Need some advice! Acquiring a Waterfront Vacation Rental.

[Wayne Ulias]

Are there any investors out there that have experience with investing in a waterfront vacation rental property in New Jersey Shore area? The budget is $1M towards purchase, closing costs, etc. 

What's a good ROI?

What are the pitfalls/windfalls? 

Any Taxation advantages/disadvantages? LLC?

What type of permits are required? 

Basically, this is my first venture of this type and I could really use any practical and constructive advice that anyone has to offer.

[Jason Yarusi]

My family raises homes for a living and we have done so for right around 50 years. With the flooding from Sandy and Irene you really need to do your due diligence on the property to see how the property was remediated, if it did flood, after the storm. Also flood insurance is a killer and with rates beginning to increase for the next 8 years if you are not above the heights for FEMA guidelines you will need to make the decision whether to eat the flood insurance as a line item, Which will get costly or front the expense to elevate to reduce flood risk for the foreseeable future. If you have questions on elevations feel free to ask.