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  1. #1
    Registered User Harry362's Avatar
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    Does anyone own a vacation rental? Experiences

    Wife and I decided to save for a cabin in Blue Ridge, GA. Planning on putting about 70k aside in the next 2 years for one.

    http://blueridgegacabins.com/DetailL...ListNum=296522

    Prob something like that. If you have a rental how is it working out for you? Would definitely use a property management company up there. I'd like to just break even on the mortgage and anything extra is great. Pretty soon I can work from home behind my computer and could go up there for long periods and do tele work and it would be nice to get away.
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    Registered User paulinkansas's Avatar
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    I've got 23 furnished houses that I rent out by the week. My tenants are not on a vacation, they are contractors working short term jobs at a refinery. The only person that is going to make money is your property manager. You may want to post your question on another forum. Biggerpockets in the Short Term and Vacation forum. You'll see me over there. Everyone from that forum has what you are trying to buy. They all self manage, even from a distance.
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    Registered User Cartiac's Avatar
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    I would recommend only purchasing the property if it is something you really want and can afford without depending on short term rental income. Without specific knowledge of that area I can still confidently assure you there is no way you will immediately break even but may be able to partially subsidize part of the cost of a vacation home if you really want it for yourself especially with the cost of a property management company.

    Despite what the people selling books tell you, there is way too much money, competition, and zero barriers of entry in real estate to make a quick buck especially if you don't have a law degree.

    Think about it, if all it took was a 70k down payment to acquire a home that would immediately pay for itself who wouldn't be able to do that? If that were true I would have homes in every state as would everyone else.
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    Originally Posted by Cartiac View Post
    I would recommend only purchasing the property if it is something you really want and can afford without depending on short term rental income. Without specific knowledge of that area I can still confidently assure you there is no way you will immediately break even but may be able to partially subsidize part of the cost of a vacation home if you really want it for yourself especially with the cost of a property management company.

    Despite what the people selling books tell you, there is way too much money, competition, and zero barriers of entry in real estate to make a quick buck especially if you don't have a law degree.

    Think about it, if all it took was a 70k down payment to acquire a home that would immediately pay for itself who wouldn't be able to do that? If that were true I would have homes in every state as would everyone else.
    I'm not familiar with vacation rentals in Georgia. And I don't know anything about air b n b style rentals.

    However, I've been watching rent house pricing for awhile here. From what I've figured if you can put down 20% on a home. You should be able to rent it for enough to cover the mortgage, property tax, insurance, etc. and still cash-flow anywhere from $100-400 per month.


    There are a lot of homes in the mid-west and south that can be had for 40-120K that will cash-flow $400-1200 per month as a rental. My girlfriend owns 4 houses valued at 25-30K each and they cash-flow $500 per month each. All paid for cash so she's literally pocketing 90% of that money and maybe 10% per year goes to expenses.




    So yeah, I'd say for 70K cash you can easily pick up a home in a lot of states that will pay for itself completely if not put a couple hundred bucks per month in your pocket. That's exactly how single family home rentals work.
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  5. #5
    Registered User Harry362's Avatar
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    Harry362 is offline
    Originally Posted by Cartiac View Post
    I would recommend only purchasing the property if it is something you really want and can afford without depending on short term rental income. Without specific knowledge of that area I can still confidently assure you there is no way you will immediately break even but may be able to partially subsidize part of the cost of a vacation home if you really want it for yourself especially with the cost of a property management company.

    Despite what the people selling books tell you, there is way too much money, competition, and zero barriers of entry in real estate to make a quick buck especially if you don't have a law degree.

    Think about it, if all it took was a 70k down payment to acquire a home that would immediately pay for itself who wouldn't be able to do that? If that were true I would have homes in every state as would everyone else.
    Yeah we could afford the mortgage without any rentals at all. I would plan on spending a good amount of time up there bc I can work remotely soon. An extra grand a month isn’t bad considering we are both eliminating student loans by the end of the year and that’s 2k+ a month.
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