My First Vacation Rental

[Maura Paler]

It was a trailer. A 1966 New Moon mobile home with vinyl floors, pink appliances and tacky brown walls. Upside? GREAT lake views in an area I knew well and was passionate about. Paid $46K cash. 

It was my first real estate transaction, everyone told me it was a bad idea, one friend begged me to lose my deposit and renege (she is now investing with me :) 

The only supporter of this purchase was my painter brother, who showed me how to spray paint, so I put on a hazmat suit and primed and painted the walls, ceilings, floors and inside of cabinets. Insulated the built on porch, put in a gas fireplace, removed the wall between trailer and porch and put in Anderson Windows to capture the stunning view. Winterized pipes for year round use. Cost approx $20K 

Is now a year round weekly rental, brings in $24K gross yearly, net $19K.  Worth maybe $85K (trailers don't appreciate...so never expected much there). 

On our 9th year of rentals, so has paid for itself and then some and still own it. 

Have since purchased 3 more vacation rentals in the same area (2 are cabins, one is a farmhouse). They are all doing great!