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Beach condo- good financial decision?
Anyone here ever bought or owned a vacation condo that gets rented out via a rental/reservation company on a weekly basis?
If so, did you go into it for primarily personal reasons (ie we want a vacation home and this allows us to go whenever we like and if we make some spare money then great) or for financial reasons (ie if we keep it rented out it allows us some extra income every month, plus we might be able to use it as an affordable vacation sometimes).
Did you make money, or lose money? How long did it take to recoup the costs? did you have any major logistical headaces (weather damage, bad renters, theft, etc). Did/do you benefit from owning it by getting to vacation more often? Do you think it is worth it? Both financially and vacation-wise?
just wanting opinions. Especially from anyone with experience. To me it seems like a major risk and is something I would do if only my other major debts (car, cc, student loans) were all paid off. I am undecided whether it would be reasonable to do so even though we still owe on our primary mortgage.