Hello all, my wife and I came across a property that is asking $174K and brings in gross rental of over $31K. per year. The caveat is that the resort only uses in-house property management and their fee is 35%. Is this a deal breaker? Thank you!
Forget about the gross and look at the net..
Seems like some kinda vacation rental
I know a lot of people investing in these type of properties and don't care much about the income but focus on how they can enjoy the property themselves with friends and family..
If the net is not good enough move on unless you want to enjoy the rental yourselves from time to time..
@Valerie Bailey ask what the fee entails - 35% is high but depends how much they are doing for that 35% and what you are responsible for. Personally try to stay away from resort condos that don't allow outside managers.