Advice on apartment/hotels
We live outside of Philadelphia. We own multi unit as well as a condo in Florida, on the beach Bonita Springs. We want to acquire more multi units where we live, but New York crowd has made it almost impossible to get one. Prices are through the roof and it doesn't make financial sense to pay the asking price. Local codes don't allow for the conversion.
I rent the Florida condo on homeaway, but they allow not just home owners, but managers of complexes to rent through them. Plus the newest thing is that they ask money from us to advertise, plus up to 9% from the renter. So, I doubt we will have the same income in the future from that condo.
A few years ago, I wanted to get an ocean front unit at a really nice resort in Myrtle Beach but was not sure if it would make financial sense, so now we are back looking at both Myrtle Beach and Fort Myers Beach apartment/hotels. Condos are efficiencies and ocean front, and some claim to give you about 20K take home income for a 179-220K investment.
Does anyone have personal experience with these? The research showed me that most units don't sell and people do get some income from them.
Thanks for your input!