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STOP PAYING FOR VACATIONS – BUY A BEACH HOUSE WITH FRIENDS/FAMILY & RENT IT TO OTHERS THAT WANT TO VACATION AT THE OBX!
Many people have vacationed with family and friends in the Outer Banks. They do it year after year and some end up buying a beach home. What if the entire group decided it was time to own a beach house, they could use a few times a year and rent to vacationers like they used to be?
Isn’t it a fine opportunity for us to learn from the smartest of the smart? We could succeed at the levels we have seen others do if we learned how they did it, agree? The old saying “Two Heads are better than one” comes to mind when a goal of success is the mission. Even more than “two heads” could mean better outcomes by combining financial resources as well as other contributions.
Many of us have heard of, and may even have an interest in, a REIT or Real Estate Investment Trust. Why not imitate what these groups do by pooling resources with friends and families to get into one of the best, tangible, income-producing investments you can get into? Of course, we are talking about a smaller level than office buildings and apartment complexes. However, the principle of shared risk and increased buying power means success for all involved.
A beach home that is back from the ocean is a lower priced segment here than the wonderful beach homes right on the ocean front or very close to the ocean. The latter have better cash flow, income-to-cost ratios and highly sought-after. Some that do not qualify for this higher level may form a better plan by partnering with the ones they vacation with year after year! These level homes generate far more income than others and will mean success for all involved. As a real estate professional I have seen multiple owner property owners not stop at one beach house.....some own several!
There are some legal arrangements that would have to occur but the local real estate attorneys in the Outer Banks can help with that piece. Lending rules have some restrictions on how many can be on a loan but there are several ways to accomplish multiple owners on a deed and loan product. And, a sit down with an accountant that specializes in group ownership of income producing properties will prove useful to understand all that comes with this type ownership.
So, consider STOP SPENDING on VACATIONS at the Outer Banks and talk it up with the ones you vacation with year after year about this plan I share. As long as there is inventory here there will always be smart buyers. Be among the smartest buyers and consider imitating what the REIT participants do….pool resources, own income producing real estate BUT, also get to enjoy it by spending some time at the property, too!
Give MIKE BISHAL a call at 252-207-4554
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