Thinking about purchasing seasonal investment property, what should I be considering?

[bclover]

Hey guys,
So I have always loved the beach, spend ridiculous amounts of time there. My dream is to be a snowbird and move closer, once I get Heckyl and Jeckyl out the house.

Anyhoo,
I have never had an investment property. What should be my first couple of steps. I am just beginning researching and some times you don't know what you don't know.

TIA

 

[bclover]

Oh forgot to add, this would be a house at the shore that I rent out. OCNJ or OCMD

 

[cathy63]

Are you thinking of using it as a furnished short-term rental that you could enjoy now when you're not renting it out; or are you thinking more of buying a place and renting it out long-term until you're ready to relocate?

If you want a short-term rental, make sure you investigate the current political situation. Many places on the west coast, including big cities, like Los Angeles and San Diego, are working on implementing restrictions or bans. I have no idea if you would face the same situation on the east coast, but it's something to look into before you jump into the market.

Will you have to pay a property manager? Around here, lots of real estate firms also do property management, so maybe you could look for some firms like that in your target areas and see if they can help you find a place to buy and then manage it for you.

 

[joeea]

I have never had an investment property. What should be my first couple of steps.

Go to your location of choice. Talk to several current landlords. Perhaps at some homes that you rented in the past.

 

[Breedlove]

Only one place for us Keywest !

 

[SheitlQueen]

If you want a short-term rental, make sure you investigate the current political situation. Many places on the west coast, including big cities, like Los Angeles and San Diego, are working on implementing restrictions or bans. I have no idea if you would face the same situation on the east coast, but it's something to look into before you jump into the market.

Definitely check local laws. The city that my rentals are located in has passed legislations that is not advantageous for landlords (long term rental) and the state is also considering passing things that are not good for landlords. I am going to sell one of my units whenever the tenants vacate because of the regulations, and would sell the other but am keeping it for me to use sometime in the next several years.