Hello All -
My wife and I are interested in purchasing a cabin in Minnesota and renting it out on Airbnb. Has anyone had any experience that would be willing to share good or bad? The intent isn't to achieve cash flow, but to just cover the mortgage. We feel confident that we'd fill the vacancies in the summer time but are a bit concerned about our lovely winters. Any feedback is appreciated.
I'm working on a foreclosure cabin right now. I'm hoping it will work but I don't count on winter cabin guests but Mayo clinic patients. I would think you need to have more than just one reason to come. If you do go ahead make sure you have a couple of exit strategies in case it doesn't work.
Patrick, you had posted previously that you were looking for investment properties and now you are just looking for covering the payments. An investment pays dividends in cashflow. I am curious what areas you are looking in for the cabin. My coworker bought a cabin up the north shore to air bnb. He hoped to have payments covered by renters in the second year. It’s not for me, I prefer to buy good cash flow properties and then use that money to take summer and winter vacations anywhere in the world.
Read millionaire next door if you haven’t. Read other money books if you haven’t, before buying this liability.
Jessica, I agree that winter attraction is important, but short of ice fishing, I was curious if others in this community have had luck renting for the winter getaway...snow shoeing, cross country skiing, snowmobiling etc.
Dan, I appreciate the guidance and you are correct, I have posted previously about long term buy and hold properties which I’m still pursuing. In fact we’re putting an offer in on two duplexes today. The millionaire next door is in my queue for audiobooks and am right now reading Sovereignty by Ryan Michler. So for it’s been great.
And as far as location, we were looking for something about 1.5hr from the TC’s. Maybe the Annandale area.
We are selling our rental in Alexandria but have connections in the area and our PM primarily does cabin caretaking for people out of town.. but I am sure he would be able to tell you more about the potential in that area. Let me know and I can give you more detail- webpage is cabin concierge.. Alex is less than 2 hours away and beautiful! Lots of lakes to chose from and very busy in summers when we lived up there
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