Who here owns beach condo as an investment property?

[zachary]

Looking at some in Perdido key. The numbers seem to make it work fine for what I am looking for. Just curious if any of you currently have any or have done this in the past?

[ELVIS]

all of us dude......be serious.

god bless.

[bcoop]

The girlfriend has a condo in Jacksonville. It's not on the beach but a short ride away. After taxes, insurance, and homeowner's fees, it nets her a little over $600/mo. The place is paid for, though. If it wasn't, she'd be losing money. She bought right before the FL housing market crashed, and is just trying to hold out for values to get back where they were before she sells it.

[03mustangdude]

Looked at a few in south padre but the numbers added up but barely if it wasn't rented out for the whole season minus 3 weeks i'd be negative.

[Baron Von Crowder]

I was looking at a house in Galveston that is off the beach by 100yards, two bedroom, small stilt house. Friend of a friend owned it, and quit renting it out due to piss poor management companies and having stuff getting broken all the time by renters. I rented it a couple times after they rented to freinds/family only. The last time we were there, the a/c was out again, and the owner was really frustrated with just having stuff fail so often, and was ready to dump it. She offered it to me for about 75% of what it was valued at, and I was seriously considering it until the hurricane came through and wiped it off the map. She came out smelling like a rose, kinda wished I had jumped on it sooner.

[03mustangdude]

Post up some numbers if you dont mind sharing

[zachary]

I mean i am not looking to get into the business of owning a lot of them, but the condo i was looking at last three years has brought in 24,25,26k. Pays for itself, management fees, hoas, insurance, cleaning fees and leaves you still with a few K profit per year(minus things breaking) and a free vacation whenever you want...

[Jose]

I was looking at a house in Galveston that is off the beach by 100yards, two bedroom, small stilt house. Friend of a friend owned it, and quit renting it out due to piss poor management companies and having stuff getting broken all the time by renters. I rented it a couple times after they rented to freinds/family only. The last time we were there, the a/c was out again, and the owner was really frustrated with just having stuff fail so often, and was ready to dump it. She offered it to me for about 75% of what it was valued at, and I was seriously considering it until the hurricane came through and wiped it off the map. She came out smelling like a rose, kinda wished I had jumped on it sooner.

Speaking of which, I wonder what insurance runs on a place like that.

[bcoop]

Speaking of which, I wonder what insurance runs on a place like that.

Not cheap, especially on the beach. Hell even in Houston proper you have to carry a certain wind coverage for Coastal counties, and my buddy's insurance is over double what it was here in DFW. They started jacking rates way up in 2012, and they're still going up.

[Rick Modena]

Coastal living>coastal visiting...

[kpc01]

my family had one in sea spray on the beach in perdido. Since then my uncle has taken over and sold that one and now has one in Eden. My family bought it in the early 80s so its definitely in the clear now and they've gotten to where they don't even rent anymore. They usually rent for 1k + a week and are booked all of the summer and even a lot of off times. I don't know the exact numbers but he said it all worked out to make it worthwhile. I guess my biggest thing is you would need to make sure you could pay the note and payments on it for 6+ months in case it wasn't rented for a period of time for whatever reason...

[TX_92_Notch]

My wife was born on the east coast and I've thought about buying a condo or something in a location that would be desirable to rent year-round. I figure we could use it a couple of times per year to go visit her family and then rent it out for the rest of the year to pay the mortgage. Who knows if it'll ever happen...

[zachary]

i know storms happens, but almost seems easy decision for me. If you have money down for a second property, you have records showing exactly how much profit made last few years to the T and it is in the + even on slow years. Even if it does not make a lot free vacation during summer and get paid a few k off of it...

[Nash B.]

Coastal living>coastal visiting...

Which one is better?

[YALE]

i know storms happens, but almost seems easy decision for me. If you have money down for a second property, you have records showing exactly how much profit made last few years to the T and it is in the + even on slow years. Even if it does not make a lot free vacation during summer and get paid a few k off of it...

You could be an economist.