Buying a condo and moving to Galveston? Pros? Cons?

Make sure you understand all the hidden costs of ownership. Taxes, insurance, mandatory HOA and maintenance fees. Not saying ownership isn’t worth it, but I’ve seen too many people underestimate those costs.

for income tax purposes, you will probably need to declare one of these as your primary residence. You should get a homestead property tax reduction for that property, but your ability to write off rental expenses on that property will be diminished. Those laws fluctuate a bit, so it’s best to do a LOT of research or hire a professional for tax planning/filing.

most of the home away, vrbo, airbandb type places have become a huge racket, and they milk you for every penny of your profit. You may need them in the beginning, but do everything you can to establish a personal relationship with your clientele, reach out to them, communicate with them and offer them better deals if they bypass the rental websites. Once you’ve established a clientele, drop the rental website and just use your own business website.

 

Also, I can tell you small touches in marketing in your condo make a difference......DO you have separate Wi-fi, do you have a big screen TV with smart apps in case it rains.....granite countertops.....

Make sure you have some special things that others don't have and your condo will rent while others sit idle.

DD

 

i think you have a pretty bad-ass plan dude! colorado in the summer, galveston in the winter with side-trips to austin for lovin!

i have a friend from austin who moved to galveston a few years ago and loves it there. plus, youre really not far from houston - at this point its almost a suburb.

i was actually there for the first time in 20 years over the weekend and had a great time. stayed at the galvez and went to the bryan museum, which is a must-see for texas history aficionados.

apparently the galvez is haunted as s*** and the hotel concierge has dozens and dozens of pics on her phone that guests have given her. i was skeptical, but she spent about 10 minutes going through them and telling us stories. something is clearly going on there. these were not just photos of light orbs that could be a flash from a camera or reflection or where you have to really try hard to see something...its clear as day. ghosts and figures wearing 19th century and early 20th century clothes and military uniforms. freaky!

 

For Galveston rentals in particular, it is difficult to manage during the peak months unless you stay local to maintain the space between bookings, deliver keys, etc. It is likely you'll have new people every weekend. So being in Colorado in your van while the condo is renting here may be hard. There are management companies that do all the leg work for you, but they are expensive and will cut into your bottom line significantly.

 

Hurricanes can be a problem.

 

yeah, im ghost agnostic, but i dont think those photos i saw were fake. it wasnt like some questionable orb that could be camera flash or reflection...or someone having to go "look right there, you see a face" and its really not a face. these were straight up full figures and clear faces that you could immediately see. one was two dudes in WWI era military uniforms standing side by side. lots of pics of people getting photobombed by hazy, yet clearly visible figures where you could make out their face and clothing.

i was hanging out in the roosevelt on the 8th floor and someone said they smelled smoke in there earlier. right when she said that i started smelling really strong cigar smoke and i could tell it was from a quality cigar. i took just one step back and couldnt smell it any longer. id step back into the same spot and smell it again. it was weird.

and if i lived in galveston i would eat there every day. great food. they got an all you can eat shrimp deal on friday nights.

check out issacs storm if youre interested in learning about the 1900 hurricane. one of the scariest reads ever for me.

 

I love Colorado in the summer and our mild winters here on the coast. Hope it works out for you. Looks like you are getting good advice. Storm shutters.

 

Surprised no on has asked about pics of the van...is it pretty sweet?

 

I love Galveston. Grew up going there, surfed there as a teenager, then finally lived there for 10 years, some of which were single. Met my wife there, got married and had our first kid. I love the vibe, culture and atmosphere. The Strand nightlife is awesome and affordable. There are three colleges there so it keeps the bars vibrant. We got flooded in Ike and we weren’t going to have our kids in the public schools there so we moved, but I get homesick every time I’m there now. I’m waiting on a good deal in a beach house or something on the East End. Will probably take another Hurricane hit to get the price I want but I’m not in any hurry.

Do the math. The guy you’re renting from may have a mortgage from the year 2000 with 2000 payments that 2020 rent covers in spades. Will 2020 mortgage/rent work for you?

Condos are well known as the worst investment outside of a time share. Even trailers are considered a better investment due to the insane HOA bullshit you deal with in a condo.

Ever consider just getting a RV lot somewhere on the beach? There are several on the West End. Houses are also an option, and can rent well all year round on a per week or weekend basis.

 

Pros: it’s Galveston

Cons: it’s Galveston

 

Also the Jamaica Beach RV park has the finest lobster food truck in Galveston County.

And mini golf.

 

Where do you poop when you live in a van?

 

...down by the river!

 

https://www.businessinsider.com/ford-transit-tiny-home-vincent-van-go-2019-9

@VooDooPope this you?

 

Yes... Galveston has both Pros and Cons living there. I'm sure you can hire either.

 

I'm pretty level headed but I have seen **** over the years that has made me a believer in the supernatural. I have some ghost stories from the pre-storm houses I lived in there. Oh and a crazy Ouija board story from when I lived in a house next to the Killing Fields in League City.

Ha! Dad joke.

I love these vans, but couldn't sell my wife on them. She thinks they're ugly. We have four kids now so the Minivan she drives (piece of crap to begin with) is a bit too tight. I might try the re-sell soon.