Success on 4th Vacation Rental!
We just closed on our 4th Vacation Rental property!
Thought it would never happen after the lengthy, frustrating, infuriating bank loan process. This is our 3rd investment mortgage, will never go through this again, even with the good rate. Got a 15 yrs 3.56 rate, but next time will pay higher rate to go with our smaller local bank who owns their own loans. Lost about a year off my life with the stress, just not worth it.
But the house is great! This is our first that requires little work - just a little renovation, some fun Craigs List furnishings, and ready to rent we are.
What I love about vacation rentals is that, apposed to the typical suggestion not to fall in love with your rental, it's OK for me to fall in love with the property. It has to be fab for someone to want to rent for a week...so fab I make it. It's fun.
$260K purchase price, 10K closing costs, $5K furnishings and stuff.
$25,000 per year with mortgage, insurance, taxes, utilities and operating costs
Expect $50K first year. Own it clear in 15 yrs.