Rental Property

Phantom Pain
Phantom Pain Posts: 9,876
edited April 2011 in All Encompassing Trip
Anyone have one ?

I may have the opportunity to buy one

Just nervous about the money of course and not getting a renters

It would be a seasonal rental for summers so I wouldn't have rent money all year long

Any advice ?
My drinking team has a hockey problem

The ONLY thing better than a glass of beer is tea with Miss McGill



A protuberance of flesh above the waistband of a tight pair of trousers
Post edited by Unknown User on
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Comments

  • Got_Some
    Got_Some Posts: 77
    You're buying this property for the sole purpose of renting it out? If not, then recapturing your annual mortgage payment may not be as big of a deal.

    Did you look at what other similar places are renting for in the area and then calculate the total rent you would receive during the seasonal period (with adjustments for potential vacancy)?

    Does that amount cover your mortgage payment for the year? Is the property in an area where values are increasing?

    Just a few things I would look into.
  • maj4e
    maj4e Posts: 605
    Do an LLC for the property to protect yourself. My 2 cents. I have a rental as well.
  • The Juggler
    The Juggler Posts: 49,598
    Phantom Pain wrote:
    Anyone have one ?

    I may have the opportunity to buy one

    Just nervous about the money of course and not getting a renters

    It would be a seasonal rental for summers so I wouldn't have rent money all year long

    Any advice ?

    down the shore? where at?

    i wish you the best of luck man! been my goal to have a place down there by 35. sadly, i'm not certain it will happen as it will take some convincing of the new wife.

    i know some people who have places down there and the may-september rent $ should more than cover your yearly piti payments.

    i'm interesting in hearing the advice you get in this thread...
    www.myspace.com
  • Phantom Pain
    Phantom Pain Posts: 9,876
    Got_Some wrote:
    You're buying this property for the sole purpose of renting it out? If not, then recapturing your annual mortgage payment may not be as big of a deal.

    Did you look at what other similar places are renting for in the area and then calculate the total rent you would receive during the seasonal period (with adjustments for potential vacancy)?

    Does that amount cover your mortgage payment for the year? Is the property in an area where values are increasing?

    Just a few things I would look into.

    Yeah..it would be strictly for renting

    Similar units are getting between $2800-3100 a week..but I think when they bought the market was way up. The unit Im looking at would be drastically lower in price so I could lower my weekly rental fee and still be ahead

    Mortgage price is up in the air because there are 11 units available and they are set to go to Auction. I have a price I wont go higher than so I can kind of figure out a monthly payment

    The unit is 100yds from the beach so I think the values will definitely climb back up or at least be in demand for renters regardless of the market

    Do you have any property you rent ?
    My drinking team has a hockey problem

    The ONLY thing better than a glass of beer is tea with Miss McGill



    A protuberance of flesh above the waistband of a tight pair of trousers
  • Phantom Pain
    Phantom Pain Posts: 9,876
    maj4e wrote:
    Do an LLC for the property to protect yourself. My 2 cents. I have a rental as well.

    How much of a risk did you take when getting your property ?

    I'm just nervous with the unknown and not getting renters and losing my shirt
    My drinking team has a hockey problem

    The ONLY thing better than a glass of beer is tea with Miss McGill



    A protuberance of flesh above the waistband of a tight pair of trousers
  • The Juggler
    The Juggler Posts: 49,598
    Phantom Pain wrote:
    Got_Some wrote:
    You're buying this property for the sole purpose of renting it out? If not, then recapturing your annual mortgage payment may not be as big of a deal.

    Did you look at what other similar places are renting for in the area and then calculate the total rent you would receive during the seasonal period (with adjustments for potential vacancy)?

    Does that amount cover your mortgage payment for the year? Is the property in an area where values are increasing?

    Just a few things I would look into.

    Yeah..it would be strictly for renting

    Similar units are getting between $2800-3100 a week..but I think when they bought the market was way up. The unit Im looking at would be drastically lower in price so I could lower my weekly rental fee and still be ahead

    Mortgage price is up in the air because there are 11 units available and they are set to go to Auction. I have a price I wont go higher than so I can kind of figure out a monthly payment

    The unit is 100yds from the beach so I think the values will definitely climb back up or at least be in demand for renters regardless of the market

    Do you have any property you rent ?

    what shore?

    and if you don't mind me asking, roughly how much do you expect them to go for?
    www.myspace.com
  • drunkiemunkie
    drunkiemunkie Posts: 69
    We have 2 here on the obx (NC). Both are 3 bed/ 1 bath. We put in bunkbeds and rent only to college students at $400.00 a bed and we come out just a little ahead on the mortgage payments. It's pretty standard here. Good luck.
  • Phantom Pain
    Phantom Pain Posts: 9,876
    The Juggler wrote:
    Phantom Pain wrote:
    Anyone have one ?

