I've been having saltwater withdrawal this summer (no trip to the ocean for us this year ) and was checking out the webcams from various FL locations.
One of their sponsors was a real estate agency advertising beach houses for sale. You know, the kind you buy, then rent out most of the year to vacationers.
Anybody ever done this, or know somebody who has?
(If it's feasible, it sounds like a good way to make the old trip-to-the-sea a mandatory event. )
"How old would you be if you didn't know how old you are?" ~ Satchel Paige
I own a rental property in Harwichport on Cape Cod. It has never lost money. I went in with three friends and with equity and property value increases we are sitting on our retirement and all we did was sign papers at the bank.
the hit and run is as good as any religion around this time of year . . .
I know alot of people who have, some with success, some not. I think it depends on the market when you buy and whether you could cover the expenses yourself if you had to.
I live in a shore town. We had, like the rest of the country a huge real estate boom recently. Prices soared. Alot of people thought it would go on forever and bought at the end of the boom. Well, the market has dropped. Too many people bought single homes, tore them down and built multi-unit rentals. The result is a summer rental glut. And if you combine that with the real estate drop, meaning you can't sell your property for the over-priced price you paid equals trouble.
However, it could also equal opportunity over the next year for folks like yourself as the market floods and prices come down.
I have friends who own, and are currently selling, a home in Hatteras. They have to put a good deal of money into it. But they bought at the right time, manage to rent it consistently, and will do well when they sell it. In the mean time they go down there every fall and sometimes in the spring.
Navy Seals are Cooler then Pirates You Can Dream Anyway, There's always next year!!!
I would love to buy. Hurricanes scare me, property-wise.
A few years ago, there was a 100-foot wide, ocean-to-road property for sale in Gulf Shores/Orange Beach for $60,000(land only, no building). I kid you not. I suggested to the hubby we buy it and he said "Where are we gonna get the money ?" Now he wishes like heck we had taken a chance. *sigh*
Last edited by citcat on June 18, 2007 12:49 pm, edited 1 time in total.
Do not resent growing old. Many are denied the privilege.
I'm planning to buy my dream "beach" house in the very near future. Conway, SC is a town about 20 min from the ocean, just outside Myrtle Beach. I've always wanted to live at the beach, but would get claustophobic in a condo. Conway has lots of land options and less worry about hurricanes. I can't wait!!
my aunt & uncle rented the "same" beach house in SC for years. everyone said, "oh you should buy instead of renting" their reply was well it's not really the same beach house. it's washed away 3 times in storms.
good luck getting insurance in FL......
I'd feel bad for you, but I have no soul.....
If you can't do it with brains, you won't do it with hours - Kelly Johnson
my Dad beached my house on a sand bar last year, does that count
Sha La lalalalalalala la laT da
~Mike Thousands of candles can be lit from a single candle,
and the life of the candle will not be shortened.
Happiness never decreases by being shared.
Well not exactly an ocean shore beach house, but we own a cabin with five lots on a small lake. We never rent it out, but we spend a lot of time there.
It's only 45 minutes from home, so we are able to skip up there pretty easily and go into vacation mode. We love it!
In Michigan is is very common to have property "up north" Lots of people own on the inland lakes...some are fortunate enough to be on one of the Great Lakes.... Our dream is top own property on Lake Superior in the UP.
You can get insurance in Florida. However it will not be cheap. Most likely if its on the water it will come from the state fund insurance company.... Just make sure you also get flood insurance. On most insurance policies it isnt automatic.... as you would expect.
nutmeg wrote:Well not exactly an ocean shore beach house, but we own a cabin with five lots on a small lake. We never rent it out, but we spend a lot of time there.
It's only 45 minutes from home, so we are able to skip up there pretty easily and go into vacation mode. We love it!
In Michigan is is very common to have property "up north" Lots of people own on the inland lakes...some are fortunate enough to be on one of the Great Lakes.... Our dream is top own property on Lake Superior in the UP.
A lot of people here have mountain cabins.....I'd love to have a little A-Frame up in the high uintahs....relatively speaking, they're not that expensive.....as soon as that powerball ticket hits!
Paige in Utah
"Don't try to shake it, just nod your head
Breathe in, breathe out, move on"
I have beach house envy without doubt. But a lot of people have that love/hate thing with the East Coast and Hurricanes. Some of my mom's cousins just sold their beach house with a deep water slip, and now are very excited to have a few of the golf course.
I bought a small beach house on fire island (right next to Jones Beach!!)some years ago after renting for years. It is now worth many times what i paid for it, and I have never regretted the purchase.
I rent it out a month or two most years (rents are so high, I dont feel i can turn it down!!!) It has always been profitable...pays for all costs including expansion, etc I'm retired now, and spend 5 to 6 months a year here (at beach NOW!!)
Must admit, every year since i bought it (1976) I have sweat out hurricane season.....been in a few, too....my house is a half block back from the dune, we've lost some houses toward the ocean in storms....I keep worrying i will find myself with oceanfront property!! (Historically, a hurricane causing the ocean to overrun the island happens on average every 50 years, hasnt happened since 1938........scares me to death!!)
Also, this year my homeowners coverage was cancelled because of the location...had to go into expensive state pool.
nutmeg wrote:Well not exactly an ocean shore beach house, but we own a cabin with five lots on a small lake. We never rent it out, but we spend a lot of time there.
It's only 45 minutes from home, so we are able to skip up there pretty easily and go into vacation mode. We love it!
In Michigan is is very common to have property "up north" Lots of people own on the inland lakes...some are fortunate enough to be on one of the Great Lakes.... Our dream is top own property on Lake Superior in the UP.
We have a summer place on Lake Huron. It has been a family gathering place for generations (my grandfather had it built in the late 1930s), and hopefully it will continue to make memories for many more years.
A big advantage of a beach house is that it does allow a family to get together regularly on relatively neutral ground.
Pleasin & Teasin wrote:I bought a small beach house on fire island (right next to Jones Beach!!)some years ago after renting for years. It is now worth many times what i paid for it, and I have never regretted the purchase.
I rent it out a month or two most years (rents are so high, I dont feel i can turn it down!!!) It has always been profitable...pays for all costs including expansion, etc I'm retired now, and spend 5 to 6 months a year here (at beach NOW!!)
Must admit, every year since i bought it (1976) I have sweat out hurricane season.....been in a few, too....my house is a half block back from the dune, we've lost some houses toward the ocean in storms....I keep worrying i will find myself with oceanfront property!! (Historically, a hurricane causing the ocean to overrun the island happens on average every 50 years, hasnt happened since 1938........scares me to death!!)
Also, this year my homeowners coverage was cancelled because of the location...had to go into expensive state pool.
lake houses are starting to sound like a good alternative. a similar lifestyle but depending on the area, less expensive in most insurance situations.
we don't live ON the lake, but close enough for now.
freaky4tiki wrote:Some of my mom's cousins just sold their beach house with a deep water slip, and now are very excited to have a few of the golf course.
That's one of my dreams- to get a lot with a half dozen slips- deep water access. Build a 2 story garage/shed & live & work there in my boat
Sha La lalalalalalala la laT da
~Mike Thousands of candles can be lit from a single candle,
and the life of the candle will not be shortened.
Happiness never decreases by being shared.
)
