Interested in oceanfront condo as investment and VRBO/ARBNB

[Mohammed A.]

I am interested buying oceanfront properties (e.g. condo) with price range less than $350k. Plan is to VRBO or ARBNB the property and visit couple of times a year and make a vacation out of it. Manage through local rental property mgmt. Few areas I looked are : Myrtle Beach of SC, Ocean City of MD, Clearwater of FL, & Virginia Beach of VA. Clearwater can clearly be out of my reach of less than $350k, but other areas are should be within my price range. Goal is to break even, at a minimum, after paying all fees (HOA, management etc.), expenses (mortgage, insurance), and maintenance (5 to 10% of rent as reserve). Anybody has any insight which area to pick. And if you know any property management company?

We liked Myrtle beach a lot (little warmer and little cheaper), but management companies seems to charge 15% and provide crappy services. I am not married to any specific beach... open to any beach as long as it still make financial sense as investment. 

Thanks in advance for sharing your thought. Happy new year. 

[Joshua Benjamins]

@Mohammed A. Be aware that most condo communities in the Virginia Beach area will not allow “short term” rentals with the condominiums. In the neighboring town of Norfolk the city planner says they will not allow a “short term” permit for any condos or apartments, not to mention the amount of parking spots required per room. I would assume the that the city planner of Virginia Beach will follow suit of this regulation.

You seem to have the right intention but make sure you find out all regulations from the proper city planner before you purchase, furnish, and advertise your “short term” rental unit on Airbandb or VRBO. They are watching you 👀 !!

Josh B.

#coastalvirginiafunding