Introduction

[Michael Hill]

Hello!

New to the forum. I have been devouring the Bigger Pockets podcasts for about 3 months now. I am a very "newbie" when it comes to real estate investing. The prospects have me salivating and I cannot get enough of the podcasts.

I have a brief newbie question if anyone out there wants to help (or make fun of) someone very raw. I look forward to learning a lot and someday contributing to someone new like myself. Thanks in advance.

So I live in a vacation town on the shores of Lake Michigan. I have been renting a house all winter for $800 per month as the vacation rental market here is geared towards summer weather. Renting here for the short-term has given me the bug to invest myself. The house I am currently renting goes for about $370 a night in the summer (Late May - Early September).

There is a property for sale down the road for $350,000, which also happens to be the "Zestimate" for the property. It's a 4 bedroom, 2 bath, in good condition, in downtown and in walking distance to everything bars, water, shops, etc. If I were able to get a loan on this property I figure I could gross about $35,000 per summer give or take in rental money. I don't have much other information than that and I know there is a lot more to it, but just from the raw data above, does this sound like a good/bad idea? I would live in the property in the winter and rent throughout the good weather season. I can live with family in the summer for free, which is a nice bonus. I am not stuck on this property, but rather stuck on the idea of a vacation rental in the area. Most homes are $350,000 or more.

Any thoughts are greatly appreciated. Mike!