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Anybody doing short term rentals? Thinking about trying it!


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4 minutes ago, ACE said:

I’d seriously need to make like 20% net  to bother with more rentals 

Which the only way you are getting near that cash-on-cash is with significant leverage.  We have seen how that game works out before.

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14 minutes ago, teamgreen02 said:

Which the only way you are getting near that cash-on-cash is with significant leverage.  We have seen how that game works out before.

Or if you’re cash with no leverage which isn’t happening at these interest rates 

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if the markets anything like here with properties at their highest values ever i'd be more hesitant  to do this but reality with any investment property cash flow is king and there are people killing it with short term rentals.  

 

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OMG! What is better than logging onto your Fidelity account at night, and seeing that you've made numerous dollar bills? 

As compared to worrying about some stinking rental units, and all the damage, filth, non-payers, court, arguments, near-fights, etc. 

You have to be cut-out for being a landlord.

It would never work for me.

I used to store a few boats/cars in my barn. Most were OK, but some were troublesome.

Gave it all up, don't need the bullshit, or worry. 

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8 hours ago, Polaris 550 said:

OMG! What is better than logging onto your Fidelity account at night, and seeing that you've made numerous dollar bills? 

As compared to worrying about some stinking rental units, and all the damage, filth, non-payers, court, arguments, near-fights, etc. 

You have to be cut-out for being a landlord.

It would never work for me.

I used to store a few boats/cars in my barn. Most were OK, but some were troublesome.

Gave it all up, don't need the bullshit, or worry. 

Definitely have to be build a certain way for rental properties or hire professional management at which point a syndicate might be a better investment.  

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Couple of us went in on a property in Northern, Wi several years ago.   We rent it from April 1st to December 1st and block off the winter for us to stay when sledding.   It rents solid from mid June till end of August and pays for itself and them some even with the management company's cut which I feel is too high but not many choices in that area.

The money is to be "made" in the week rentals as the cleaning/other costs is the same whether they are paying 2 nights or 7.  We put more limits on bookings of less than 3 nights even out of "busy" season for that reason.  Have to start to balance wear and tear vs. income as some point and less than 3 nights it makes it questionable.   Many go about it "any income we can get" but that's not what we are in it for.   We wanted a very nice place on the lake that basically paid for itself.  It does that and we can take off and go sledding anytime the conditions permit.   Something about having a heated garage to wake up to melted off sleds each morning.  :thumbsup:    

Edited by Highmark
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