thinking of buying a big bear, ca vacation rental? any advice
I am thinking selling our out of state Triplex and buying a vacation rental in Big Bear lake, California, which It would be much closer home to us, but ..anyone has any suggestions or advice on vacation rentals in Big Bear lake. thanks
Hi Denise,
I've been managing vacation rentals for several years in Big Bear. I also own one. My advice is make sure it is 3+ bedrooms. The smaller places just don't rent well, because people can go to a hotel cheaper. Also, the closer to the lake, the better. Everything in Big Bear will rent well in the winter, so it really doesn't matter where you are. But, people want to be by the lake in the summer. Spring and Fall are pretty slow and won't see many rentals.
I know several great realtors in the area. Call me or PM me for their info, if you like. Lots of great places for sell right now. Good luck!
Thank you Michelle for your response and great information, I will have to go up there and do more research and do some number crunching, I will PM you if I have questions. Thanks again!
Originally posted by @Account Closed:
Hi Denise,
I've been managing vacation rentals for several years in Big Bear. I also own one. My advice is make sure it is 3+ bedrooms. The smaller places just don't rent well, because people can go to a hotel cheaper. Also, the closer to the lake, the better. Everything in Big Bear will rent well in the winter, so it really doesn't matter where you are. But, people want to be by the lake in the summer. Spring and Fall are pretty slow and won't see many rentals.
I know several great realtors in the area. Call me or PM me for their info, if you like. Lots of great places for sell right now. Good luck!
Hi Michelle,
What is the price range for a SFR in Big Bear, Arrowbear, Lake Arrowhead which would have great to moderate rental potential? Thanks.
OP,
If you end up purchasing in Big Bear, CA I would suggest 3 bedroom 2 bathroom, and in the Moonridge Area. Ideally the closer the lake, the better, but not a necessity. You want to make sure there is ample room for parking as that is a big issue.
My personal recommendation is Lake Arrowhead, CA, but this just maybe a personal preference. The drive is a lot less, but still close to sky slopes. The same principals apply in Lake Arrowhead as well.
Make sure in either case to purchase a publicly maintained road, so you wont have to worry about winter snow. Private roads, in my opinion, are a big headache.
Also, I personally prefer properties closer to main roads as its much safer not only for you, but for repeat customers.
Keep the price-point in mind when buying as well.
Feel free to ask questions
Hi Denise- did you end up buying? I bought a 3+1 last April in Lower Moonridge for under $200k. I manage it myself and it has been doing very well. I'm well over 200 days rented already in 2015. I'm currently looking for another cabin up here- although having a hard time finding another 3 bedroom as prices are starting to go up. If you see something - you really have to jump on it.
@Account Closed
Does anyone have any insight into homeowners insurance in these areas? I was told by a friend (who just heard this second hand) that homeowners insurance was pretty outrageous because of something to do with bark beetle and fire risk. I'm sure cost would be further amplified for a vacation rental.
Is this just a rumor? Any insight would be appreciated.
Thanks guys!
Trevor
Originally posted by @Trevor Lohman:
@Account Closed
Does anyone have any insight into homeowners insurance in these areas? I was told by a friend (who just heard this second hand) that homeowners insurance was pretty outrageous because of something to do with bark beetle and fire risk. I'm sure cost would be further amplified for a vacation rental.
Is this just a rumor? Any insight would be appreciated.
Thanks guys!
Trevor
Hi Trevor,
Did you ever find out about the average insurance cost of owning in the Big Bear, Lake Arrowhead, and Arrowbear area?
No nothing yet, I suppose it wouldn't be too difficult to figure out, I just haven't moved past the casual interest stage of buying in arrowhead. Although I love vacationing there, beautiful lake!
I think its around $1600 to $2000 a year.
Try Farmers Insurance in Big Bear. I've been with them for years.
Hi! I am currently thinking of buying a vacation home in Big Bear. Can anyone here recommend a real estate broker?
Hey Jessica. Feel free to DM for the info and I will provide you with a contact who is a real estate professional in Big Bear and knows about VR as they manage the entire complex with rentals up there; works under a broker who actually owns a few rentals.
You could reach out to @Tyler Hungerford. He knows the Big Bear Lake and Big Bear City areas and is experience with STRs.