All Forum Posts by: Brett TerBeek

@Kyle Myers Thanks for that lead on a great tool! 

@Jerome Depner I've never gotten involved in these type of properties either but I'm interested in learning.

@Bill S. and @Aaron Treloar very good points, this will be included in the analysis. Thanks for the advice! Any ideas Aaron on what the average rate for property management on a vacation rental in that area would be?

@Sarah Lorenz It is a waterfront property that has a boat slip on the channel right through the back porch, in a very well cared for condo, right off the main street through Pentwater, close to all of the shopping and events.  The only downside (or potentially upside depending on perspective) is it has only 1 bd/1 bath.  The 2bd/2bath condos in this area go for approximately $1500/week.  I would imagine $1200/week could be on the conservative side of an assessment.  I think that taking quality pictures is very good advice.  Thanks for taking the time to respond!

Hey BP!

I've had what seems to be a great opportunity for purchasing a vacation rental fall into my lap. This rental property is a condo in Pentwater, MI with an included boat slip that has less than a 5-minute boat ride to Lake Michigan. Does anyone have experience in purchasing vacation properties along the Great Lakes? I'm curious as to what to expect for vacancy during the peak months (May-Oct) and I can only assume best case scenario would be to find short-term tenants for the duration of the cold winter months. We are a military family and currently live in Colorado Springs, CO but I'm originally from this area and we have family that would love to care for the property for us which would eliminate the need for property management and many of the worries of investing from afar. As I try to analyze the property I'm beginning to see the extensive variables that are added into the analysis when compared with an SFR. After pouring through the forums I've learned quite a few of these factors and have included these into our calculations to include: HOA fees, Property Taxes, Ins., Utilities, Trash, Cable, WIFI, Vacancy (I've seen as high as 50% included), CAPEX, Furnishing.... Anything that I'm missing? Thanks for the help!

@Andrew Syrios Thanks!

@Jared Bouzek Thanks for reaching out!  Initially, I'm trying to build a solid foundation for my business, emplacing better systems and networking with other investors.  I'm probably going to blow up the forums with the multitude of questions I have, but I'm anxious to learn. Currently, I'm trying to build my reserves and start researching/analyzing properties with the hopes of purchasing another rental property within the next six months.  

@Colin Smith Thanks!

Hey BiggerPockets!  

My name is Brett TerBeek and I am 32 years old. I'm currently serving in the military and have been for the past 9 years, which has been an incredible experience. I am new to real estate investing but have a strong passion to begin my education and grow my business.  I'm excited to see how using this forum can help to expand my education and network with fellow investors. 

While I say new to real estate, my wife and I have sort of fallen in love with real estate after successfully transforming our primary residence into our first rental property two years ago.  We did much of the initial planning on our own and without much of a vision because it just seemed like a good idea.  Several months ago I found "The Book on Rental Property Investing," and began to see the holes in my business. I kept reading through the book saying to myself, "guilty....guilty," as I saw the flaws in the current systems or lack thereof, we had in  place.  It has transformed my perspective as I implement many of the changes we've needed.  

In the short term, we are currently in the process of defining our goals, educating ourselves, developing our team, building reserves and learning how to analyze deals.  In the long term, I would like to eventually transition into owning both SFRs as well as multi-family properties.  

Thanks!