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Lake of the Ozarks Short Term Rental
I'm writing to see if anyone has any experience with short term rentals at the Lake of the Ozarks, Missouri? Most of what I'm looking at is in Osage Beach, Camdenton, Roach, etc. I'm considering buying a lake house for recreational purposes, and am curious what experience other investors have had in this region if we were to VRBO or AirBNB the property while we weren't using it. This wouldn't be cashflow play for me, it would really be just trying to break even on a property that we own and could use.
Curious to anyone's general comments here, as we are in the early stages but also very interested.
Thanks,
Brent
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Hey @Brent Kiger, no experience as a owner but my family went to the are a couple of years ago and I really enjoyed it.
Are you taking something right on the lake?
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Hi Brent,
I don't personally have STR experience here(yet) but I did grow up in this area and I work at one of the largest STR PMs in the country on a team that works with investors and others interested in buying homes with the intent of using it as a rental.
I can tell you the area is highly seasonal, as you probably already know, but you’ll be able to make some income. The other thing to think about is your personal usage. If you’re looking to make a certain amount of money AND use it for your own vacations, you’ll likely have to weigh the opportunity costs of staying there vs keeping it open for bookings.
Remember, using it personally will not only be money out of your pocket for vacation but also money lost in rental income. 4th of July, Memorial Day, and Labor Day could potentially cost you thousands if you use it personally.
Message me if you’d like to speak more about it. I can also connect you with my team who can talk actual market data with you.
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I bought an Allis Chalmers D17 Series 3 with a FEL from someone in Camdenton. All I can remember is that the roads were narrow and my trailer was wide. It's very hilly. But it seemed like a good tourist destination. It's too bad the scourge of meth has caused an increase of crime. It has in my market. I once walked into one of my STRs to find an intruder. The police intervened immediately. The intruder had an amount of meth on him that brought charges for intent to distribute. Piece be with you.
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@Brent Kiger
For cash flow and making money you have a longer rental season in Branson, but different type of setting.
If you only use it personally a few weekends during season, then you can break even with the right management. If you can find a way to extend the season, you can be more profitable, near destinations like Captain Ron for example or near year round convention space like tan tara / margarita ville.
Ran into a property manager that said to be on the right side of the lake, Osage Beach, Linn Creek, or Camdenton, so you can extend your season. And if it was more of a luxury rental that he could often rent out out by the month in the off season.
I lived at the lake for 3 years, have had a condo there for 20 and have studied the concept from afar. You need a local lake agent who can understands vacation rentals and lake front real estate as it is a totally different animal that we have in kc: septic systems, docsk, dock permits, set backs, gravel vs paved roads, best locations.
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Dont have much experience with that area but from a show I have seen it’s a great place to launder money😂!
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Agree generally with Tyler and Kim. We live at the lake and it is a Low crime and family friendly area to live or vacation. Most likely if you are using the vacation home for yourself you really can just expect to defray some of your expenses through rental. Best short term rental demand would be near Osage beach, Lake Ozark, Horseshoe Bend Locations. Properties even second tier off the water will have much lower demand. Feel free to message me if you have other questions.
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@Brent Kiger
Hello Brent,
Just like any market there are good areas and bad. This is a huge lake and you need to stay close to Osage beach, Lake Ozark. The only exception is Porto Cima, which is the luxury golf course lake community that you are allowed nightly rentals. Don’t even look at second tier property as a rental unless long term. Which there is a definite shortage of quality rentals. Condos can be bought cheap although have high dues if not run well. As a passive investment the lake short term model is also difficult due to a lack of qualified laborers. Cleaners and managers are sometimes flaky and the good ones are not cheap. I am a licensed realtor at the lake and live here full time. If you want any information about the area or market just ask. I am glad to help. If you are buying do it now or wait until fall the prices are seasonal on homes here to some degree. The spring and summer it is busy and competitive, come fall and winter you get the pick of the litter!
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@Drake Schmid
I'd like to know more about your thoughts on quality long term rentals around the lake. I'm assuming they'd be best by the schools or hospital, what about a little outside of town/down less popular lake roads? We should touch base.
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Hey Brent - Did you end up getting a STR property at the lake? I am currently considering the same thing for the same reasons. My Dad bought a property down here, specifically a condo, and had issues with the HOA so I am curious if you went the condo or house route. I am leaning towards getting a house. I am very curious to know what you ended up getting and appreciate any insight.
PS. I hope you are your family are doing well!
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I too am currently actively seeking investment properties in this area. I just visited this last weekend, and I can personally vouch for @Drake Schmid. He is a consummate professional who went above and beyond to get to know me, my personal investment goals, and he's very knowledgeable about the area, opportunities, etc. He's also very passionate about the investing and it clearly comes through. I would highly recommend him.