Outerbanks vacation rental investment

[Dana Tenebruso]

Anyone invest in beach rental properties? Looking to possibly purchase a house in the outerbanks NC and would like to connect to someone who has a some experience with these types of rentals. I mostly have questions surrounding expenses over and above mortgage, taxes, and insurance. I’d like to know the good, bad and ugly involved. Also would like to understand the key contacts I’ll need to keep handy with this type of business model. Any advise appreciated!!!!

[Zach Stroud]

@Dana Tenebruso Hi Dana. I live on the OBX and have 3 rental properties in the area. I use Southern Shores Realty for my rentals. They charge 10% gross on my long term rental and 15% on my short term weekly. I airBNB my third. This is about average expenses from what I have heard. 

Southern Shores, Duck and Corolla has some areas that are X flood zone. If you decide to get flood insurance in an X flood zone on a rental, it will cost you $750 per year. These rates are set by FEMA.

Sunny Berle has been my realtor. She is great and her husband, David Maso, is who we use for contractor repairs. RA HOY is hands down the best for HVAC repairs. Lowire Tech are the best electricians in the area. For appliance repair, Pops repair or Smith Appliance are the best. We use Action Plumbing and have been satisfied with them. 

I can't think of anyone else who I have to use for real estate on a regular basis. But if you have questions give me a should.