So if I actually put my insurance into place, I'm actually only netting about $130 a month with everything. It's a very long term investment at this point. It's a place I want to build up a little more and then sell.
With the short term rental, I would see benefits sooner. I will not really making anything monthly on my long term rental...I'm just basically having someone pay my mortgage. I probably won't see any real gains monthly until year 5. I feel I should make immediate money if I buy the beach rental and then grow from there.
My property now is growing and the investment has been worth it. I think after year one, I am realizing that this is going to be a long commitment without immediate benefits. I have a great tenant too....I can't imagine the headache I'm going to have if I get a bad one.
So if I'm going to put a lot of investment into something, get immediate returns and just have it grow....and have a place I can use too.
I'll pay for the best short term rental property management so they can take all the stress. I know it will cost more but it's worth it. I'm doing it all now myself and it sucks.