Vacation Condo Rentals
I have been doing some reacearch and found that you can buy 1 Bed room condos in myrtle beach for around $65K. Flordia would also work form me since it really is about making money for me. My question is would if be profitable for me to have a management company rent it weekly.
I know that you really only have a few months in the summer when there are a lot of tourist but I would like to know if it would still be profitable. Also if any one has done this before could you tell me how often you had it rented a year and how much you made after all the fees and taxes.
I live out of state so at this point I am only reachering on the internet over the internet and want to know what kind of profit I would be looking at to see if it would be worth it.
First, I would get in touch with an agent in the area of Fl where you want to look, I know some good ones down there. At least to get some information from them, esp. if they have worked with out of town investors. They will be able to provide you with this type of information as well as anyone with experience buying investment properties that are vacation rentals. Good luck to you! I could use some FL. sun living in Seattle!
Important items: one br. units are ALWAYS cheaper ,because a large number of renters are looking for 2Br.
Generally becuase 1= mom & dad, then other=kids. Review the occupancy ratio
at the owners assn./mgmt co., to confirm this. If that's not the case, than go after the 1Br. If you don't use a mgmt co. ONLY RENT W/CREDIT CARD RENTERS!. Set-up w/ one of the processor on the web, that way you collect immediately and have some recource if they trash your unit. These r
Learned from experience !
Good Hunting! Mark
Thanks Guys I am working with a realitor in SC and will see what they come up with. They are alos a PM so I would think they could offer good advice.