Newbie: Lives in MD, seeking beach rentals in DE

8 Replies

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

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!

 

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...

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.

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