Rockland, MA · Member since 2015 · 5 posts · 0 votes
Hi all, My name is Tom Dever from MA and I've signed up to this site to help better understand investing in vacation properties. Specifically in the Loon Mountain New Hampshire area. Would be great to network with any owners in that area that can share their experiences.
Rehabber · Niantic, CT · Member since 2012 · 443 posts · 150 votes
11y
@Tom Dever I would absolutely do it again, and I think I'd stick with the single-family house. Our house was on almost an acre on a corner lot and was pretty wooded, so people liked the privacy and the quiet. We also allowed dogs - and brought our own - which I'm not sure would be the case in a condo.
Spring was certainly a dead time, but that's when we'd head up to check on the house, relax a little ourselves, and see what updates and repairs were needed. I didn't mind it, to be truthful, because it gave us a chance to enjoy the house ourselves and to catch a breather before things got humming again. Summer was quite popular. There's a ton to do up there from June-August between the mountains, lakes, outlets, etc. and we'd get hikers, bikers, rock climbers, and the occasional fishermen. We found that summer was when families would come up to visit Story Land and other attractions, while winter brought the skiers. Fall of course was leaf-peeping.
So the dead zones were April and May, along with late October through about mid-December, though we did always have requests for the long Thanksgiving weekend. Having said that, I think if I was a better marketer I could have run some specials and filled in some of those quiet times. If not, I still believe there's plenty of cash flow to be had between the peak winter, summer and fall dates. If you buy it right, of course. :)
Rehabber · Niantic, CT · Member since 2012 · 443 posts · 150 votes
11y
Welcome, @Tom Dever! And thanks to @Ann Bellamyfor the mention. We owned a vacation rental in North Conway for 5 years and sold the house last August. I would love to do it again, however, and love the White Mountains area as a year-round destination. Feel free to message me anytime or throw out some questions here.
Rockland, MA · Member since 2015 · 5 posts · 0 votes
11y
Hey Karin - my family loves spending time in the White Mountains during the summer and we usually spend a week and a few long weekends up there every year - its beautiful and quiet. I'm sure it would be pretty easy to rent up there during leaf peeping and ski season but not so sure about the spring and summer, interested in what your experience was with occupancy during those times. Also if you could do it again would you do a single family or a condo/townhouse?
Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
11y
Tom, if you don't @mention someone, they won't know you replied unless they originated the thread. Type @ with no space after it, and type the first 3 letters of their name. Below the reply box a drop down will appear and you double click the correct person. I don't think it works on all phones. @Karin Crompton
Rehabber · Niantic, CT · Member since 2012 · 443 posts · 150 votes
11y
@Tom Dever I would absolutely do it again, and I think I'd stick with the single-family house. Our house was on almost an acre on a corner lot and was pretty wooded, so people liked the privacy and the quiet. We also allowed dogs - and brought our own - which I'm not sure would be the case in a condo.
Spring was certainly a dead time, but that's when we'd head up to check on the house, relax a little ourselves, and see what updates and repairs were needed. I didn't mind it, to be truthful, because it gave us a chance to enjoy the house ourselves and to catch a breather before things got humming again. Summer was quite popular. There's a ton to do up there from June-August between the mountains, lakes, outlets, etc. and we'd get hikers, bikers, rock climbers, and the occasional fishermen. We found that summer was when families would come up to visit Story Land and other attractions, while winter brought the skiers. Fall of course was leaf-peeping.
So the dead zones were April and May, along with late October through about mid-December, though we did always have requests for the long Thanksgiving weekend. Having said that, I think if I was a better marketer I could have run some specials and filled in some of those quiet times. If not, I still believe there's plenty of cash flow to be had between the peak winter, summer and fall dates. If you buy it right, of course. :)
Rehabber · Niantic, CT · Member since 2012 · 443 posts · 150 votes
11y
@Tom Dever, anytime! I also meant to add that I don't know whether a single family is actually better than a condo, it's merely my experience with it. Good luck!
Investor · Walpole, MA · Member since 2011 · 136 posts · 20 votes
11y
Hi @Tom Dever, welcome to BP. I've set my sights on Conway for the same reasons yourself and @Karin Crompton have mentioned. I was looking at a couple of properties this past year, one was a condo, the others were single family. What I found were condo by-laws that prohibited weekly or short term rentals. I also found management to be in the 30-45% range, there's also a lodging tax. The management fees seemed to include weekly turn over, marketing, and inspections. One group I believe collected the taxes as well.
It hasn't discouraged me yet because similar to my other vacation rental on the Cape, I will use it myself. I'm also not saying this to discourage you, just wanted to pass along what I found so as Karin says, you can buy it right.
Rockville Centre, NY · Member since 2015 · 3 posts · 2 votes
11y
Tom,
As Karen stated, April-Mid June are slow times along with late October-mid December. You may book a few "quiet time weekends". Summer is the busiest season since kids are out of school. Winter school vacation weeks, holidays and weekends are very busy during ski season. Fall weekends are busy with some weekday stays.
A condo/townhome or a single family home is a matter of preference. Just remember, this is a vacation and people like amenities such as pools, health club etc. if you decide on a single family home, there are resorts which will allow you and your guests to use their facilities for a membership fee.
If you decide on a condo, please make sure that you review the association's financial records and find out if there are any upcoming major expenditures. Ask the real estate agent to obtain the minutes for the last few annual meetings.
You also want to get a utility history on a sfh or condo/townhouse since the expenses can be high along with HOA fees. Many of the homes have electric heat.
If you do not plan on using the home in the winter, there are always people looking for seasonal rentals and they normally pay the utility fees.
Lincoln appears to be on the upside as empty shops are starting to fill up. The first wing of the new Riverbank development should be completed by next Spring. It is modeled after the Mt. Washington Hotel. Loon has also been granted access to clear more of the mountain. It will be several years before that is done since they will need to get funding but getting approval from the US Forest Service was a big step.