Short Term Rentals, "The Good, The Bad, and the Ugly"

[Cheryl Schlehuber]

One day in 1997 when I was pretty new to the business, I wanted to buy a home on an area lake.  I knew, the only way I could afford it was to rent it part of the year. Michigan, 4 seasons right?  but up north in the U.P. in this beautiful tourist town near Mackinac Island, a very short season for these type rentals.  So I bought, and I rented and discovered VRBO in its infancy, I believe I was one of the first 100 ever to register. Yes that dates me for sure.  Over the years, I became a broker, branched out,  started my own real estate company, became pretty successful, had enough personal rentals to buy software and gloss it up.  It's small town, I built a good business, was and am a reputable business owner/ broker and eventually a new branch of property management. Created a position just to manage the rentals.  No one at that time was doing it....today, everyone is doing it and many can do it on their own...(I'm truly thankful for that).... Still, I remember another successful broker telling me the best day of his life was when he sold his property management business.    Today, I totally confess, he had a valid argument.  This morning, a couple calls came in from a few neighbors, some were older clients, a friend of my husband,  clients that know and trust me and told me that they don't feel this beautifully restored vintage home that is wedged between theirs and just became a short term rental, should rent short term.....and I couldn't agree more.  But hey, it's my clients right to own, zoning doesn't prohibit in this quiet residential neighborhood.  The houses are close together. People are on vacation, they are having fun, they aren't thinking about the neighbor who has to get up to work the next morning, or the senior who want's to hear the birds in the morning, not a basketball at 7am or the crew arriving home at midnight.   I know this topic is a HOT button and the Mich. Board of Realtors is defending the rights of property owners.... I'm with them!  but I'm also with the right to a peaceful existence .   I can confidently say most of my weekend enjoyment is compromised by after hour calls with every possible problem that exists to mankind AND I could write a pretty dicey book...  I will always preach the investment opportunity that is available to us, I wouldn't be where I am without it.....however, I am more than ever writing my exit plan from it...... (as is my husband, writing it for me) :):)  It will surely be on the planning commission agenda to limit these in certain neighborhoods, possibly the law will eventually allow, or not....The hotels and motels hate them, but they are BIG business and bring in a massive amount of money that will go elsewhere if not allowed. ..it's the way many of us expect to travel today..These properties also are taxed at a non-homestead rate so for every rental, the city, village 

LeBarbe Blue

or township will collect 40% more in tax base......so there's the good , the bad, and the ugly...  Love to hear your take on this.

[John Underwood]

We have a lake house and it is in a more rural environment and neighbors are not on top of each other. Most of these are 2nd homes or pure VRBO's so hardly any full time occupants. This is a much better scenario that your situation.

I can see both sides and new laws and regulations are being created against STR'S.