talk to me about vacation rentals - condo style

[Katelyn Atcavage Robideaux]

Hey BP fam. We are looking into beachfront (with beach access) condos for our next investment move.... ideally one that needs some love and is a value add. I've heard such mixed reviews from clients and fellow investors on their success with renting out condos. I found a few areas that allow weekly rentals, so, my plan would be to set it up as that and go from there.

1. Do you rent out condos/ have you in the past and how did it go? Successful? Best/Worst of it?

2. How did you know which HOA communities were open to helping with management of the rental? Simply calling? I know they do not put this on blast so my assumption is that is the only way. I have heard that they do help though and take part a %.

3. Any other insight on condo investments is welcome. 

[Michael Weigum]

1. I personally own 2 beachfront condos and have done STR with them for the last 2 years. They have performed very well. HOA fees are high, but they include everything(cable, internet, electric, etc. It's the only bill I pay. I like that simplicity.

2. Best way is to ask an agent like me who specializes in the market you are looking at and who owns STR's as well.

3. Invest in an area that has way more people traveling to it than housing and is STR friendly (Myrtle Beach)!

Good Luck!