Newbie: Lives in MD, seeking beach rentals in DE

Newbie: Lives in MD, seeking beach rentals in DE

Frederick, MD · Member since 2021 · 4 posts · 4 votes

Hi all,

Great to join the community.

Quick background: I'm 34, live with my wife and 15-month old son in Frederick, MD. We love the Delaware beaches (Lewes/Cape Henlopen/Rehoboth) and would love to invest in a short-term rental. I'm not looking for a quick profit as opposed to a permanent place we could block out for weeks during the summer and otherwise be renting out. It's our happy place in the summer and if I can cover my mortgage and expenses with that income and get started in this business, I'd be happy.

We have family whose very interested in helping (some based in Lewes), both with property management and capital. My stepfather owns several multi-families in NJ and has been encouraging real estate since I was a teenager, so I know the potential here!

I'm knee deep in How To Invest In Real Estate, researching properties, crunching numbers, and doing as much due diligence is I can before diving in head-first. I would love to secure my first property by this summer, but I also don't mind waiting a year or two if I'll be better prepared by then. That said, I don't want to get stuck in Analysis Paralysis and actually START, so just trying to find that happy medium :)

Anyway, I'm really glad to be here and would value any words of wisdom from fellow short-term/beach rental owners.

Thanks!

Kyle

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  • Investor · Dover, DE · Member since 2021 · 7 posts · 0 votes
    5y

    connect request sent to you, Kyle!

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    5y
    Originally posted by @Kyle Sutton:

    Hi all,

    Great to join the community.

    Quick background: I'm 34, live with my wife and 15-month old son in Frederick, MD. We love the Delaware beaches (Lewes/Cape Henlopen/Rehoboth) and would love to invest in a short-term rental. I'm not looking for a quick profit as opposed to a permanent place we could block out for weeks during the summer and otherwise be renting out. It's our happy place in the summer and if I can cover my mortgage and expenses with that income and get started in this business, I'd be happy.

    We have family whose very interested in helping (some based in Lewes), both with property management and capital. My stepfather owns several multi-families in NJ and has been encouraging real estate since I was a teenager, so I know the potential here!

    I'm knee deep in How To Invest In Real Estate, researching properties, crunching numbers, and doing as much due diligence is I can before diving in head-first. I would love to secure my first property by this summer, but I also don't mind waiting a year or two if I'll be better prepared by then. That said, I don't want to get stuck in Analysis Paralysis and actually START, so just trying to find that happy medium :)

    Anyway, I'm really glad to be here and would value any words of wisdom from fellow short-term/beach rental owners.

    Thanks!

    Kyle

    Kyle, awesome that you joined!

  • Julio GonzalezPro Member
    Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
    5y

    Hi Kyle, welcome to the community! There is a great group of members on here to connect with.

    -Julio

  • Specialist · Baltimore, MD · Member since 2017 · 418 posts · 126 votes
    5y

    Would be glad to run insurance numbers for you to help with Due Diligence. MD based here too - but love Rehoboth!

  • Homeowner · MD · Member since 2020 · 9 posts · 3 votes
    5y

    Hi Kyle! Welcome to the community. I also live in MD (Clarksburg) and had that same thought. Hope you find your happy place and are able to cover your mortgage with it! I’m sending you a connection request...

  • Frederick, MD · Member since 2021 · 4 posts · 4 votes
    5y

    Thanks for the warm welcome, all! Happy to connect with those of you who have reached out directly. 

  • Insurance Agent · Norwalk, CT · Member since 2016 · 2k+ posts · 1k+ votes
    5y

    Kyle,

    From an insurance standpoint I would suggest talking to some local Insurance agents in DE and find out:

    1. what distances from the coast will give you problems with companies (could be 1000 ft, 2500 ft, 1 mile)

    2. Are any of the towns higher Insurance rated (due to lesser fire protection normally)

    You may also want them to give you some idea of the flood zone areas for various coastal towns.  

    These things my help with deciding where are good places to seach.

  • Frederick, MD · Member since 2021 · 4 posts · 4 votes
    5y

    @John Mocker Very helpful, thank you John!

  • Member since 2021 · 21 posts · 11 votes
    4y

    Hi Kyle,

    What did you end up learning? Would love to connect as my husband and I are searching for the same and would love to be able to get a summer home and rent out when we're not using it. 

  • Frederick, MD · Member since 2021 · 4 posts · 4 votes
    4y

    @Lynne Burke Hi Lynne - we’ve had to defer the investment a bit as we’re looking to buy/sell our primary home and also expecting a second child… live happens! Would love the make the eventual investment, though. Wishing you the best of luck!

  • Justin WindhamPro Member
    Banker · Nationwide · Member since 2015 · 4k+ posts · 1k+ votes
    4y

    @Kyle Sutton

    Welcome to Bigger Pockets!

    If you are looking to invest into real estate, I have found this site to be incredibly helpful.

    The site has quite a few tools that can be helpful for new members. For example, if you are looking to connect with other members near you, want to learn from people in a specific area you’d like to invest in, or have a desire to find people interested in certain topics, you could use the search feature here: https://www.biggerpockets.com/search/users


    I really like the alerts feature that can quickly guide you to current topics that may be of interest: http://www.biggerpockets.com/alerts

  • Member since 2021 · 21 posts · 11 votes
    4y

    @Kyle Sutton Congratulations! And thank you!

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