    I may have the opportunity to buy one

    Just nervous about the money of course and not getting a renters

    It would be a seasonal rental for summers so I wouldn't have rent money all year long

    Any advice ?

    down the shore? where at?

    i wish you the best of luck man! been my goal to have a place down there by 35. sadly, i'm not certain it will happen as it will take some convincing of the new wife.

    i know some people who have places down there and the may-september rent $ should more than cover your yearly piti payments.

    i'm interesting in hearing the advice you get in this thread...

    Yes sir..Wildwood Crest

    Just kinda putting my feelers out there...my brother is a Real Estate agent in NJ and the Father-in-Law owns his own office in Philly

    Im definitely looking for something to have down there if for nothing else to get it paid for and have some equity to move on to maybe another property
    My drinking team has a hockey problem

    The ONLY thing better than a glass of beer is tea with Miss McGill



    A protuberance of flesh above the waistband of a tight pair of trousers
  • Phantom Pain
    Phantom Pain Posts: 9,876
    drunkiemunkie wrote:
    We have 2 here on the obx (NC). Both are 3 bed/ 1 bath. We put in bunkbeds and rent only to college students at $400.00 a bed and we come out just a little ahead on the mortgage payments. It's pretty standard here. Good luck.

    Wow..nice

    This would be a resort town in NJ
    My drinking team has a hockey problem

    The ONLY thing better than a glass of beer is tea with Miss McGill



    A protuberance of flesh above the waistband of a tight pair of trousers
  • Phantom Pain
    Phantom Pain Posts: 9,876
    The Juggler wrote:
    Phantom Pain wrote:
    Got_Some wrote:
    You're buying this property for the sole purpose of renting it out? If not, then recapturing your annual mortgage payment may not be as big of a deal.

    Did you look at what other similar places are renting for in the area and then calculate the total rent you would receive during the seasonal period (with adjustments for potential vacancy)?

    Does that amount cover your mortgage payment for the year? Is the property in an area where values are increasing?

    Just a few things I would look into.

    Yeah..it would be strictly for renting

    Similar units are getting between $2800-3100 a week..but I think when they bought the market was way up. The unit Im looking at would be drastically lower in price so I could lower my weekly rental fee and still be ahead

    Mortgage price is up in the air because there are 11 units available and they are set to go to Auction. I have a price I wont go higher than so I can kind of figure out a monthly payment

    The unit is 100yds from the beach so I think the values will definitely climb back up or at least be in demand for renters regardless of the market

    Do you have any property you rent ?

    what shore?

    and if you don't mind me asking, roughly how much do you expect them to go for?

    Wildwood Crest NJ

    The bidding starts at $125,000 before they were put up for auction the average was over $500,000

    11 Units available
    My drinking team has a hockey problem

    The ONLY thing better than a glass of beer is tea with Miss McGill



    A protuberance of flesh above the waistband of a tight pair of trousers
  • The Juggler
    The Juggler Posts: 49,598
    Phantom Pain wrote:
    The Juggler wrote:
    Phantom Pain wrote:
    Yeah..it would be strictly for renting

    Similar units are getting between $2800-3100 a week..but I think when they bought the market was way up. The unit Im looking at would be drastically lower in price so I could lower my weekly rental fee and still be ahead

    Mortgage price is up in the air because there are 11 units available and they are set to go to Auction. I have a price I wont go higher than so I can kind of figure out a monthly payment

    The unit is 100yds from the beach so I think the values will definitely climb back up or at least be in demand for renters regardless of the market

    Do you have any property you rent ?

    what shore?

    and if you don't mind me asking, roughly how much do you expect them to go for?

    Wildwood Crest NJ

    The bidding starts at $125,000 before they were put up for auction the average was over $500,000

    11 Units available


    wow :o that is awesome.
    www.myspace.com
  • Phantom Pain
    Phantom Pain Posts: 9,876
    The Juggler wrote:

    wow :o that is awesome.

    Maybe I can cut you in for a good Mortgage rate

    ;)
    My drinking team has a hockey problem

    The ONLY thing better than a glass of beer is tea with Miss McGill



    A protuberance of flesh above the waistband of a tight pair of trousers
  • Got_Some
    Got_Some Posts: 77
    Phantom Pain wrote:
    Got_Some wrote:
    You're buying this property for the sole purpose of renting it out? If not, then recapturing your annual mortgage payment may not be as big of a deal.

    Did you look at what other similar places are renting for in the area and then calculate the total rent you would receive during the seasonal period (with adjustments for potential vacancy)?

    Does that amount cover your mortgage payment for the year? Is the property in an area where values are increasing?

    Just a few things I would look into.

