t is everyone’s dream of In an area like South Padre
owning a condo or home in a Island which has very reasonable
fabulous coastal coastal real estate properties
destination. Many think this is can still cash flow. Especially
only achievable by the ultra rich if the property was purchased at
and hope for a just a weekend a great value, is highly
holiday at the beach for desirable for rental and is
themselves. marketed aggressively. But, even
if some of these factors are not
But, more and more people are met any property can perform
realizing this dream. As more reasonably well and return some
people retire or consider their on the investment to assist with
retirement they understand that the cost of ownership.
coastal real estate is at its
lowest price in years and is only There are also tax benefits, and
headed up into quite possible the option for you and your
unattainable market values. family to enjoy your property
during vacations, weekends and
In order to get in to a property holidays.
today which they can enjoy
part-time now and perhaps Many of our buyers eventually
full-time later many buy rental recoup enough equity in one
properties. property to buy another rental or
upgrade their property several
Destination rental properties can times before they retire.
be anything from beachfront
high-rise condos, multi-family The keys to successful rental
homes, sea cottages, or ownership are property selection
condo-hotel. and rental management.
It is important to select a Other owners choose to manage
property that meets the rental their own rentals. The popularity
criteria fairly well. Be aware of of “rent by owner” websites has
price and ask for a rental made it possible for owners to
history. If a property doesn’t market their rentals nationally
have a rental history then ask a for a reasonable fee. Local
rental agency to give you an idea services can be contracted to
of how a certain property will clean and check-in guests if the
perform. owner lives at a distance. This
is the most profitable management
You can manage your rental choice but, does take time and
property in several ways. Some inquiries need to be consistently
buildings have their own on-site attended to.
rental service. Often this is run
well and keeps the risk of damage When calculating the property you
to a minimum. However, if you can afford always be aware that
don’t feel you are getting the this is a seasonal industry. Our
best service then you have no high profit times are summer and
other choice. Other properties spring break. There are
allow you to select your own consistent rentals in the winter
rental agency. There are a number and some good weekends in the
of companies to choose from in fall. But, rental income checks
each destination. Here agencies will vary greatly throughout the
typically take 30% of the gross year and cant necessarily be
profit for management fees, depended upon at all times. Also,
cleaning services and marketing. your property will need to be
They often book a significant upgraded as items get damaged or
number of rentals making up for outdated. Keeping up the interior
the additional expense but, the of your property will translate
wear and tear can be tiresome. into more inquiries and repeat
rentals. property is a little of both.
But, enjoying an island property
So is it a business or is it a now and in retirement is a great
beachfront condo? Well, on our reward for a little hard work.
island most owners think their
About the Author:
Wendy Hauschildt is a Licensed Realtor® with Coastal Properties GMAC Real Estate, a weekly columnist with the Island Breeze Newspaper, and director of real estate Marketing. She lives and works on South Padre Island at the tropical tip of Texas. Visit http://www.SPIproperty.com for more info.
Read more articles by:
Wendy Hauschildt
Article Source: www.iSnare.com 
