Input? Considering condo on Oregon Coast, longterm rental
Hey All - hoping to talk this out and see if anyone is doing similar?
I'm considering in investing in a condo somewhere on the Oregon Coast. Looking in the range of 200-300k. My plan would be focusing on longterm rental, and not short term Airbnb it.
I've been researching heavily and see how the different coastal towns have been tightening up restrictions on short term rentals. Because of that (and other reasons), there is a shortage of long term rentals on the coast.
I would be aiming to do a 10% downpayment. I wouldn't expect to be cashflow positive, but hoping to get a long term tenant in at a rent that could cover the mortgage.
I have not decided where on the coast yet, but understand location obviously plays a big part. Additionally I know the other big thing is the HOA, and how well they have kept up on things.
While I don't have a exact property picked out, i've been simmering on this idea for a while now. I'm wondering how feasible it would be to do this with 2 or 3 condos on the coast? Other then the location and HOA, are there other things I have not thought of? Is anyone else investing in longterm rentals on the coast?
Thxs for the help