Reply to Tell me about owning a condo at the beach

Forum Index » Real Estate

Reply to "Tell me about owning a condo at the beach"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I own a beach condo the rental thing is only Fannie and Freddie mortgages issue.

That said most banks and credit unions give mortgages my building but since not selling to Fannie or Freddie most want 25 percent down.

I say 50 percent of sales are cash anyhow as only sell for $400k to $600k.

One risk not discussed with be short term rental risk. Nearly all of NY banned rentals under 30 days. There is no guarantee weekly rentals will be allowed forever in where you buy [/quote]

I don't see weekly rentals or daily rentals ever being banned in OC.  Tourists support the county.[/quote]

That’s a myth. They cost money. My beach town 100 percent illegal to do less than a monthly rental. Look at Hamptons there are no daily or weekly rentals in houses or condos. They get a higher class richer renter and with less turnover less crime and population. It also drives up prices and quality of life as more owner occupant homes.

Hotels should be for daily weekly stays not houses or condos

My beach condo I get $10,000 a month in the summer. I do a deal June Memorial Day included, August Labor Day included, July is peak and then winter tenant at $2,000 a month Sept 15 to May 15.

No headaches of daily rentals and I list on Zillow so no fees me or renter [/quote]

Daily and weekly rentals will not be overturned with the Worcester County prominent families involved in local government. Worcester County is flush with cash from tourism.  The school districts are the best in the area. Take a look at Wicomico and Somerset counties that border Worcester County and you can see the difference that not having tourist tax money makes.[/quote]

Thats another myth. How is a family renting one month in July who stays whole month different than multiple families using unit? When I briefly did AIRBNB the people wanting one or two nights were usually broke people. the one week people average income. But the two week people I got traders and bankers. The one month people I get rich people.

[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics