Waterfront property: Paradise with a price -
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Published on: 9/11/2004
Last Visited: 9/11/2004
Rental income can cover those expenses and the mortgage, but living several hundred miles away in Kentucky or Indiana, you might want to consider a property manager to help keep an eye on your investment, said Maurice Gilbert, a real-estate broker for Realty One Services in Grayton Beach, Fla.
"They're very affordable, especially when you get the kind of rents you get off of them here.It helps to defray some of the costs."
Gilbert said the formula for success is not too complicated.
"You want to get as close to the water as you can afford to get," Gilbert said."Your return on your investment is going to be better.Everyone who vacations in this area wants to be close to the water, so your property is going to rent better."
Making as many visits as you can and throwing in some sweat equity also are good ideas, he said.
"Even though they have a property-management firm, they want to come down periodically to check on the management itself," Gilbert said of property owners.
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