so one of them could be physically present as needed for emergencies, without too much lead time. They had a management company that sucked a lot of the rental income, but made renting easy. They were willing to comply with the regulation (I don’t know if it was a state regulation, if it still applies, etc) that in order to claim a property as a summer rental for tax purposes they could not “reserve” the property themselves more than two times in season. They sometimes checked ahead with the rental management company (on a Friday) and if the place wasn’t rented they or a family member would go for the weekend without officially reserving it, but it was usually rented. They rarely could use the property in the summer for this reason, which was fine with them because they preferred to use it in the spring and fall.

It worked for them, but I wouldn’t buy a house on the OB today, rental or not. [/quote]

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