Hello to All from AL

[Ron Frost]

New investor here, just starting out. The wife and I had been thinking about this for a while now, buying either a lakefront property, or beach-area property as an investment. We're not looking so much to make a short-term profit from the renting of it, but more of a long-term objective (hoping the property values will eventually hit their values of 1-2 years ago in the next 5-8 years).

So, we bought a small condo in Destin, FL. It's within 150-200 yards of the beach, fully furnished and in nice condition. I know, some of you will probably say it was a big mistake, but I'm tired of kicking myself in the rear for not jumping on other opportunities which time has shown would have been super deals.

The unit is on the second floor of a 2 story building, the building being only 16 units total. $110K ended up being final price, other units in same building were selling in the 180-210k range in 2006/2007. HOA fee is reasonable, as well as the tax. Financed 80%, before-tax cash flow will be negative. Rental income, if we do rent it out, will probably only be in the area of 800/month, short-term rentals are not allowed by the HOA.

Now that you all know what I have done, what advice and/or wisdom might you all be able to impart upon me?