Updated almost 17 years ago on . Most recent reply
update
A few months ago I bombarded the forum with questions as I was eager to get my feet wet with either SFH or multi units. I bought my first SFH a month ago -- not deal of the century, but a nice little cape with upstairs yet to be finished (so it's only a 2 BR) -- double lot, nice working class, stable neighborhood, pre foreclosure, -- appraised around 105K, got it for 76k -- only needed about $1,000 worth of work and I have a tenant now paying 695 per month. I decided against multi unit for now as I really LOVE the simplicity of SFH. (I pay the mortgage, tenant pays everything else) -- and they fit my temperment a bit better!
Being the constant thinker, it dawned on me that MAYBE owning ONE lake front or ocean community unit MIGHT be a good idea for me personally, especially, for the following reasons:
1. We have 3-5 lake communities right nearby and realtors that are swamped with people looking to rent
2. We have 2 major colleges (Colby and Thomas) and many professors like lake front rentals during the school (off) season. So renting it during the off season, though not quick and easy, might just be doable. We also LOVE Old Orchard Beach and it's less than 2 hours from us and condos don't seem too highly priced right now, and my accountant owns one actual oceanside and others in his condo building rent for 5k per week.
3. We can use it once in a while!!
4. In 10 years, my wife and I will begin extensive travel -- we planned to explore "house swapping" and having a lake front (or ocean side) house or condo would give us much better leverage. This is only a "side" benefit and I wouldn't use this as a MAJOR reasonk, but it's a reason nonetheless.
5. FYI -- lake front homes, like year round, nice homes are around 300K in our area -- Oakland and Belgrade Maine as well as China Lake.
This would be the "weekly rental" type of thing vs. typical tenant so I really don't know many of the ins and outs, and what the typical experience of landlording in this manner is, but I'd love to hear some feedback!
Thanks all.
Ken