Hi Fellow BPs!
Im in the process of buying an investment/vacation rental home in Savannah. I live in Atlanta but work in Savannah and decided to get something here. Im focused in the midtown area of Savannah which is where i work. close to school and hospital so its in a nice convenient location.
What I found: I found a property, 4/2.5 but it comes with a pool. The pool is not too deep but i worry about maintenance long-term. Although it can get very hot and humid in Savannah, so i see it as a plus personally. My strategy is to rent each room out individually (Plan A) or AirBnB (Plan B) or rent the whole house out to a 1 individual or a family (Plan C).
Question 1: Have you had any experience in a place like Savannah, GA with schools/colleges/army bases...renting individual rooms? I like this because of more cash flow. Is this a good strategy long-term? What is your experience doing this with a property mgmt company or yourself??
Question 2: any experience with pool maintenance in a rental? Any advice...Do/Don't etc. Like liability insurance, adding it to lease agreement, requiring tenant to get coverage etc.
Question 3: Is a house with pool desirable in Savannah? will that help attract renter in general?
I'm not from the SE but have property in Texas.
First of all, check with your insurance company. In my experience there isn't much cost difference with a pool unless it has a slide. Also, make sure you have a security gate. I'd recommend getting more liability insurance.
From a repairs perspective, I've had 2 properties with pools. Over 5 years, I think I spent $1500 on equipment and repairs, so it hasn't been an issue at all.
Ongoing maintenance is a different topic. I wouldn't let your tenant manage the pool. If they don't care for it you will have a quagmire and need to buy new equipment. On my properties, I included pool cleaning which costs about $125/mo and I added that to the rent. People will see the value in having a pool without any effort on their part to keep it running.
I would say yes if comps around you are having a tough time aquiring/ keeping tenants, or this house is a great deal.I will never do another pool home rental, too much liability, as i could not rely on tenants keeping it secure. check with your prospective management co and ask them how important a pool is to keeping tenants
You won't be able to put it on airbnb due to zoning. Savannah is very friendly to airbnb except in midtown where they have outlawed it and they enforce the rule.
I'm an investor here specializing in airbnb. If I can help, let me know.
@Chuks Erinne I am. I'll shoot you a message.
@Marc Phelps Sounds great!
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