0 Members and 1 Guest are viewing this topic.
'strophe I didn't see the part where you factored in closing costs either, or is this a property you already own and are considering converting to a rental?
I'm interested in buying a lake house to use a few times throughout the year and VRBO'ing that bitch the rest of the year. Anyone had experience with that?
Everyone here is factoring in equity, right?
good to own land
Quote from: XocolateThundarr on July 26, 2018, 10:13:41 AMI'm interested in buying a lake house to use a few times throughout the year and VRBO'ing that bitch the rest of the year. Anyone had experience with that?Why don’t you just rent a lake house a few times a year?
For real, though. Has anyone actually used a property management company to focus on the leasing, rent collection, coordinating repairs, etc.? This is a must for me. This whole money-making scheme is DOA if that doesn't work. I've heard folks with good property management companies only need to spend 1-2 hours a month on a property, but this has admittedly come mostly from people trying to sell turnkey properties.
in the end, EMAW will always win.
Quote from: catastrophe on July 26, 2018, 09:46:17 AMFor real, though. Has anyone actually used a property management company to focus on the leasing, rent collection, coordinating repairs, etc.? This is a must for me. This whole money-making scheme is DOA if that doesn't work. I've heard folks with good property management companies only need to spend 1-2 hours a month on a property, but this has admittedly come mostly from people trying to sell turnkey properties.I worked in property management briefly and while they can definitely cut down on your level of work, they also can be quite expensive. They will likely take a cut and then if the tenant needs something fixed, you'll either pay the PMC a high hourly to fix or pay them a high hourly (less hours tho) to outsource, which will also be billed to you. I would find a potential company to go and talk to. If there is something similar to what you are looking for that's on the market, go to the company and talk to them about their comps in the area and fees (might have to pretend you're going to buy that property). That should give you a much better estimate of their costs because they aren't going to be $28.
What is a normal repair budget for a year? $3,000 to fix just the necessary stuff?
I'm looking forward to catastrophe rebounding from this rough start and eventually becoming a modern day Mr. Potter.
Quote from: catastrophe on July 25, 2018, 01:49:04 PMWhat is a normal repair budget for a year? $3,000 to fix just the necessary stuff?
Quote from: wetwillie on July 26, 2018, 10:37:27 AMQuote from: XocolateThundarr on July 26, 2018, 10:13:41 AMI'm interested in buying a lake house to use a few times throughout the year and VRBO'ing that bitch the rest of the year. Anyone had experience with that?Why don’t you just rent a lake house a few times a year?The thought was to use the VRBO deal to help pay for it. Most of the places I have been looking at rent for about $500 per night. Seems like if you have a desirable property, it wouldn't take long to pay for itself. Once it's paid for, quit renting it and enjoy your private getaway.