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Buying a vacation home as an investment property? (1 Viewer)

Big League Chew said:
Ahh cool we use to stay in some townhomes one around 98th. I like it up there more than the boardwalk area
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yes, we wanted nothing to do with being downtown. We liked being able to drive 20 minutes and being in the action and then going home to the quiet part of town. 

 
Folks who have their property held in an LLC: do you use a DIY tax software (and if so, which one?) or do you use an accountant? 

 
NajehHejan said:
Very late in replying here, but so far, so good. We ended up getting an 8th week rented that had previously been canceled due to Covid. When we returned to the place after 8 weeks of rentals, the place looked the same, with no obvious damage or wear and tear. We were able to enjoy the place many times from Sept onward. As for personal things, we are fortunate in that we bought a place where the seller left everything - all furniture, kitchenware, etc. We added a few small things like an Echo speaker and a Roku - both were still there upon our return. We were fortunate in that many of the renters for the 8 weeks were repeat renters who have been staying there the same week for several years. Thankfully, 5 of the 8 weeks for next year are already rented to 3 repeat clients - 1 going for 1 week, and 2 going for 2 weeks. I feel very blessed that we found what seems to be almost the perfect situation - a property in a desirable location (half block from the beach) managed by an excellent realty company who does a great job in securing loyal/repeat renters. Since it is a 3 bedroom with 2 pull out couches (sleeps 12), it tends to attract extended families as opposed to young and rowdy folks. We are very pleased so far and are happy we took the plunge. We'll probably spend the week leading up to New Year's down there. Even though it will be cold, it's a nice getaway. The place is free from clutter whereas our home residence routinely looks like a bomb went off. It's nice to have the place as an escape. 
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Fortunately, season 2 of rentals also went very well. We got to enjoy OCMD from April through June, had 8 straight weeks of rentals starting around July 4th, and are back down today after the last renters left. The place is very clean and practically free of damage. Minor issue in that a few of the blinds on the sliding glass door to the balcony were damaged and need replacing. I was relieved that this was the only noticeable issue so far. Slight concern in that our rental agency Coldwell Banker was purchased by Vacasa. I’m typically not resistant to change, but I’m a bit wary. I just want everything to be the same, but have some suspicions based on some heavy marketing conjecture so far. We’ll see. Happy to be able to enjoy into October. Anyone on the fence, I’d highly recommend the second home/rental approach. If you can link up with a good agency in a nice location, it can work out pretty well. 

 
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