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Buying a vacation home to rent
Posted on 1/23/21 at 11:23 am
Posted on 1/23/21 at 11:23 am
I have been thinking about buying a lake house to rent out for 10-15 years until I can retire in it. This would be my first rental property so I am not quite sure what I'm getting myself into. Anyone have any pointers or book suggestions on how to get into the rental game?
5
Posted on 1/23/21 at 11:27 am to Bamajedi
My friends and I were thinking of doing that exact same thing in Charleston. But the majority of the city and surrounding area is SUPER restrictive on short-term rentals, and I'm thinking I may just fully move there, so it's on hold for a bit.
If you're buying it yourself, it should be pretty straight forward. If you're going in with friends or family you need to be a bit more careful.
If you're buying it yourself, it should be pretty straight forward. If you're going in with friends or family you need to be a bit more careful.
Posted on 1/23/21 at 12:05 pm to Chucktown_Badger
quote:You betting on the tourism allure of West Virginia’s chemical alley?
My friends and I were thinking of doing that exact same thing in Charleston.
Posted on 1/23/21 at 12:15 pm to soccerfüt
quote:
You betting on the tourism allure of West Virginia’s chemical alley?
I’m pretty sure he’s talking about Charleston, MS.
Posted on 1/23/21 at 12:23 pm to go ta hell ole miss
Charleston, South Carolina would be better...
Posted on 1/23/21 at 12:29 pm to lynxcat
I assume he is talking about the one in South Carolina.
I have numerous friends who have done this very successfully with beach condos in Destin. Life as a property owner is a lot easier if you get a rental agency to handle all of the problems for you.
I have numerous friends who have done this very successfully with beach condos in Destin. Life as a property owner is a lot easier if you get a rental agency to handle all of the problems for you.
Posted on 1/23/21 at 1:30 pm to Bamajedi
What I want is a relative or friend with a lake house/beach house, and a boat/jet ski.
Posted on 1/23/21 at 2:41 pm to makersmark1
Fortunately I have that. I have several friends with condos in Destin where we go on a regular basis, and I have a friend with a lake house in the woods outside of Jackson, Mississippi where we have evacuated for hurricanes a time or two. Posted on 1/23/21 at 7:43 pm to Bamajedi
You really have to be close enough to manage it yourself or be able to pay cash for it. Otherwise, the 25% management fee or debt servicing will eat up the benefits of renting it out and not being able to use it during high occupancy months. Rental properties also get beat up, so maintenance costs are 5-7k per year.
Posted on 1/24/21 at 6:40 am to Bamajedi
Have you looked to see if there are other rentals at the lake/a you are interested in OP? Are there local management companies? Are you just looking to do this to make a little money to help cover costs or as a business with an expected ROI or to cover ALL costs?
The worst part about vacation rentals is they are a 7 day a week business and issues often happen on nights and weekends, and you probably aren’t local. So you have to figure out what happens when you have a jammed disposal on a Friday night for instance.
The worst part about vacation rentals is they are a 7 day a week business and issues often happen on nights and weekends, and you probably aren’t local. So you have to figure out what happens when you have a jammed disposal on a Friday night for instance.
Posted on 1/24/21 at 7:19 am to baldona
Lake Martin, so there are a lot of homes for rent but they stay booked for the most part. Looking at new houses so repair costs should be low for a while. ROI slightly above break even would be OK since I would have a paid off retirement lake home in 15 years. I am 1.5 hrs away and have flexible work hours so I could handle issues fairly easily.
From my limited research, owning several rental properties would be a great way to shed some of this ridiculous tax liabilty
From my limited research, owning several rental properties would be a great way to shed some of this ridiculous tax liabilty
Posted on 1/24/21 at 8:20 am to Bamajedi
If you are buying it and having someone manage it, buy a property in the strongest rental market, rent it out for 15 years, sell it and buy the lake house.
Posted on 1/24/21 at 4:56 pm to pjab
I agree, every Time you go there you will see the damage done by renters, and spend the whole time trying to fix it. The times you really want to go holidays and such will be the times that you need to rent it out. Keep it separated.
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