    Yeah..it would be strictly for renting

    Similar units are getting between $2800-3100 a week..but I think when they bought the market was way up. The unit Im looking at would be drastically lower in price so I could lower my weekly rental fee and still be ahead

    Mortgage price is up in the air because there are 11 units available and they are set to go to Auction. I have a price I wont go higher than so I can kind of figure out a monthly payment

    The unit is 100yds from the beach so I think the values will definitely climb back up or at least be in demand for renters regardless of the market

    Do you have any property you rent ?

    No, but I work in commercial real estate...specifically, the multifamily segment. Sounds like your unit may be attractive due to the fact that you are able to charge a lesser amount for weekly rent. Stick with your price ceiling and you should be ok. It's still a good time to buy in a lot of markets and it sounds like this property will increase within the next 5 years.
  • The Juggler
    The Juggler Posts: 49,598
    Phantom Pain wrote:
    The Juggler wrote:

    wow :o that is awesome.

    Maybe I can cut you in for a good Mortgage rate

    ;)

    you can honestly get a better deal from a different company. :lol: i'll be happy to help/give me advise if you want though.

    i've always wanted a place in sea isle...but everything is still ungodly expensive there. guess i gotta expand my thinking.
    www.myspace.com
  • neilybabes86
    neilybabes86 Posts: 16,057
    my house in long beach ny was bought for 32,000 in 1970...today its around 550,000
    steps from the beach and a jumping party town

    i could rent it in the summer for around 10,000 per month...but iam a beach bum and would totally lost w/ out it

    although with the big surf competition coming in around labor day/....i am totally thinking about it

    i could rent it and stay with my brother who lives 20 minutes away
    i post on the board of a band that doesn't exsist anymore .......i need my head examined.......
  • PureandEasy
    PureandEasy Posts: 5,818
    Wildwood Crest is nice. What block are the units on, are they near the boardwalk or totally "Wildwood Crest"

    My sister had a place there a few years back, it certainly is nice to have a place to crash for a few days get away.

    She sold it though :(
    Don't come closer or I'll have to go
  • Jearlpam0925
    Jearlpam0925 Deep South Philly Posts: 17,571
    Nice, PP. A LOT of really nice property is going super cheap down there. Pretty awesome - good for you, sir.
  • The Juggler
    The Juggler Posts: 49,598
    neilybabes86 wrote:
    my house in long beach ny was bought for 32,000 in 1970...today its around 550,000
    steps from the beach and a jumping party town

    i could rent it in the summer for around 10,000 per month...but iam a beach bum and would totally lost w/ out it

    although with the big surf competition coming in around labor day/....i am totally thinking about it

    i could rent it and stay with my brother who lives 20 minutes away

    i thought you've said that was your parent's or brother's house? :?

    did you inherit it?

    my parents are looking to buy a place down the shore too, but they are leaning towards delaware. they're gonna move down there in a couple years since they'll both be retired.
    www.myspace.com
  • neilybabes86
    neilybabes86 Posts: 16,057
    The Juggler wrote:
    neilybabes86 wrote:
    my house in long beach ny was bought for 32,000 in 1970...today its around 550,000
    steps from the beach and a jumping party town

    i could rent it in the summer for around 10,000 per month...but iam a beach bum and would totally lost w/ out it

    although with the big surf competition coming in around labor day/....i am totally thinking about it

    i could rent it and stay with my brother who lives 20 minutes away

    i thought you've said that was your parent's or brother's house? :?

    did you inherit it?

    my parents are looking to buy a place down the shore too, but they are leaning towards delaware. they're gonna move down there in a couple years since they'll both be retired.

    well yea its a family house..my brother bought his own in the next town
    i was just using the term I ...lol that sounds funny
    i was just bringing up price examples between where pain is talking about and long beach ny
    i post on the board of a band that doesn't exsist anymore .......i need my head examined.......
  • The Juggler
    The Juggler Posts: 49,598
    neilybabes86 wrote:
    The Juggler wrote:
    neilybabes86 wrote:
    my house in long beach ny was bought for 32,000 in 1970...today its around 550,000
    steps from the beach and a jumping party town

    i could rent it in the summer for around 10,000 per month...but iam a beach bum and would totally lost w/ out it

    although with the big surf competition coming in around labor day/....i am totally thinking about it

    i could rent it and stay with my brother who lives 20 minutes away

    i thought you've said that was your parent's or brother's house? :?

    did you inherit it?

    my parents are looking to buy a place down the shore too, but they are leaning towards delaware. they're gonna move down there in a couple years since they'll both be retired.

    well yea its a family house..my brother bought his own in the next town
    i was just using the term I ...lol that sounds funny
    i was just bringing up price examples between where pain is talking about and long beach ny

    yeah but he's getting his on an auction...normally the price would be in line with what you said.

    that's awesome to have a place to go down to anytime you want. my family used to have a place in sea isle but sold it like 20 years ago. i wish i started saving $ at a much younger age than i did. :roll: :lol:
    www.myspace.com

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