All Forum Posts by: Glenna Wood

Dave Foster here on BP.

Bought in Kitty Hawk and Nags Head in 2005. Post COVID-19 the market has gone super hot. Houses under contract in 3 days with not much inventory. Would be happy to share what I've experienced.

Talk with a couple of contractors and get their ball park average build out cost. Varies greatly depending on where you are and local regulations around development. Last I checked in my areas (coastal NC and FL) it was about $160-180/SQ ft + site prep costs. How much cash you need all depends on what kind of loan you can get. No way to give you a specific number.

Owner builds a home on their lot.

Your cleaners will thank you too. LVP is so easy to maintain.

Decent hardwood will easily cost twice the price of a quality LVP. Your guests won't care if it's "real" hardwood or not. Most hardwood is engineered and thus not "real" anyway.  You may not like walking on it but would your guests really notice? Replace all the flooring with a good LVP in a lighter color. You won't regret the durability. Taking down the walls to open the kitchen and putting in an island gets my vote. But the driver should be the return on your rehab costs. Enjoy the remodel! You've obviously put careful thought in it. Best wishes.

Mortgage interest is  reportable you just have to split it across Schedules A and E. Split the house into  personal and business buckets. Add up the SQ ft of the rented rooms and get the % of the whole house. Your mortgage interest now gets prorated accordingly. There are quite a few prior posts with details.

IRS requires you to charge fair market rent. A dollar won't do it.

Dave Foster

In 25+ years of vacation rentals allowing dogs I've had flea problems twice. Easy to fix by having the house professionally sprayed. Cover those costs with part of your pet fees. Through the years the number of pet rentals has increased so I now treat twice a year. This is in a warm beach climate. In colder areas you might get by.