Seasonal renting or monthly?

Question

I hello guys! I am new to this forum, and also to owning real estate. I’m currently planning to get started and I am considering several options for generating more income.

Important information about the location I live in is that it’s rural, population of around 15,000 and we have several popular lakes around us that people flock to in the summers.

I’m considering these options:

Mobile home/house to lease annually, generating monthly payments

Cabin/home near a lake location, with options of annual leases or smaller amounts of time during the summer

A large home with three floors, divide up and lease out 2-3 sections.

I’ve never done anything in real estate before, not even bought my own home at this point. However, I can pay up front in cash, and want to maximize my income. Advice?

Mark Wright · Answer

Not sure of the climate of where you're located, but I live in a very rural area with harsh winters.  However, one town within the general area (referred to as tri-lakes as all 3 towns within 10-20 min. of each other and- you guessed it- have a lake!) has become an extremely popular tourist trap over the last decade of so.  To put it in perspective:  There are more Airb&b's available then there are places to rent long-term.  Obviously you should choose whatever fits your budget and lifestyle, but also whatever's most suitable for your area.  For instance, here I'd chose the cabin near a lake scenario.  If you're looking for year-round, maybe a duplex/triplex near touristy attractions/night life.  Budget and time wise, are you looking for something that's ready to go/turnkey, or something that needs to be rehabbed?  Do you want to house hack or rent it out and travel?  Are you looking for a quick ROI or steady ROI?