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Chat Thread 2021: huge historic day today ! you are living history congrats !

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i mean, why not just rent the place each summer for a few years to see if you even like it/the building
 
Is there any evidence that the condo market in Cherry Grove will allow you to build any equity after assessments?

If you’re looking at a 30 or 40 year old condo there’s no telling what’s up with it.
 
BiffTannen said:
Is there any evidence that the condo market in Cherry Grove will allow you to build any equity after assessments?

If you’re looking at a 30 or 40 year old condo there’s no telling what’s up with it.
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Fair point. We’re in the preliminary stages right now so we don’t have anything specific picked out yet.
 
If you want a biscuit in Chapel Hill, go straight to Mama Dips. If you want anything that could even be considered country style food, go to Mama Dips. If you want pie or cake, go to Mama Dips.
 
also, R.I.P. Mama Dip, my signed cookbook of hers is one of my prized possessions
 
Breaking even and building equity is making money by doing nothing. If it were easy to make money by doing nothing, then plenty of others would already have done so.
 
BiffTannen said:
Is there any evidence that the condo market in Cherry Grove will allow you to build any equity after assessments?

If you’re looking at a 30 or 40 year old condo there’s no telling what’s up with it.
Click to expand...

Some homework is necessary to gauge the financial health and history of the HOA - there are likely wide variations.
 
Cherry Grove consists of people working for the Boulineau's empire, people working on Boulineau's-owned land, or people from North Carolina on vacation
 
why buy SC beachfront property when NC beachfront property is so close
 
also feels like beachfront probably not a great long-term investment unless you want your kids to try selling it to Aquaman in like 70 years
 
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damn we're finally living the future [as] promised us
 
Get them pokey sticks at night and sunrise in the morning. Chapel Hill life.

(Haven't had either in at least ten years)
 
coolness is having courage
courage to do what's right
 
mako1331 said:
Anybody here have any experience with ownership of beach rental property? The wife is pushing pretty hard for a condo at either topsail or cherry grove right now, but I’m not sure I want to deal with the headache.
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No experience with beach property, but my wife kept the townhouse that she lived in before we were married, and we've continued to rent it, so I have some general things you might not have thought of.

1. Rental income is taxable. You should probably be able to offset it with deductions for HOA fees, mortgage interest, rental expenses, and depreciation of the property, but it's something to be aware of, and speak to an accountant about. Also, if you do depreciate, that lowers your basis when/if you ultimately sell the property.

2. Would you manage the property yourself or hire a management company? If you're paying a management company 10%, that might not seem like a lot. However, it's the equivalent of having the place unrented for over a month every year. Depending on your distance from the property, you might not have a choice but to use one.

3. Do you have the budget to handle an emergency, if the refrigerator dies or the water heater goes out? Doubling the number of properties you own doubles the odds of an appliance-related disaster.

4. How long would you want to hold it? We've been happy with our rental, but we view it as a long-term play. It has brought in just a trickle of income over the last couple of years, but, ideally at least, the rent will continue to rise while the mortgage payment stays the same. We wouldn't have chosen to hold it if it were just to rent for a year or two.
 
Considering it would be an out of town vacation rental, weigh the following events which are likely or possible to occur and be handled by your management company:

Broken/missing lamp - management company bills you $75 to replace lamp instead of billing their renter
You need a doorbell - installs doorbell for $150 without consulting you (you don't actually want a doorbell)
Plumbing problem - pay plumber $250/hour for shoddy work
Someone stole some framed picture from 1984 off the bedroom wall - management company suggests you get some artwork

Then, you come down for two weeks in July to enjoy YOUR vacation rental condo and find that all of the linens that you purchased at Bed Bath & Beyond are all stained/missing/mismatched/and reduced in number by 15%. Your glassware is a bunch of cheap mismatced shit. There's a lot of weird stuff in the cabinets, including 10,000 coffee filters, but you can't find any of the spices you left there. Your locked owner's closet has been breached. There are stains on the carpet and pretzels between the sofa cushions. Sand lines the baseboards. Any games or cards that you've left for yourself and the renters are basically unplayable due to missing pieces. Your furniture has been moved into configurations you never imagined a sane person would even experiment with.

If you can tolerate all of that and don't mind spending every bit of your "profit" in "everyday wear and tear" then you should go for it. Not to mention that strangers have been fucking on your sofa and barfing in your kitchen sink.
 
the mgmt company will install a doorbell on your property without your permission?
 
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