Galveston / Crystal beach rental income for newbie

[Michael Yeo]

Good morning.  I will try to keep this to the point as much as possible and not blabber away like a teenager.  My name is Michael and I currently live in Rockwall TX.  It is time for my family and I to seek out new career and income, and owning a / or a few rental properties had always been at the back of my mind (be your own boss mentality).  So, with that in mind, I am here seeking advice / comments / suggestions on owning and renting out properties in this location.  I am aware that this will take a couple of years to flourish and become a main income maker, so keep the day job at the mean time.

I had not seen any new discussion about Galveston, so I figure I will start one.  

How are the prices right now as far as a house or a condo?

What are the pro / con when looking at a house and a condo?

Is it possible to pay a company to manage the house if I do not live close to Galveston?  How does that cut into the income?

East or west Galveston?  

I know there are so many other questions like insurance, location, type of dwelling, turn key or build from scratch, that i personally need to go down there and sit down with you guys, but for now, lets get that ball rolling.

I appreciate all input.  

Michael

[Timothy Church]

Good afternoon,

I'm glad to hear you're looking down here on the island! It can be a great place to invest if done right. Since Ike many investors and residents have come down here to restore damaged properties. What has resulted is an island that's in better condition than it was before the hurricane. The city has done a great job riding the waves of these improvements and doing their part to make this city better. This has cause an increased demand down here which in turn has raised prices. Condos are slower to rise than SFH but show signs of doing so.

There are many pros and cons of condos versus houses. I'd say the main ones are condos are easier to maintain but you have little control of building management and HOA fees. Houses have more general maintenance and 3 different required insurance policies but have a great opportunity for equity increase.

There are plenty of management companies and individuals for both STR and LTR and each vary in fees and services. It really depends on what you are looking for. Honestly once you have a few systems in place, self management isn't bad for a few units.

There are tons of areas, strategies, and aspects that we could discuss. If you have any particular questions or things you’d like to know more about I’d be happy to answer them to the best of my knowledge. 

Have a great day!