Vacation property questions in the Outer Banks?

[Mike Shemp]

Hi All,

My wife and I are looking to purchase a vacation rental property in the Outer Banks.  This will be our very first rental property.  I have read a lot of books on the subject, but had some specific questions about the Outer Banks that I was hoping I could ask here.

The Outer Banks seems to have many property management companies.  Given that we are from NJ and quite a distance away (7 hours), this seems to be the way to go.  Does anyone have any recommendations for one, and do you think this hiring a property management firm make sense, or is it possible to do it from 7 hours away with good local contacts?

NC also has the "Vacation Rental Act".  If we manage the property ourselves, is this something we have to get ever new renter to sign, or include as an addendum to a rental agreement for them to view?  If the house has a strong repeat renter history, do I need to collect these documents from the current owner?

Any advice would be appreciated!

Mike

[Bill Jacobsen]

Mike:

We own vacation rental in Oregon, South Carolina, and Tennessee.  Eventhough we live in Oregon we self manage Tennessee.  We use VRBO.  We do visit Tennessee at least once a year.  It is difficult to cash flow using a management company.

Just my opinion and experience.

Bill