All Forum Posts by: Catherine Lacey

Hi all,

Really great reminders and tips in here. Thanks to everyone for your input. Some of it I'm aware of from my reading, talking to people, & BP podcasts but I wasn't aware of the T12s or the nuances that can increase bookings and occupancy. And I'm not at all sure how to go about pricing quite yet. The home automation options are excellent! Even for annual renters I think I'll do that to some extent.

I've spoken to a vacation management company and gotten great info but they also told me they can't take on dated properties. I have two young kids and a demanding job so for the next 2-3 years I really need to be as hands off as possible. Maybe I'll stick with annual leases and fix it up slowly and eventually do half and half given the separate units within the property. The good news is my family is full of contractors and we can get a lot of updates/maintenance done fairly quickly and on the inexpensive side. But the best news is that the current financials of the place will provide a positive cash flow even if I do nothing. And by nothing I mean allow the current tenants, pretty hard partiers, too stick around. The rental market for long term rentals is strong but in a ski town I wonder if those lining up looking for such leases are largely that demographic Not that I mind partying (at all!) but not ok with a house I own  remaining trashed because if it. So this is a concern.

If I do choose to go the vacation rental route for all or part of the house, it's location will be a draw. A ski shuttle stop is right out front, it's walking distance to town, and it has great views. Just needs an interior overhaul...

Tanya, I'd love to chat if you have a moment. I have several other questions that you could probably answer well. Really appreciate the offer!

Hi! I'm under contract to purchase a home in a ski resort town. The place needs a ton of updating but is quite large (7 bedrooms/5 baths) and I see incredible potential. It has a separate 1-bedroom  apartment attached, as well. My goal is to fully update and rent out the apartment as a ski/summer vacation rental, as well as use this portion for my family occasionally. I'm less sure how to manage the house, which itself has been turned into two separate units. The current owners rent each room on an annual basis...and wow do they need maintenance/updating. The other option is to list those rooms as vacation rentals (shared kitchen / private bathrooms). There's a strong rental market up there for both.

I have a full time job and live hours from this area so I can't manage it myself. Vacation rental income could be much greater but maybe  not so much if I have to pay a rental management company their 40-50%. Plus, I won't yet have the cash to update the larger house so not sure how many vacationers want a dated place. I'm thinking that sticking to annual leases is best until updated as they'd alone at least cover mortgage. Other ideas or suggestions?

Happy to provide more details. Thanks for any help

I was out $6,000 by a renter that abandoned and destroyed, too. Took him too small claims and won (he never showed up) three years ago but still haven't collected. And won't. Quit his job after we went after wages and emptied his backing account, too. I try to look at it in terms of how much income I made over those 5 years vs. the relatively small portion I was out. An overall hugely profitable rental. Only mechanism that helped me accept and move on!