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Old 03-13-2019, 12:25 PM   #1
koonja
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Vacation Home/Rental

We are starting to discuss buying home/condo/town-home in a vacation hot spot that would be used both as an annual family vacation home, but also as an airbnb rental for the rest of the year. We're open to locations, but places we've considered are: Virginia Beach, West Palm Springs, St. Augustine, Panama City Beach, and Destin. A few of these will probably price themselves out of our budget, but this is our starting list. As much as I hate HOA fees, we'd likely go the condo route so that maintenance is taken care of.

We are at ground zero, and are realistically ~2 years from pulling the trigger due to savings and research. Has anyone gone this route? How is it going? Where do you get started trying to understand what you can get for airbnb rent?

We're not expecting on having it rented out all of the time. We would only purchase when we're comfortable enough to assume no rental income (which would be very tight, but we could survive). But we still want to get into a place that maximizes that rental income.

Did you go Condo or home? Is it a pain in the @ss and you would do it differently? Is it awesome and you'd highly recommend it? Did you know what you'd get for rent or did you just wing it?

Any advice is useful.
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Old 03-13-2019, 12:28 PM   #2
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Originally Posted by koonja View Post
Any advice is useful.
This is a terrible decision, step off the ledge before it's too late.

The risk you take on by holding a mortgage on a second property is nowhere near worth it. Real estate is smart investing, but not with debt.
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Old 03-13-2019, 12:31 PM   #3
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Originally Posted by wizards8507 View Post
This is a terrible decision, step off the ledge before it's too late.

The risk you take on by holding a mortgage on a second property is nowhere near worth it. Real estate is smart investing, but not with debt.
99% of people who invest in real estate do so with debt, home debt isn't the same as consumer debt. I'm surprised you'd advise against this.

And for some context, we're going to Destin in May, we rented a 3 bedroom condo. We got a price cut through my coworker, but it rents out for $3,200 per week, and it had ONE week available from February 20th through June 1st.

This condo is probably in the ~$600K range, and that's probably double our budget, but still, that's a lot of cheddar.
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Old 03-13-2019, 12:35 PM   #4
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Avoid Destin and Panama City. Do Fort Walton Beach. Prices are better and its literally 5 minutes from Destin, much more quiet.
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Old 03-13-2019, 12:36 PM   #5
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Avoid Destin and Panama City. Do Fort Walton Beach. Prices are better and its literally 5 minutes from Destin, much more quiet.
I did look there, I also looked at a beach a little bit down from Virginia beach. On Fort Walton, I did not find anything in our price range, but it's worth keeping an eye on.

IIRC, there's an airport that goes to FW too, which would be a draw as a rental. Thanks for the recommendation.
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Old 03-13-2019, 12:40 PM   #6
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Shoulda just went with the time share...
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Old 03-13-2019, 12:40 PM   #7
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Shoulda just went with the time share...
I wish.
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