Thursday, May 31, 2007

Looking for a Vacation Rental Property on OBX

Yesterday, Eddie from Sun Realty came over and talked to us about buying a vacation property here on the Outer Banks. He wanted to find out what our goals were... huh, hadn't thought about that yet. We told him, we were thinking that we'd like to move here permanently in about 10 years and from now till then - we'd like to rent out the place. Out of the six kids between us - the youngest should be through high school in 10 years.

I know it's been my dream to move to the Outer Banks when the kids are through school. But, I think I need to talk to Adam about what his dreams are instead of dragging him along for mine.

Anyway, Eddie seemed to be encouraging us to buy a lot and build a house. He says that a rental property doesn't ever pay for itself 100% - but that we may only need to pay about $500 per month for a 400K house. He recommended looking in Waves, Salvo and Avon - which are all towns that I really like. He left us with a lot of literature and things to think about.


Ronnie said...

Welcome to the Outer Banks. We have an active group of bloggers so you will fit in just fine. You can find a list at my site -

If I can be of any assistance on the financing side, please give me a call.

Paula the Surf Mom said...

Should I says welcome neighbor?

donk.usa said...

Thanks Ronnie.

Paula, sorry to say it won't be for a while, unless we come across a deal of a life time.
Lizzie and I are going to be going to open houses nearer to home. Looking to buy another house so we can have a rental. But getting a house in OBX is a possibility within the next 10 years or so. Got to wait till kids get out of school.
But if you come across any great deals let us know.

Frankie said...

The OBX is so wonderful. Just don't get involved with Kitty Dunes Realty. They have a terrible reputation for screwing people over with their ambiguous contracts.

donk.usa said...

Thanks Frankie, its always good to know both reputable and disreputable Realtors.
However, we won't be purchasing any beach property within the next couple of years, as we are going to focus on properties closer to home for the time being. But moving to the beach is a goal, and will become reality.