I have been considering buying a home in Galveston and renting it by the week and using it when its not rented. Do you know anybody who does this? Is it profitable? Hassle? Any advice is appreciated. Please only locals. Thanks!
2007-12-18 02:13:37 · 4 answers · asked by Esmeralda 4 in Local Businesses ➔ United States ➔ Houston
I agree with edward I. Lead paint is a problem with all older homes, and Galveston is notorious with large amount of older home.
In addition, you have to consider other factors - hurricanes, flooding, occasional less than desirable visitors (such as the Kappa weekend, Mardi Gras), all of which can affect your home there.
I had lived in Galveston for years, and the housing market was very bad when I was there. Housing demand had increased since then, and lots, especially on the beach, has become pricey. However, other part of island are still not necessarily good. Investing longterm would be considered, but short term earining may not be there.
I have a very good friend who has a house in Galveston, near Bishop's Palace. His then-girlfriend had lived in that house for a long time, but when they were married, she moved up to Houston, leaving the house for rental. They had a hard time selling it, so they are renting it, and it has not been too easy in renting out, especially in off season. If you are interested, he actually comes to my wine tasting at times, probably next tasting. Let me know if you are thinking about it.
2007-12-18 07:54:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I think it depends on the location of the property. If it is on the beach in west Galveston, on the seawall, in the historic district or a loft on the strand, you may have luck with it but if not it may be difficult to rent right now. There are a lot of rental properties available. Also the season will definitely affect your profits. It's off season right now (sept- may) and there are hardly any tourists on the island. See Galveston.com and maybe you can find someone on there that actually is renting a property that you can contact. Good Luck!
2007-12-18 08:03:48 · answer #2 · answered by mami_de_alex 1 · 0⤊ 0⤋
I would forgo Galveston. Crystal Beach is a better place for investing in a get away. Go to Crystal Beach web site. There you will find many realtors that can show you the way. Good Luck, and if the price is right I'll rent from you in the off season. I need to be able to bring my well behaved dog.
2007-12-19 00:58:10 · answer #3 · answered by googoogirl 4 · 0⤊ 0⤋
The major problems just now, recently publicized, are the old homes with asbestos and lead paint.
Children appear to be heavily affected in Galveston.
Tread carefully with those concerns.
2007-12-18 02:20:27 · answer #4 · answered by ed 7 · 0⤊ 0⤋