Me and my wife are interested in buying a beach rental property. This particular modular/trailer is in a community of rentals. The unit is a 2/1.5
$77,500 asking price and stays booked 6-7 months a year solid and do have pre-bookings for off season as of right now. They charge $1250 week during peak season and $750 wk/ during off season. From what I can gather they are bringing in an income of over $30k+ per year before expenses.
What kind of red flags should I look for with a beach rental? I'm aware of HOA cost and renters insurance but haven't figured in and flood/disaster insurance yet. This would be our first investment property.
Have you driven by the property? There are some communities that are nice and some that really are not, even fairly close to the beach. I would try to get eyes on the property just to make sure it's in a nice area. Is it also within a reasonable distance to the beach?
This particular one I have not put eyes on. I do plan to make a visit before any offers are made.
I have stayed in the same neighborhood as this one so I'm well aware of the community.
Is it within my rights to ask for 1-2 years rental history? Most everything in this community stays booked solid during active season.