Purchasing a vacation rental on the Texas Coast?
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Tina F asked:
My husband & I are looking into purchasing a small vacation home on the Bolivar Penninsula (or surrounding area). Our immediate plan would be to rent it out and use it ourselves on occasion. Would it be realistic to expect that the income from renting it out during the tourist season would pay all or most (75%) of the monthly mortgage payments for the year? What are some of the advantages/disadvantages of doing something like this? What are some mistakes to avoid? Any insight from people who have done something like this would be wonderful!
Rachel
My husband & I are looking into purchasing a small vacation home on the Bolivar Penninsula (or surrounding area). Our immediate plan would be to rent it out and use it ourselves on occasion. Would it be realistic to expect that the income from renting it out during the tourist season would pay all or most (75%) of the monthly mortgage payments for the year? What are some of the advantages/disadvantages of doing something like this? What are some mistakes to avoid? Any insight from people who have done something like this would be wonderful!
Rachel
August 22nd, 2008 at 7:59 pm
Trying to rent it out might be a problem. I did this once and lost my shirt. While holiday periods and the summer its easy to rent on the weekend and sometimes during the week. But slower times its rented on the weekend sometimes and never during the week.