I'm really drawn towards buying a vacation rental property in Carolina Beach , North Carolina. Looking for help and advice from other investors in that area. Is this area a good market place? Do you self manage the property of use a property management company? Do you use smaller banks for lending? Great real estate agents to work with?
You have asked so many questions, and that indicates to me that you probably shouldn't invest in a vacation property in North Carolina when you live in the Land of Lincoln.
I'm really looking to network with like minded individuals in that area. Hear what experiences people have with others. Moving to the area in the near future. Thanks for your post Paul!
@Paul Sandhu is my hero.
I'm not saying no! Anything is possible! But I know nothing about your market! It'll be much easier to find someone that can help you on airbnb. Search listings on airbnb and vrbo and find properties that are similar to what you're looking for and a host that looks like they actual own their property and send them a message. Send 100 of these messages you might get two people to talk to you. Not likely you'll find who you're looking for on here.
If you want to do Gatlinburg let me know!
CB gets a lot of visitors from April to mid September. You need to plan on making your money in that timeframe.
It’s also a fairly hot market right now. It’s not to the point of bidding on property yet, but if you see something you like, don’t take too long to consider it.
@Aaron Quinton Here is my 2 cents worth of advice. Self manage your property. It's not rocket science. Plus you don't have to give someone else a piece of the pie. Try to buy a bank foreclosure property. My housekeeper and I usually offer 25% - 33% of the appraised value set by the county register of deeds whenever we try to buy a house. Furnish it from estate auctions (some people will disagree). You need cable and internet, Netflix and the like are bonuses. Don't charge any sort of cleaning deposit, you will end up working for it. If you go with conventional door locks, hide one in an inconspicuous area so that when the tenants lock themselves out at 2:15 in the morning you don't have to make a trip to let them in. Don't allow stray animals into your property, they carry fleas. Install a surveillance camera in your house facing the door and the HDTV, the camera connects to the internet and alerts you of motion. I'm .666 for catching intruders with the assistance of law enforcement and cameras. Carry a sidearm whenever you enter a vacant property if it doesn't have a camera. Glyphosate, Atrazine, warfarin, the neighbors to your houses, and a 10-pump pellet gun are your friends. Tree roots, squirrels, pigeons, starlings, mice and stray animals are not your friends. Find a lady that will clean your houses for free, and sleep with you.
Interesting advice. Free cleaning? Unlikely if you are out of the area. There are many who Manage vacations rentals themselves, there are many that also partner with a management company. It all comes down to how much you want to be involved and responsible for and who you think can make you more money. For many people, teaming up with a property manager can provide better returns and they take most of the headaches!
@Paul Sandhu is right as always. @Aaron Quinton in my market if you don’t self manage you lose money. PMs charge 40% plus high fees for repairs etc. If you self manage you can do awesome. Obviously instantly increasing the bottom line by 40%. Although it’s not for everyone I do find it easy. I self manage 5 and have a w2 gig.