So my family owns a house on Cape Cod in Massachusetts (West Harwich). I have been going every year during the summer months and it’s fantastic, the place is nice and the ocean is nearby!
My question arises when I found a place on Zillow (Duplex) that is right by the street our house is on...I am a rookie with real estate investing, as of right now I have been passionately listening to the Bigger Pockets podcasts daily on my 100 mile drive to work and back.
The deal is a duplex house, standing right about 5 minutes from the nearest beach, and in a nice neighborhood. Currently the house is listed at $420,000 but I am sure I could get it for even less. The biggest struggle I have here is finding a way to buy the house. A typical mortgage would be about $80,000 upfront, but I do not have that money. Now I do think I could partner with my parents and convince them to help me with the loan down payment, but would you recommend another way to pay for it??
The other problem I see here is the winter season. Do any of you have experience in Cape Cod renting over the winter? Or any shoreline renting? I’m just trying to figure out if this would be a smart move or not in the case of investing with a good return. The house would bring in about $2,000 estimated per side average throughout the year IF it was rented out. But I’m just not sure if it would be rented out year round, or how to figure that out? If you can help that would be amazing, let me know!
