PDA

View Full Version : Do you rent out your house on the lake?


suedv
09-23-2006, 12:07 PM
We sometimes talk about buying a house on a good ski lake and that always leads to conversations about budget and what we really want to do. Other questions, are how far away from home and how big of a house/lot.

We tend look at real estate deals as business. You own it, you get something out of it, and it doesn't break your budget. We have a few houses. I do the real estate deals and lease them out and Rick does the property management.

Do any of you have lake front property that you rent by the week or some other short period of time? Do you feel like too much of your time (especially in the summer) is taken up with renting the place out? With various people using it over the summer, are you always messing with repair or clean-up issues? I'm thinking we could look into finding someone local to clean, etc.

My thought... if we buy something and rent it out most of the weeks in the summer (use it a little ourselves) eventually it will be mostly paid for and then we would then just have it for ourselves. I'm kind of looking at it as someone buying our occasional vacation house and mostly our retirement house.

Thoughts????
Suggestions????????????
Things to think about????????????????

6ballsisall
09-23-2006, 12:09 PM
Until recent I owned a Ski n Ski Out condo on the side of Breckenridge ski resort in Colorado. It was a decent money maker. I can't complain, we sold it and did well. Living this far away now had it's inconveniences to the deal. I sold because I got sick of the overwhelming large increases in management fees for the complex. If you do it, budget new furniture every 15-20 months and carpet every 2 years.

mitch
09-23-2006, 01:53 PM
We've had a lakefront 2nd home for 8 years and have never rented it out. Don't want a strange a$$ on my toilet.....Did I just type that?;)