All Forum Posts by: Bob B.

Good luck with your venture,  We always enjoy seeing the horses and riding on the beach in Corolla.

Tell them to call Hertz if they could paint their rental car. 

@Dave Foster You are a wealth of knowledge.  Not only that, you handled my 1031 exchange today professionally and without a hitch.  Thanks

We have friends that have second and primary homes in Outer Banks. The demand for STRs is there because so many people have decided to turn their rentals into a primary and work from home.  Last summer many businesses that relied on summer help had a hard time finding places for their help to live because there are fewer rentals.  I don't see this changing any time soon.  The prices for repairs and the time frame to get work done are out of line with what I am willing to put up with.  It seems handymen and other tradesmen are well compensated.   I know rental rates are ski high to compensate for the expensive properties and and there are exceptions, but I think there are better places to buy STRs.  Not to mention the congestion and speed traps in Duck.  

@Ronald Rohde, sounds like you had a bad experience. 

What are your plans for the profit?  If you do a 1031 you'll need to replace the property and that might not be as easy as it was when you bought this one.  If you take then cash, there will be taxes and what will you do to employ the remaining cash.

Go with the credit union.

I am starting to sell some of my rentals with owner financing.  I will get north of 7% with a buyer that has verifiable income and will not do 30 years. 

@Dave Foster will be along in a little while to give you the experts answer. 

5 months of under water rent will be how much $.  I'd bet it's not much and if it's a good deal, then take it and live with it until July.  You're fortunate, too at last find a deal that the numbers work.