Advice for a Breckenridge Colorado condo as an investment rental
Hello, I have been reading some similar posts as mine, but most are several years old. I apologize if redundant, but I wanted to get some updated opinions about this. I'm planning on purchasing a condo as a rental property in Breckenridge, CO. I'm looking for a place with a close walk to both the mountain (preferably ski in/out) and town. My goal would be to use the property myself maybe 1-2 weeks per year at most, and rent the unit out the remainder of the year. Since I live out of state, I would need to use a full service property management company for renting it out, housekeeping, etc. I realize that takes a huge portion of profits, I've heard 35%-50% or so.
My goal would be to get close to breaking even, if not perhaps even turn a profit eventually (optimally). From reading some of the other threads, it sounds like it is difficult to turn a net profit many of the times with this arrangement I'm considering. I'd be planning on likely putting the standard 10% down, unless there are strong reasons to do more.
With that said, I'm curious if anyone here has a similar condo rental property in Breckenridge and has any tips or suggestions for doing this, or if anyone here does comfortably break even, or make a decent profit despite high full property management services, fees, etc. Most of what I've read seems to shy away from doing something like this. However, I'd like to have a place that I can call my own there and have the rental income pay for my couple weeks of use there, as well as most/all of the net annual costs. How likely would it be to accomplish that?
I would be looking for a 2 bedroom (preferably, but not opposed to 1 bedroom plus a murphy bed in a different room if couldn't find a reasonably priced 2 bedroom) with a short walk to the mountain base (preferably ski in/out) and to town. For those with condo experience in Breck, what price ranges would you consider a very good deal for this scenario of what I'm looking for?
Also, any recommendations on the best months to buy if there are better buyer market windows for that area? Any recommendations for the best priced full property management service companies in that area? Colorado Rocky Mountain Resorts is the name I've been given by a realtor in Breck thus far.
My eventual goal is to have an investment rental property condo in Breckenridge, CO as well as Hilton Head Island, SC, and between the both of them not only break even but hopefully turn a net profit. I know the Hilton Head Island condo discussion would include different sets of variables, so I'll save that for a different thread.
Thanks so much!!