All Forum Posts by: Richie Kaiser
Richie Kaiser has started 0 posts and replied 6 times.
Post: Can never go wrong with Beachfront Property
- Real Estate Professional
- Atlanta, GA
- Posts 6
- Votes 2
Hi @Alfred Harding, working with a property manager can be lucrative and less risky, although I'm not sure that there is demand for managing properties in Santa Fe (not as much rental income, as you mentioned). Have you considered investing in Texas or in California?
Post: Newbie from Chicago
- Real Estate Professional
- Atlanta, GA
- Posts 6
- Votes 2
Welcome, @Christine Parkinson!
Post: Furnished Corporate Apartment/Housing Questions
- Real Estate Professional
- Atlanta, GA
- Posts 6
- Votes 2
Most will only offer monthly rates, but having nightly rates would be good too so you can rent it out short-term.
Post: Buying a log cabin in the Smokies
- Real Estate Professional
- Atlanta, GA
- Posts 6
- Votes 2
All things the same, a bigger house will bring in more $ and have a higher rate of return.
You should also consider the age of the property. I'd rather do the maintenance on a 4 year old 3 BR than a 20 year old 6 BR! An older property will require more of an investment in updates and repairs from wear and tear.
Another way to bring in more rev is amenities. Hot tubs are a hot ticket item in the Smokies :)
Post: Self Managing
- Real Estate Professional
- Atlanta, GA
- Posts 6
- Votes 2
Originally posted by @Jen Faulkner:
I haven't read any other comments, so I hope I'm not repeating anything. I'm relatively "small potatoes" here. Five units under our belts, and we're now getting to the point that we'd like to hire outside help (and we already have on occasion, but now it's to the point where we want outside help on a more permanent basis). It was fun managing the first three (which was a 3-plex), and then even the fourth one wasn't a huge deal because we moved into a house that had an apartment above it, so it's right here on site. But when we added a fifth in 2013, it started to become tiresome. It's not difficult, but it's just time-consuming, and I don't know about your family life, but at some point, all the properties just start to take time away from personal relationships. And with five properties, we have the money to pay someone to do tedious jobs like mowing the lawn or fixing a toilet or painting a garage, etc. Self-managing can be rewarding, but at some point, you really do need outside help. If you want to start out that way, by all means, enjoy it, but it sounds like you realize that someday, you will need to hire out.
Jen, I agree. I talked to a couple today who self-managed 5 or so properties for 20 years. Their weekends were spent turning over the house and the wife said she spent 15 hours a week on the phone talking to tenants. While you can hire help for the tedious jobs, it is still very time-consuming as you have to manage them.
Post: Beginning investors in vacation rental property
- Real Estate Professional
- Atlanta, GA
- Posts 6
- Votes 2
Hi Vicky! @Steve Dove is right in saying you need to plan for at least 20% DP.
Have you ever considered using a manager? My company works with vacation home owners to get them a net guaranteed income offer so they don't have the uncertainty that can come with renting out VRs.
Let me know if you'd like more info :)