How to make owning a duplex beach house work...?
We just spent some time in the Outer Banks of North Carolina. We have talked about how we could live there full-time - or somewhere similar. We aren't rich (only make a combined about 80K a year...and have 3 kids...), and decided it could possibly work if we bought a duplex and rented half of it to pay for several months of a high mortgage each year... Anyone else out there do this or know of someone who does this successfully? Also, any other beaches in NC, SC, or GA that has a similar beach area/rental popularity? Thanks!
- dvskvLv 71 decade agoFavorite Answer
I would seriously recommend 2 different scenarios: (i) one where you search EBAY and craigslist to find nice luxurious Timeshares to RENT for a reasonable price or (ii) your spouse searches for jobs in major cities like Charleston SC or Norfolk VA/Virginia Beach area first before thinking about buying a duplex at a seasonal oceanfront location...
My parents were born and raised in Hawaii but as a a kid we lived in the Metro Washington DC area where my Dad invested heavily in real estate to include Ocean City MD and Duck NC. My older sister and her husband also lived in Virginia Beach and the Tidewater VA area around Williamsburg and Hampton Roads is also very nice with plenty of water. My parents eventually retired to Florida bec my 2 sisters and their families moved out of DC to Atlanta GA (in fact they bought and later sold their 2nd home in Hilton Head SC) and California.
Over the weekend, I only saw half of the special on CNBC called "Milliionaires Inside" where all 4 had made the milions on real estate but one good piece of advice was always buy in a neighborhood was college SAT scores (meaning LOCATION, LOCATION, LOCATION) were high bec it will continue to always lure buyers in the future.
Hope the Above info Helps and God Bless!
- 5 years ago
You can stay there until the new owner either gives you notice to leave or wants to keep you as tenants. If you have a lease under old landlord, it is valid until it expires even under new ownership. You dont have to do anything until you get notified by the lender or new owner after place is sold. If you dont have a lease, they will give you 60 days notice because you lived there more than a year. Yes, new owner can ask for a lease and pet deposit. New owner can only increase rent if you dont have a current lease. Nothing is forever in this life. You may have to look for a new apartment but wait until you hear about the sale of the house.