My wife and I are in the greater Detroit area and are looking for options to invest in a vacation rental within about 30 minutes of Traverse City, MI. Are there any big names that focus on vacation rentals up there that I should reach out to if we want to make a run up and look at a few properties this weekend (Feb 10th-11th)?
@Justin Miller Did you ever connect with someone and make your trip up here?
I was able to connect to someone, but it was just a random Zillow connection. It was definitely a good trip to come up and get the lay of the land, but there's still a lot of homework required and as I've been working through it some properties have been eliminated due to minimum 30 day rental ordinances. So if you are or if you happen to know someone who knows which areas are safe for weekly/weekend rentals I could still use a connection.
Traverse City real estate is VERY expensive, however so are the rental rates. Most surrounding areas have less stringent rules when it comes to rental law. Look for something in Elk Rapids, Torch Lake Area, Shanty Creek landlords seem to do well. All my rentals are within 45 minutes of Traverse, but most are long term. I live in Traverse and can not justify paying what they want for their real estate for rental purposes . If I can help you in any other way let me know! Best of luck!
I could also suggest looking down by Beulah. Crystal Lake is one of the most beautiful lakes around with a very nice public beach in the village but you can pick up properties for much less than TC.
I've been looking over towards Elk Rapids and along the chain of lakes there. Seems like if you can put together a well appointed place you can pull some pretty serious weekly rental rates. That said, I haven't been able to find anything there that would reliably cash flow due to the seasonality of the area. Has anyone had good success on getting vacation rentals with some sort of year round appeal or at least ones that can demand enough rent to cash flow?
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