Rental Property Investor · Catonsville, MD · Member since 2017 · 52 posts · 17 votes
Hi! Im interested in getting a vacation rental in Deep Creek Lake and wondered if anyone here has properties there and could tell me how they do through out the year? Do you get week long rentals or just weekends? How is off season? How booked are you in high season and low season? We would rent it out through airbnb. Any ideas how we can do in this area would be helpful! Thanks!!
It looks like you were successful in Ocean City, MD. I understand that diversification can be beneficial. Is there anything else that's driving you away from Ocean City? Wouldn't it be easiest to use your experience in Ocean City to replicate the process and improve on your initial results? If you have multiple properties in the same area there would likely be some benefits of scale. Also, you are likely to have learned a lot during your initial investment.
It looks like you were successful in Ocean City, MD. I understand that diversification can be beneficial. Is there anything else that's driving you away from Ocean City? Wouldn't it be easiest to use your experience in Ocean City to replicate the process and improve on your initial results? If you have multiple properties in the same area there would likely be some benefits of scale. Also, you are likely to have learned a lot during your initial investment.
Hi Daniel! Well the problem with Ocean City is I've been looking fervently for another house to make sense and all the houses on the market are just too overpriced. I would love to find a foreclosure or Or something that could use a little work and people are desperate to sell but we've been looking for a few months now and everything we have tried people are just wanting way too much. We don't have the capital to Buy houses for cash so I don't know if knocking on doors and writing letters in Ocean City would even work. So I am still hoping that something in Ocean City will work out but in the meantime I don't want to overlook Deepcreek because it seems there are some houses there that could make sense for us. I wish there's a way to find more houses than on the MLS in Ocean City… Any suggestions?
I wish there's a way to find more houses than on the MLS in Ocean City… Any suggestions?
Talk to the major banks and realtors in your area. Tell them you would like to know about foreclosed houses. We've had a realtor come to us with a foreclosure before it was listed on the MLS. We made an offer and it was ours within 2 weeks. It rented out the weekend of July 4th that year. By December 31, we were $400 short of the house paying for itself with gross rent.
Do I literally call the local and major banks and ask to talk to someone about bank owned homes? And call other realtors than the one I work with and tell them the same..to let me know of any foreclosures?
Do I literally call the local and major banks and ask to talk to someone about bank owned homes? And call other realtors than the one I work with and tell them the same..to let me know of any foreclosures?
No. Don't call them. Go there in person and talk to the president or one of the vice-presidents and tell them. They are no different than you and me. I drink beer, shoot skeet and hunt ducks with several bankers on a regular basis.
I'm looking at Airbnb/VRBO rental in Ocean City and also Lake Creek ideally under $150k. I have done well in Berkeley Springs, WV with STR but looking for other areas.
Checking if you made purchases in Lake Creek and if you have more insight into Ocean City market?
I'm looking at Airbnb/VRBO rental in Ocean City and also Lake Creek ideally under $150k. I have done well in Berkeley Springs, WV with STR but looking for other areas.
Checking if you made purchases in Lake Creek and if you have more insight into Ocean City market?
Hi Kevin! Yes we did purchase raw land and did a new build project. It took 2 years and we just went live a few months ago and are getting fully booked so far. We are really happy with doing DC! Housing prices are crazy now though so glad we did it when we did!