Updated almost 5 years ago on . Most recent reply
First Ever Purchase Summer Rental
Hey Everyone, looking for some speedy guidance and advice. I am 24y/o looking to buy first investment property in Massachusetts. I have found a vacant (8 months) home. it is located next to the beach in a desirable summer rental location.
The owner has agreed on a price of $150k and the home will need about $75k rehab (900 sq ft 2 bed 1 bath) the ARV of this home will be $430k. I know this is a good deal for a flip, but im more interested in buy and hold rental properties. Monthly expenses ($1,900)
the expected rent for June-August 12 weeks ($2200 a week) september-May (1400 a month)
Is a summer rental like this hard to have as an investment property? Ideally fully rented it would cash flow, but Id imagine a 9 month tenant and a 3 moth weekly tenant is not only tough to manage but hard to find? I am considering trying to wholesale it to a flipper but I really want to buy it myself as its my first deal. Just trying to gauge the abnormal tenant situation and its impact on cash flow.
thanks, Bobby