any experience renting out slips?

[Richie89]

I'm in real estate, rentals. i'm currently selling some properties and am considering buying some south FL slips to rent for some extra income. i also am thinking i can move my boat around to whatever slip isn't currently occupied for some change of scenery, plus be able to write off some trips to South FL. anyone else done this and can offer some experiences, good and bad?

 

[Ididntdoit]

In my searches I have found websites dedicated to renting out private slips (Like VRBO or Air BNB) a lot of people seem to look for lifts that will hold large multi engine center consoles......important to make sure beam and weight restrictions don't limit your market.....I know bimini sands will be selling slips and they are talking about a rental "pool" for sharing revenue as well as a $200 or so monthly HOA.......my question is what happens if the docks are destroyed in a weather event and the marina is unable to open for an extended period?

 

[mobocracy]

I would worry about covenants that restrict rentals or force you to use a marina or association rental system, stripping out the profit motive or making it overly complex to do so. I'd also worry about any business structure that would have the appearance of a sham business designed to support recreational endeavors.

I will admit to not knowing anything about the business of Florida boat slips, but generally speaking shared structures (condos, townhomes, etc) oriented towards owner occupation tend to have a ton of rules and restrictions on subletting their spaces. I would expect marinas would be even worse.

 

[Richie89]

thanks for input, some of the topics i've thought about and have experience in since i'm already in the business. if docks are destroyed, i'm out of that income unless i have a policy that replaces lost income. on some of my properties, i have that coverage on others i don't. in this endeavor, i won't, but i will geographically space out slips so i shouldn't have many down at a single time. (my current home slip is currently in rebuild and unable to be used, because of Hermine.) as far as restrictions for lease agreements, i would only buy into marinas where there are none, and that have their own HOA so my insurance needs are met through my HOA payments. so far in my research, there haven't been restrictive policies about subletting, as this seems to be a norm for FL slip owners to sublet.

 

[Richie89]

pretty sure i will have to get a FL business license.