Vacation Investment Property

[Melanie Fairchild]

My husband and I are considering purchasing a property in one of our favorite vacation spots - the Destin, FL area... Specifically Miramar Beach. What are the pros/cons/concerns with this type of rental? We have 4 in our hometown. I'm concerned with the amount of money as we have never done one this expensive. Purchase price would be around $330,000 and rents would be anywhere from $1000-$2100 depending upon the week. Thanks in advance for any feedback.

[Allison Littman]

Hi Melanie,

I just purchased a rental condo in Santa Rosa Beach, FL, so not too far from there ($279k). I closed in May and already have the property completely booked through mid-August. As you might expect, HOA fees and insurance are fairly hefty and I'm pretty uneasy about how difficult it might be to rent in the off-season, but we are grossing almost $10k from renters in those first 2.5 months. We should keep the conversation going - I'd be happy to continue to share with you as things progress.