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Old 08-23-2011, 09:36 PM   #41
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Lessons learned-----Even with my convenient setup, I still incur alot of upkeep on the beach house. I am glad it is only 5 miles away, because some of the upkeep takes time. My real problem is finding time to work on my primary house because i'm always on the water playing.
Convenient setup DAYDREAMER....!
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Old 08-23-2011, 09:37 PM   #42
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In Berstein's Investor Manifesto, he indicates that a home is probably over priced if it costs more than 15x the yearly cost of rent for the same home.... which is 6.7% of the cost of the house. He further states that this would be 3.7% after all expenses (maint, tax, etc). Although I think his context is the price of the home one intends to live in... when trying to determine if one should buy or rent (for their personal use).... not a piece of property to be used as a rental in a business.

The Investor's Manifesto: Preparing ... - Google Books
Thanks for the link chinaco...I'm book marking it.
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Old 08-24-2011, 07:53 PM   #43
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Perhaps it would be prudent to hold off on any Outer-Banks decisions until the storm passes.
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Old 08-24-2011, 08:48 PM   #44
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I would say you are right MathBlaster. Hoping Irene jags a bit more to the east ...to spare the devastation from a direct bulls eye hit. Have been watching...and getting a little prepared myself...as we are in southeastern Virginia...an hour or so inland from the coast.
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Old 08-25-2011, 07:37 AM   #45
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My Aunt had a rented house on the outerbanks during the last evacuation. Cut the week in half. Only "compensation" was "off peak" time.

Says she'll NEVER go back. Way too much money. Way too much risk in hurricane season.
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Old 03-03-2012, 09:08 AM   #46
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I just read through your post. I realize this is an older thread but could you share how were you able to cancel a purchase contract.
I didn't think that was possible unless the home failed inspection.
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Old 03-03-2012, 09:43 AM   #47
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I just read through your post. I realize this is an older thread but could you share how were you able to cancel a purchase contract.
I didn't think that was possible unless the home failed inspection.
Most or at least all of mine have a do diligence( sp) period for inspections. During this time , like a ten day period, you can get out for any reason. Maybe you heard a dog bark or plane fly over. Most likly you will not even have to say why only inform them that you are dropping the deal. Point of intrest is you have not given up the right to get out for these reasons even if the time period has been used up.....it is up to the seller to request on a form that you are done with your inspection period and when you sign that then you are in contract to buy with the only thing left is your loan...of course for some reason if you can not get a loan you can get out also....i live in california...may be different in your state.
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