Quote:
Originally Posted by Villager2be
Hi All, thrilled to have found this forum, looks like a great source for exchanging ideas/info!
My wife and I are from NJ, visited last month and decided we'd love to buy a place in Eastport that we can enjoy for a couple of the snowbird months, but also be able to recoup as much of our expenses by doing short term rentals the rest of the year (most likely using a management company).
We are considering either a 3 BR Cottage or one of the Patio Villas, ideally we would love to break even after factoring in lost interest on our cash purchase (not sure break even is possible, given rental supply/demand outside of snowbird season).
That said, would greatly appreciate if those in the know, would please offer their view and possibly include thoughts on the following:
1. Does one of these models make for a better short term rental place, i.e. does one typically provide a better return on investment?
2. Is there decent enough demand in the March through December period or does supply greatly outweigh demand? Is it realistic to think we should be able to break even?
3. Do you get a good return on the added purchase cost of a 3rd bedroom, or most short term renters don't need the 3rd bedroom, i.e. 3/2s rent for similar $ as 2/2s?
(I understand and expect our first year will be challenging since Eastport is still being built)
Thanks so much!  |
So you ever plan on living in the house, or is it investment property? We have owned PV, Cottage, Designer’s and a Premier. So basically all of the house venues.
Renting all but the Premier.
PV, Cottage, Designer all rented with zero complications, and for as many months as needed. From short term 4months to long term (12) months unfurnished.
We chose to rent 2 long term so not much money start up (no furniture tenet pays utilities, you pay amenities, water, lawn care)
When selling Cottage sold 24hours to couple who were going to live in it. PV sold in 30days as investment.
If you plan on retiring in that home buy for your needs. If you plan on just investing, buy what is the best deal.,if you are only using for personal use less than couple months rent something else while you make income on investment