Hi all - I'm looking into purchasing a vacation rental in Lake Tahoe, probably on the NV side, such as Incline Village. I'd love to hear feedback and suggestions on what will make a good VR in that area, or are there areas I should look into.
Also, I'd love to connect with agents, investors, lenders that are active in Tahoe or perhaps Reno that could help me build a team over there including contractors, cleaners, etc. I'm 4 hours away in SF Bay Area. Thanks!
@Jon Crosby This sounds like a good thread for you!
Im in South Tahoe. Whats your goal for the purchase? personal place to use and rent out the rest of the time? purely rental, not too much personal use? I would talk to agencies on south shore too, your pruce points in Incline are much higher than south shore or other points around the lake, I dont know that your rssoective rental rate and booking density would justify it. Also, ask agencies what square footage performs best. I have a friend who manages 4 and he says he'll never take on a house under 4000 sf because its the same headaches for less revenue on the smaller homes.
Also, read up on VHR Vacation Home Rental recent debates and developments, it's a hot issue currently, not sure what's on the horizen for each jurisdiction around the lake.
Interview multiple agencies, it's way too labor intensive to do effectively from afar. A good agency will eat 20-30% of gross but it'll be booked, cleaned and turned much more than if you do it solo.
I'm actively pursuing properties myself in the North Shore area as well but primarily focused on the CA side (Kings Beach, Truckee/Donner). You can check out some of my BP blog articles here that are based on my South Lake VR for some insights and also feel free to reach out directly with any questions you might have regarding nuances to purchasing in Tahoe.
If you have never owned a property in the snow or mountains, it's definitely a different purchase and management experience. :)
Best of luck to you on your search!
Hi @Casey R. I'm thinking renting out most of the time but eventually have an option for me to go live there for part of the year. So I'm looking for a good performing VR areas but also good local community aspect (but that's not as important for now). I'll research VHR that you mentioned. Thanks for all your pointers.
@Jon Crosby would love to learn more about your take on different areas around Tahoe. Will reach out, thanks.
Hello and welcome to the Tahoe thread! I have a VHR in South Lake Tahoe, which I just departed from today. (I did almost a week of pre-winter maintenance up there). As said before, owing a VHR property that can be arctic at times presents different challenges, but can be rewarding. South Lake Tahoe just put a cap on the number of VHR permits they will issue, so you probably don't want to invest in a property in that town, for now.
Hey everyone! I currently own a vacation rental in South Lake Tahoe and I am concerned about this permit cap. If I have property management do I need to have a permit still? I know these might be dumb questions. I apologize if I'm waisting everyone's time. When should I expect the winter season tenets to start calling? Are there official dates for the winter season? Thank you all !!
In South Lake Tahoe, in order to rent out your place short term, you need a VHR permit from the city. If you keep up with the Tahoe Daily Tribune, you'll know about what is happening as the rest of us. As of now, there is a 1400 permit "freeze" which expires next year, but could well be extended. There is even a petition being circulated that would put a complete BAN of VHRs on the ballot. If that passes, watch a complete crash of the tourism economy and property values.
Hi @Freddie Jenkins ! You should already have bookings for winter season by now, at least into January and a little into Feb I would say. Yes, you require a permit still even if property managed as far as I know. If you are already renting, I would be surprised that your property management company hasn't required you to get one already as they may become liable for non-compliance. Looks like the city council has a meeting scheduled for Thursday on the topic which you can usually watch online here (http://cityofslt.us/index.aspx?nid=84) and have a few hours to kill. ;)
Check to make sure you property even falls within the SLT permit ordinance on this map (http://www.cityofslt.us/DocumentCenter/View/5834). If you reside outside of this map (or on the Nevada side), then your permit requirement will fall under the county rules most likely. Placer County has no such ordinances or caps at this time. Here is the link to their TOT (transient occupancy tax) permitting requirements (https://www.placer.ca.gov/tot).
Hope that helps a little and best of luck with your VR!
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