Young Couple Looking to Invest in 30A Property

[goodlife5]

My wife are I are in our mid 20s and we are intersted in purchasing a unit for vacationing purposes, and one that will produce steady rental income in peak season. Any advice on where we should be looking?

We assume our budget will only allow us to purchase a (1bd/1ba) but could be wrong.

We absolutely love vactioning to this area, but how is the rental market compared to the PCB area?

I am afraid we may have missed out on our opportunities for the great deals, but keeping my fingers crossed we find something before Spring 2013.

Thanks

 

[deasnealy]

What is your price range? We have a condo that we have renovated and I believe will rent well. We are considering moving down permanently and the condo will not be large enough. Send me a private message and we can discuss.

 

[Franny]

In the last few years Walton and Bay Counties rental market has been tremendous. For comparsion purposes I will give you a list of condo's currently on the market for each county.
Sowal:
Palm North 1/1 $129,000. Located across the street from a beach access.
Leward II 1/1 $280,000. Gulf Front

PCB:
Tidewater 1/1 $167,000 Gulf Front
Twin Palms 2/2 $219,000 Gulf Front

Feel free to contact me with any questions.
Francesca Gage
The Beach Group
850-376-4660

 

[goodlife5]

Thanks for your responses. I sent of you a PM.

Stayed in Seagrove several times. How is the Dune Allen area?

Alys, Seaside, Rosemary I feel are too rich for my blood at this time....maybe one day!

 

[Beach Runner]

My advice is to buy what you can afford. The rental market is great, but rentals won't pay the mortgage because you'll get spring break rentals (which we stopped because of damage) and you'll get summer rentals before school starts in early August. Any other rental is a gift. You could allow snowbird rentals, but we didn't because we love the beach in the off-season.

Think about whether you want a rental house or a home. If you're okay with people disrespecting your property, then rental house is okay. We couldn't deal with that, so we are building a home that we can afford not to rent. We can keep our food in the fridge and pantry, not use rental sheets and towels, keep our clothes in the closets, our toiletries in the bathroom, and come and go as we please.

Just buy something that is comfortable for you, which means don't try to impress anyone. Keep it simple.

If you have boatloads of money, I'd give different advice. In that case, you can do what the heck you want.

 

[goodlife5]

Beach Runner,

Thanks for chiming in and your advice. We feel that we are going need a little rental income to help replace/cushion the cost of owning a condo. Not really worried if it stays booked year round, just something as you suggested in the peak months. I wish our budget would allow us to buy a beach condo and still afford our Birmingham home but that is not the case right now.

We are in the 150K an under range, and would be willing to go higher with stronger rental potential and return on investment.

 

[Beach Runner]

Then my advice is to talk to a realtor. They have the hard numbers on rental income for various properties. Good luck with achieving your dreams!

 

[ash1227]

Real Estate Assistance

Hi!
Noticed your post, and just wanted to send my info if every need assistance from a 30A real estate expert. I am also in my twenties and have been in real estate and construction for 7 years here as well as own a childcare business and have seen and met most of the homeowners that rent and their homes and know the differences in all of the areas. Let me know if can ever be of any help or just look things up for ya!
Thanks-
ashleykeaton@me.com 8502006162
take care and good luck!

Thanks for your responses. I sent of you a PM.

Stayed in Seagrove several times. How is the Dune Allen area?

Alys, Seaside, Rosemary I feel are too rich for my blood at this time....maybe one day!

 

[whitsendsgb]

We are also a young working couple from Birmingham and bought in 2009. We went in knowing we were going to rent. But before you make the purchase, make sure you can carry all the expenses. Rentals start slow and build over the years. Who would have thought we would have the Gulf oil spill in 2010 which cut rentals that year. If you go in knowing you can cover all expenses, then everything you bring in in rental receipts just helps you out. Also, be ready with a cash fund to replace AC units, furniture, repaint and recarpet every few years. Renters are much harder on your stuff than you are. You do not want to get in a financial bind on a vacation home because you have to count on the income. Good luck, I have never regreted our decission.