Anyone investing in the Gulf Shores/Orange Beach, AL area? Looking to purchase a condo to update and rent out. I would love any input you may have with the fees associated with ownership, i.e. cleaning fees, additional insurance(s), HOA fees etc. Also certain buildings or other areas to search. Thanks for the help!
We are in Baldwin County and have bought and sold many properties in GS and OB over the years. What condo complex or complexes are you looking at in particular?
im definitely interested in this as well. Condo vacation rental. Anyone have local resources agents to work with
@Aaron Crow, I've been in contact and receive new condo listings from an agent in the area Mike Bates- 214-274-6860. He would be happy to help.
@Al Wilson we are just getting our feet wet. I would love your input! Smaller building size, ocean view (open to Bay view)...
My aunt & uncle own a condo in Gulf Shores and they rent it out for vacation rentals. They said it has done well with rental income except for the year when the BP oil spill happened. The thing that really scared me was they told me after one of the hurricanes their condo assessed them about 100K. The hurricane damage exposed some part of the building that wasn't up to code (the steal beams) and they had to rebuild that plus other parts of the condo that got destroyed like the lobby and gym etc. and everyone got hit with that huge assessment. They said some owners couldn't pay and lost their unit. I've also heard that some of the condos there have HOAs that are pains when it comes to being able to decorate inside your own unit or rules with kids etc. So just a couple things to be mindful of when you go to buy there. It is a beautiful place though.
We just bought a phoenix 2, 1 bed/1 bath. We have 4 SFHS that will cash flow more. We bought this to have a place to use a few times a year. We should break even on cash flow using a property manager, using it personally, Assuming 10% maint, and 1k/year assessment.
I think the unit will appreciate as well. We could cash flow if we used vrbo. It Def doesn't compare to our SFHs from just a cash flow standpoint. I feel like they will appreciate better than my SFHs.
Orange Beach is just fantastic. I love everything about the place.