OCNJ- Where can I get the best Rental Income?
The number one question we are asked more times than not... "Where Can I Get The Best Rental Income?" Honestly it all comes down to one fact, and that is the closer you are to the beach, the better your opportunities are.
Now there are numerous things to consider when purchasing an Investment home.
-Condition: The condition of the home is a huge factor, will you need to put a large amount of money into the property prior to being able to rent it out?
-Size: What kind of renter are you looking for, A single family, multiple families? The size of the home you purchase will affect the list of potential renters based on the criteria they are looking for.
-Budget: Evaluate your personal and financial goals- Where do you see your yourself in 5 years.. 10 years down the line.
-Resale Market: The value on your resale will be similar on all parts of the Island if considered to be the same distance to the beach. What this means is that, You could purchase a home on the southend, northend, or in between- If it is the same walking distance to the beach your resale will be similar.
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A Lot of people tend to think that the boardwalk, or even the southend tend to be the go to area. The South end is closer to the beach as the blocks are shorter. The North end blocks are much longer, and run perpendicular to the beach. Check out the map below, See how the South end "red" area is shorter, That is one block to the beach. Now take a peek at the North End "red" area- You will see it is much longer but also considered one block to the beach.
Just for point of information, Homes that are closer to the downtown area, 'may' have a better chance at off season Holiday Rentals. If you are looking to earn the best return value, We would not recommended basing your home purchase off of this, though.
So you have now made the decision that purchasing a Investment home in Ocean City is right for you.... You may be asking yourself, Where should i list my home for rent? There are many different options I'm sure you have been told about, Using a Real Estate Agent of course may be your easiest route.
Some people tend to be do it yourselfers- and that's Okay! There are several online platforms that are able to help you to list your home for rent. Two of the main platforms you will see advertised most are Airbnb and VRBO. Both of these websites are services that connect hopeful homeowners with Prospective clients who may be looking for short-term rentals, and each are recognizable for a variety of reasons. What is the difference between AirBNB vs VRBO?
Many buyers in Ocean City are previous renters and plan to rent their new investment for income. However, you might not be familiar with how the rental business works (behind the scenes). You may be asking, How Would I Collect My Rental Income?