The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: lakemom on February 15, 2016, 11:11:16 AM
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I'm already a member on biggerpockets but was wondering if anyone had a recommendation for good books/articles/websites/blogs on the subject. If it matters we're basically referring to Up North Michigan in the "golden triangle." We're evaluating a property and I prefer to be over educated to undereducated. We own a rental locally (northern Indiana) but its an annual lease not weekly rentals so a totally different market.
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I'm already a member on biggerpockets but was wondering if anyone had a recommendation for good books/articles/websites/blogs on the subject. If it matters we're basically referring to Up North Michigan in the "golden triangle." We're evaluating a property and I prefer to be over educated to undereducated. We own a rental locally (northern Indiana) but its an annual lease not weekly rentals so a totally different market.
Paula of affordanything.com has a 5 part series relating her airbnb rental experiences, as compared with her conventional rentals. Link: http://affordanything.com/2014/03/20/airbnb-experiment-impulsively-started-vacation-rental-business/
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Just out of curiosity, what area is "the golden triangle"?
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There are huge variations in vacation rental management conventions (and typical returns) between markets, so I'd talk to local agents and managers regardless of how much reading and number-crunching you're capable of. I've researched two markets fairly extensively and was surprised how many things varied between the two.
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Just out of curiosity, what area is "the golden triangle"?
Traverse City/Cadillac/Manistee You've got it all...beaches, lakes, state/federal forest, ski resorts, groomed snowmobile trails, cross county skiing, hunting, fishing. There are also wineries and farmstands etc. All this and within easy driving distance to many major Midwestern metropolitan areas. We vacation up there at least 1X per year in addition to many day/weekend trips. Dh's family is originally from up there (they moved away when he was 4) and we just love it.
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There are huge variations in vacation rental management conventions (and typical returns) between markets, so I'd talk to local agents and managers regardless of how much reading and number-crunching you're capable of. I've researched two markets fairly extensively and was surprised how many things varied between the two.
Working on this right now! Its hard to get people to talk hard numbers however.
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Never heard of this area referred to as the "golden triangle".
We have a lake home a few miles from Traverse City on a large chain of lakes. Rental can be very lucrative on these nice lakes. Our neighbor rents his place for $3,000 per week during summer months. To maximize rental in that area you need to be somewhere that can take advantage of the summer lake life, as well as winter skiing, snowmobiling, etc.
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Yes we are only looking at waterfront properties (preferably on an all sports lake) in areas that are year round fun. Close to fishing, skiing, forest, beaches, and lakefront to boot. We are looking at one turn-key property right now but will be looking some more if this deal falls through.
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Lakemom - We are on the Torch, Skegemog, Elk lake chain if you are familiar.
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Yes I have a vague sense of where those are. There are soooo many lakes up there (some with the same name in different counties and some known by 2 different names lol) that its hard to keep them all straight.
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FRs - thanks for posting the link to afford anything - extremely helpful.
What she says about vacation rentals being a job, not an investment, is so true. I had a cabin that I occasionally rented on Airbnb to cover the costs, and it worked out - but you get tired of washing sheets and towels really fast.