Hello to everyone looking to become (and have) independent and financially secure. It's possible, just have to keep plugging. I know .
Retired health professional here who started doing HUD SFR Inspections 4 years ago. Since then have "graduated" to doing commercial work in multi-family, retail, claims and identity verification.
I get to see classic cars, like a 55 Chev Belaire, 69 GTOs and 68 Z28s. It's been a real treat to ride my vintage mc out to jobs to do and meet interesting people/situations!
I finished 2 MF property inspections today of 200 and 600 units. Tomorrow it's back to my houses with finishing tile work and setting 3 replacement windows.
I have fixed and flipped about 5 SFR over the years and am currently rehabbing 2 adjoining properties that I picked up in foreclosure in a large lake area in Oklahoma.
My goal at this point is to finalize the construction work and go with a vacation rental model to maximize monthly take. We have a tremendous influx of visitors from the whole nation descending here for leisure activities. My places are 780 and 880 sf and will accommodate up to 12 adults and children. Cozy for sure!
I am open to suggestions and take to heart advice from any level of experience.
Thanks for reading.
You have some powerful experience in the industry, given your work with inspections and verification. Onwards and upwards! Let me know if you'd like to compare numbers on vacation rental returns in different markets, I am always looking to learn. I have to imagine even outside of vacation rentals, having done inspections and working in commercial, you may have an inside track on properties that are under-valued or mis-valued by conventional metrics (perhaps not highest and best use). Seems like you have an advantageous view, hope you can capitalize on it!
Thanks JD, the Vacation rental is all new to me. I have checked with insurance before taking out a policy on both units (separate lots) and they had no exclusions for it, so I am good there.
I guess my biggest dilemma right now is price point and what embellishments to make for what the return might be.
We have in the are luxury condos, lakeside private acreages, lodge retreats, cabins, tiny houses (2 story trailers- if you will) ,residential like mine and campsites/tents plus the RV parks.
It seems most places offer lakeview or lakeside as the drawing angle. They emphasize the water activity for the most part. After all, it IS a lake!
But, I am looking to not only capture those fishermen and boaters that would stay a night, weekend or longer plus a whole other group of enthusiasts that meet up here for fun and adventure.
Prices range from $55 a night in Winter for cabins to $350 plus per night for upscale lodging. And most have minimum 2-3 night stay requirements.
Only a small percentage of these are on the more easily accessible part of the lake and for most visitors it means an extra 40-60 minute drive to get to the other side. Plus I think there is 450 miles of shoreline most of it at 750 feet ASL. It's deep and rocky.
My places are less than 4 miles from the dam, 1-2 mins from boat ramps and trails and marinas.
I've looked at some of the prices for these on VRBO and they fall into the $150-$185 per night with 2 night minimum. They have pull up parking, but no real place to park boats and trailers except streetside.
So, when you got the time, tell me what your experience has been lately in the market. I can check out your profile I guess as well to see some bio.
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