Basically, my family and I live in CT near New Haven, but every summer we go to Cape Cod as a family vacation for one week. My in laws usually rent a house for the week and spend between 2-3k for the week. Every time we go I look at the house online and see the amount we are spending basically can cover the property taxes alone for the year. I then wonder how much these landlords actually make on a weekly basis through the summer and realize it can be relatively profitable!

This whole idea got me curious and excited about the opportunity to try to do something similar. I realize I am pretty late to the “game” but knowing it is something we love doing every year (going to cape cod) it would be nice if I could be a landlord and have the ability to stay at my house for 1 or 2 weeks of the year and rent out the remainder of the summer and any other pockets of time that are valuable in the cape.

I know if I did this I would really only be able to get a place that is 300-400k and I really just want to break even at the very minimum to at least get some equity while having a “free” vacation spot. However I am having trouble finding any decent place for that price and found myself exploring properties on the internet in Florida because we are going down to Jacksonville/st Augustine for the summer and realize I can get so much more bang for my buck down there.

I am wondering if I should give up on cape cod and do more of a long distance approach (as I can also turn Florida into an annual spring break location for the family) or if someone can help me feel comfortable in the cape cod approach in my price range. Anything somewhat close to a beach and or nice area to walk around a neighborhood is just too pricey. Are prices expected to stay and climb in cape cod or where does the market look to be going? Any insight there is helpful!

Lastly, I opened up a small llc in hopes of buying a property under the llc but am realizing many lenders will not deal with lending to an llc w no equity or anything in it. Can someone advise on this approach and how to get good financing to start knowing I would put around 20% down or less if possible?

sorry know its a lot but just really trying to learn right now. Thank you in advance!

Cape Cod, Massachusetts

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