Anyone own vacation homes and rent them out??
I am not talking about small condo's but actual single family houses in the mountains or on the water etc.?? I would like to hear condo experiences as well but just not thinking of buying one of those.
I watch the show with my wife just for fun.
http://www.hgtv.com/vacation-house-for-free/show/i...
It seems they always mention in the show finding a fixer upper and buying it and then renting it out during peak rental season for 14 weeks at XX a week to pay mortgage, expenses, etc. and essentially have a house for free.
The house doesn't talk about renting during the offseason. What happens those other 38 weeks out of the year?? Can you still rent your property but just for less money than peak season rates or is there some association that puts a crappy restriction on you??
What I am getting at is thinking if I buy a house on the beach and break even for high season rental rate then the rest of renting it out for the year would be all profit etc. except for of course the PM and rental lease up fees etc. The rate wouldn't be the same as peak but I would think people would still take vacations and lease it up at a decent rate.
I don't like being in a building having other owners tell me what I can or can't do and affecting my investment which is why I do not like condo's. It seems like even if you bought for cash you could get a nice return on your investment for a SFR property.
I am not big on the mountains as I have lived in GA and seen it all my life. I do like the fall leaves changing etc. but I love the beach and the ocean. I am just drawn to it hearing the waves roll in at night with the peace and quiet. Something just so calming for me about it.
