Hey SW MI BP members (and any others that feel like chiming in...),
Have a nice log home (sleeps 10+) under contract north of Muskegon, MI
Home is part of a local "Dude Ranch" theme resort area, which includes: Golf course, two water parks, etc..., and has recently had a large influx of cash by new owners (out of bankruptcy), and located within a nice Western MI coast region. (Association dues: $150 / month - includes cable, trash, snow removal, etc... Electric and Heat would be separate.
General stats are as follows....
1.) ARV are around $134K (or perhaps a little higher)
2.) Acquisition: Upper $70's, and as for updates - "maybe" needs laminate floors in Kitchen, and perhaps some new cabinet (standard) doors to update. Target: $5-10K (on the high-end).
3.) Because of location, this could be
4.) Nightly rents are $400 per night during session (though mgt fees are 50/50 split).
Running the numbers, the thought process is as follows:
1.) If the 'cost of money is roughly $600 per month, this equates to ~30 nights (through Management company), fewer nights if we were to engage AirBNB type service, and find local cleaning / turn-over service.
Anyone familiar with Double JJ resort? Good / Bad / Ugly...
Also... since this is a bit out of the "norm" for me. Thoughts on the AirBNB or Property Management service approach?
Constructive concerns?....
