Newbie from Delaware County Pa want shore house in Ocean Pines Md

[Benjamin Bardo]

Hey folks, 

     My name is Ben and I currently reside in Delaware County Pa, right outside Philadelphia. I currently own a home and I’m striving to achieve my goal of purchasing a shore house in a couple years. I’m looking for opinions on my current strategy and any advice you all could offer. Currently my goal is to save up a large lump sum of about 100k to put down on a home in Ocean pines MD (180k or less). If I can get the shore house mortgage payment to about 500-700/month I would feel comfortable. I then would like to rent out the property during the peak season (May-Sep) in order to pay off the rest of the property. I guess my questions are; 1) Is this a good strategy or a rookie one? 2) Should I just pull the trigger on a property when I have 10-20% to put down and hope summer rentals cover the higher mortgage payments? I have a family to provide for so the second option makes me very nervous. Thanks everyone and looking forward to learning from you!