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6ballsisall
11-27-2005, 02:47 PM
Does anyone here own rental properties? Primarily vacation rental properties? Thinking about investing in a few in 2006 but looking from perspective from those that do it now.

Cloaked
11-27-2005, 02:53 PM
Does anyone here own rental properties? Primarily vacation rental properties? Thinking about investing in a few in 2006 but looking from perspective from those that do it now.I did and gave it up. I won't elaborate my frustrations with contract services and being out of state with ownership.

However I do have local rental properties that is as much of a hassle (generally speaking) but is manageable without a middle man (a contract service agent).

Please don't allow my comments and opinion to be negative toward your thought. Some people thrive on this but for me? It's not worth my time in the long run.

I have a house in Lake Mary, FL that my brother uses year round and when he goes on vacation, I go there. Works great for both of us. Done deal.


I am buying and selling development property at this time for an investment venture. It pays for itself and then some.

Leroy
11-27-2005, 04:43 PM
JR; I've been looking at buying a few small houses in our small town. Our Mayor is putting in a $50M arts complex in our city and that will create demand in younger people and rentals/low end housing. I just want something that ~breaks even, little money down, while building equity.


I've looked many times, but never been able to make the $$ work for myself on out of town vacation properties....with school kids I would want it when everyone else would be willing to pay top dollar.

Farmer Ted
11-27-2005, 05:40 PM
We have one and will probably rent the house we live in now when we outgrow it or move. The rent house we own brings in $400 a month and the house we live in now will fetch at least $1000-1200 a month.

I would recommend getting a decent property and then price the riff raff out of it. Unless you like dealing with deadbeats who will destroy your property.

The house we live in now is 5 minutes from base and we are a Numbered Air Force, so there's a high turn over as most officers only stop in to get their ticket punched and move on, thus the rental market is pretty good here. The house will only be advertised to military personell through the base housing office so it's pretty easy to collect if they decided not to pay as Commanders get upset when their people don't pay their bills.

Just be sure you get good references from previous landlords, job history, and of course credit report.

6ballsisall
11-27-2005, 09:09 PM
I am not sure at this point I am ready to bite off rental properties in the true sense but I am intriqued with the vacation rental property idea. We just spent a week in Gatlinburg, TN and was amazed at the number of rental properties/cabins down there and the claimed rental income history of some of the properties. I think as Sporty says, it really makes a difference on the management company you go thru.

erkoehler
11-27-2005, 10:06 PM
Does anyone here own rental properties? Primarily vacation rental properties? Thinking about investing in a few in 2006 but looking from perspective from those that do it now.


We own a small resort in Northern WI....not sure if this is what you are talking about.

Workin' 4 Toys
11-28-2005, 10:54 AM
Jeff,

I found this is big business on the Lake of the Ozarks, Missouri, as well. The folks we rented from have a few, and always looking for more. The neighboring houses, same. Alot of rentals.

It's not my cup of tea, so I show no interest. I'll pay the rent, stay where I want, and go home with no sleep lost worrying something happened and someone is going to "slap on the lawsuit" for god only knows what they could find. Especially around water. It takes all kinds to make the world go 'round, and some are looking for the easy way.

Workin' 4 Toys
11-28-2005, 10:55 AM
We own a small resort in Northern WI....not sure if this is what you are talking about.

Yup, that's what he was talking about. Although, I doubt he is looking for Northwoods property.

6ballsisall
11-28-2005, 11:53 AM
Interesting comments so far, keep em coming!

The way l am looking at it if the gross incomes from some of these properties really are what they are then it seems like a good gig. Frankly I'd be happy if over the course of the year the property paid the mortgage on it and net income on top of it would be a serendipity.

Looking for long term growth and some tax benefits so old Uncle Sam quits stickin' me so hard :rolleyes:

erkoehler
11-28-2005, 12:01 PM
JR,

Is this a property that you would also frequently use, or just a rental that you wouldn't ever stay at? I have found that with our place, once we began renting the cabins they lost that "homey" feel, and I am not as comfortable staying in them. Just something I have experienced with our property.

6ballsisall
11-28-2005, 12:05 PM
JR,

Is this a property that you would also frequently use, or just a rental that you wouldn't ever stay at? I have found that with our place, once we began renting the cabins they lost that "homey" feel, and I am not as comfortable staying in them. Just something I have experienced with our property.


We might frequent it once or twice a year. I am really looking at this primarily as an investment property(s) vs. vacation cabin to rent. I figure I'll make it feel cabinesque with nothing to expensive or extravagant and have to budget new furniture and other stuff about every 2 years.

lakes Rick
11-28-2005, 06:44 PM
We own a small resort in Northern WI....not sure if this is what you are talking about.

You mean mom and dad ??

Ric
11-28-2005, 07:02 PM
You mean mom and dad ??
I thought it, but didn't say it Rick.

I've been pondering residential rental property for a while but just haven't taken the leap

6ballsisall
11-28-2005, 09:13 PM
I thought it, but didn't say it Rick.

I've been pondering residential rental property for a while but just haven't taken the leap


I did some talking to a tax and financial planner friend. Apparently you can do an IRA (roth or regular) around real estate. My thought process was Roth IRA for the wife with Real Estate and any profits that come from the rental property also can fund my Roth IRA. Plus the tax benefits from the mortgage interest. I am liking this idea'r more and more :popcorn:

erkoehler
11-28-2005, 09:26 PM
You mean mom and dad ??


Actually, Grandpa, but I work there every summer. Someday it will be mine.....

6ballsisall
11-28-2005, 09:28 PM
Someday it will be mine.....


Erk you forgot your Dr. Evil laugh Muhhaaaaahhhaaa Muhaaaahhaaahhhaahha :cool:

erkoehler
11-29-2005, 02:07 AM
Erk you forgot your Dr. Evil laugh Muhhaaaaahhhaaa Muhaaaahhaaahhhaahha :cool:


Thanks for covering the bases for me......

Workin' 4 Toys
11-29-2005, 09:59 AM
You mean mom and dad ??
I think he probably meant we "the family". To operate one of those types of properties takes a group effort.
I can certainly see why he considers himself part of "we".

At my house, it is weren't for "WE" my wife would be much better off....:D

lakes Rick
11-29-2005, 12:56 PM
I thought it, but didn't say it Rick.

I've been pondering residential rental property for a while but just haven't taken the leap

Another reason for my driveway sign........

OhioProstar
11-29-2005, 06:19 PM
Hey Jeff....I found about 10 decent sized parcels down in Cumberland near Echo Point that would make for a pretty good investment in if you buy the land and put a simple cabin with plenty of boat parking. We have rented down there for about $120 a night for 5 years. With a little advertising the cabins could be filled most weekends. My wife and I are looking into a couple lots this spring. PM me if you would like more info.

6ballsisall
11-29-2005, 06:29 PM
Hey Jeff....I found about 10 decent sized parcels down in Cumberland near Echo Point that would make for a pretty good investment in if you buy the land and put a simple cabin with plenty of boat parking. We have rented down there for about $120 a night for 5 years. With a little advertising the cabins could be filled most weekends. My wife and I are looking into a couple lots this spring. PM me if you would like more info.

You've got mail :D