Whats the best rental income property?

By
Real Estate Broker/Owner with Alpine Lakes Real Estate Inc.,

Loon Mountain Ski area slope side home .

The funny thing is I usually get this (income question) from people looking at second home rental properties. I answer this way" Buy a duplex close to where you live", and you check the tenants rental application, you paint clean, and re-carpet between rental, mow the lawn and chase renters for money when they are late.

This answer is always met with "no I mean up here in ski country",well you can't make a big profit on vacation home income, it's too seasonal. You can cover your costs if you don't have a mortgage and still have a couple of weeks (14 days max with certain write offs) a year to enjoy the place.

The alternative is to buy for long term resale or to use later in your retirement, in this case a yearly rental will eliminate the utility costs that would remain in your name for the short-term rentals and give you a fixed income to count on.

In any case real estate buyers are always looking for the return on investment and this is a long term strategy that can pay-off in an well established resort location. For the short term rental many of my customers say they do very well with cyberrentals, vrbo (vacation rental by owner) and Craig's lists, and use pay pal to arrange payment, with a local maid service holding keys and cleaning between rentals.

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                                                                                                                                                                              Your-White Mountain New Hampshire real Estate Expert

                    steve@alpinelakes.com toll free 800-926-5653 /cell 603-381-7898

                        MLS search and Realtor web site: www.alpinelakes.com

                         My outside Blog: www.steveswhitemountainblog.com

                    Lincoln NH &  Local interest site: www.localism.com/nh/lincoln

    Grafton County NH MLS search

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Show All Comments
Rainmaker
961,126
Georgie Hunter
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info
It's not always easy to make a resort property "pay for itself".  The value is in having it to use, and keeping it for the long haul.  If you can enjoy it, and let family and friends use it, then it might be worth owning it.  And of course there's the bragging rights.
Mar 13, 2008 08:47 PM #1
Rainmaker
863,487
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Georgina

You are correct, the trophy property is usually purchased just to show the buyer can own it, pride of ownership and allowing business associates, friends and family to use.

Mar 14, 2008 07:00 AM #2
Rainmaker
605,794
Sharon Simms
Coastal Properties Group International - Saint Petersburg, FL
St. Pete FL - CRS CIPS CLHMS RSPS
Resort properties here on the Gulf Coast of Florida (St Petersburg/Clearwater/Tampa) don't generate positive cash flow for current purchasers. In addition to the enjoyment and bragging rights, many people find it makes sense if this is where they want to retire to buy now when prices are low so that they can afford something that they might not be able to 5 years from now.
Mar 19, 2008 07:15 PM #3
Rainmaker
863,487
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Sharon

Without a doubt this is what many baby boomers are doing, positioning there purchase to cover most costs until they can make the property a retirement address is a great reason to buy now and hold (with some help from income to off set costs) Thanks for your thoughts good points to consider. Steve

Mar 20, 2008 06:39 AM #4
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Rainmaker
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Steve Loynd

800-926-5653, White Mountains NH
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