All Forum Posts by: Kelly Goodman

Have you had any luck finding anything. Are you trying to wait it out until Winter and see if prices drop. It seems the 5-6 bed places were selling at the 3-4 rate now a year ago and even worse a year before that. I’m worried people are just trying make money on appreciation and not worrying about cash flow. 

@Kelly Goodmanundefined

Hi Kelly! 

I live in the Outer Banks and sell real estate here as well.  I own two short term rentals here currently and have bought and sold others.   Vacasa is pretty new to the market here, but you are correct, using Airbnb to market the property has the potential to bring in significantly more income than a traditional rental company.   I self manage my rentals here but I know numerous hosts in the area who have made a business out of being a host on airbnb for investors in the area.    Airbnb and Vrbo just attract such a larger audience and the rental rates have continued to grow and grow using them.   I am not sure of Vacasa business model, but I would highly encourage talking to a local host if you are considering investing here.  Let me know if you have any questions! 

Found a great property in Corolla NC, and while the rental calculators show positive cash flow, I'm not optimistic that it will rent year round.  Any experienced outer banks rental income property owners that can share their experiences?

Thanks!

Hi All, I actually live in Southern Shores, year round. Forgive my jumping in on your conversation!

Just a word of caution, you need to be very careful of what areas you want to look in. There are micro climate areas of different neighborhoods which change the real estate landscape widely. A small section along 12 (the beach road) you can get a Oceanfront for $250,000! But it is also in the same section where there is a washout(s) and destroys the houses and road every year. 

I can help you steer around some local pitfalls (there are bunches, management companies, handymen, cleaners) if you want to reach out. I can also recommend 2 EXCELLENT realtors (1 as an investment realtor and the other as a vacation home realtor) that will listen and get you what you want depending on what you are looking for. 

Just remember the areas that you are looking in has very different "personalities". Duck is high-end older, retired or family centric area, Kill Devil Hills is more the partier type (Mom & Dad rented me a place and I am going to trash it) Kitty Hawk (family centric and party areas) and Southern Shores is more year round residents (some retirees with nothing better to do then get in other peoples business). Think about the type of renters that would rent your house and how they would treat it. The horror stories I have heard!

It's hard being off island and keeping an eye on the houses. The management companies all have big issues with really maintaining the home as you would if you were here. It's impossible when they get that big to keep up and get to the houses on turnover day, (Fri, Sat, Sun) with the traffic when everyone else is trying to get to the same place on the only road in or out.

I think it's well worth the investment as I already own 3 (long-term rental) homes down here. So I can speak from a little experience. I think this will be here longer than 75 years. The towns do think ahead and spend a lot on beach replenishment (when and where needed) and protective measures. This will be a great area to hand down to my kids and it is sooooo beautiful as you already know.

@Lauren Van Riper we are interested in buying a place out there. We live in Raleigh. Can you provide me with the contact info for the investment realtor?