All Forum Posts by: John Mausteller

Quote from @Amy Mead:

Contemplating purchasing a STR in Nags Head or Manteo. We would use it our selves in Jan and Feb. We need to be close to Manteo for work. We plan to rent the rest of the year. I like the southern Nags Head area as it looks quieter but concerned about erosion etc... Also concerned about the ability for a property to pay for itself and Capex etc..

Any advice is welcome. Looking for insurance companies and what they will insure. Also property management companies and typical fees that they charge in this area.

My husband would like to retire there but I told him if we purchase an investment property we may not be able to afford not to rent it in season....

 Amy -  I think if you find the right home, it could definitely pay for itself by renting it out in the summer months and the shoulder seasons (spring, fall).  I would look for a home on the ocean side of route 158.   Erosion can be an issue but the various towns along the Outer Banks participate in beach nourishment which help stabilize the beaches.   Depending on your price range, there are homes available that are walking distance to the beach and would rent well.  I can also help answer any specific insurance questions or point you in the right direction.  Property management companies vary and there are also local 'hosts' who will manage your home through sites such as Airbnb and Vrbo.   Please feel free to reach out if you would like to chat. 

Outer Banks of North Carolina - millions visit every year and has continued to grow year over year.   The area has always been a tourism driven area with most single family homes being vacation rentals.  For that reason, there is very little chance that restrictions would be placed on short term rentals.  I believe most coastal communities up and down the east coast have good tourism and could be great investments.   You can also look at various mountain towns especially ones that have small towns or cities nearby, as well as state or national parks that help draw in visitors. 

Thats awesome! I have done the same with numerous properties in the Outer Banks.   Its rare to find a property that fits the bill but whenever I do , I share with local friends and clients because you just cant beat living at the beach AND having all your housing expenses paid for by renters.  Awesome!

Quote from @Mike Shemp:

We have a cottage on the beach road in Kitty Hawk.  We are able to rent it out year round.

The slower months are Dec and Jan, but outside of that we are consistently booked.

In the last 5 years it feels like the off-season is getting busier and businer.

Hope that helps!
Mike

 I agree Mike - its gotten busier and busier in the off season!  Is your cottage ocean front or across the beach road?  

I own a few rentals in the Outer Banks and sell real estate here as well.  The busiest time is when you mentioned, summer, with spring and fall having a good amount of renters visiting and that has increased each year the past 10 years I have owned here.  Southern Shores, Duck and Corolla are more up scale and as a result have higher rents per night.   I still believe it is a great place to invest and the winter allows time to do maintenance, repairs and updates without having to lose out on renters.  

Hey @Matt Schreiber

Where in the Outer Banks is your rental?   I also have a few rentals in Asheville area that I self manage from a far (I live in Outer Banks) but I just have a cleaning crew out there who has been great. 

Quote from @Gregory Vajda:

There are a ton of vacation markets around you. I live in Virginia Beach, and I have owned in Wintergreen since 2019, and have had good success using it as a STR. It stays rented basically year round and our family gets to take free vacations.

I am also in the same 1031 exchange situation (Closing 7/27) and looking to diversify into a different vacation market and have looked at the Lake Gaston area of NC, Outer Banks, and also the Northern Neck of VA. All seem to be STR friendly and have good occupancy rates, it just seems the prices for the houses are more inflated for OBX, a little less so in Lake Gaston, and the least inflated on the Northern Neck.

Good luck on your search and if you want to bounce ideas off eachother, feel free to reach out. 

Where in Outer Banks?  I sell
real estate here - and own a couple investment homes that I use as STRs in the area.   With rising rates - there are some deals to be had on homes that have been sitting.   Does Lake Gaston and Northern Neck have similar daily rates and season? 

 Where in OBX are you leaving?  Have you sold your home there yet? 

That sounds like a pretty great deal!  When are you closing?  Multi Family product is rare here so its nice that you found something and right on the beach is an even bigger plus!

I mainly just use the airbnb app.  they are always improving and making it very user friendly for hosts and for guests.  I use Host Tools for texting cleaners various information but you can also just make your cleaner a co host.    I think you can easily overspend and get too many apps and then not use them.