All Forum Posts by: Eric Rosiello

Near the Boston area a good rule of thumb is monthly rent = 1% of purchase price and mortgage payment (principal, interest, and taxes) at 50% or less of rent. This is for 2-4 unit multifamily, 20 to 25% down. Assume tenants pay all utilities except common electric and water and landscaping is minimal. Should be able to cash flow pretty well under these conditions and, as others have mentioned, you'll make most of your money in equity gains via debt pay down and appreciation.

@Kevin L Owens

What @Steven DeMarco said. People will always try to tear you down, you just have to rise above it.

@Cody Barna
Thanks so much for the tip! Loon is definitely an area I will look into. It has great proximity to Boston (only about 2 hours away, compared to 3+ for most other top resorts) and there is a nice town surrounding the resort. The place you mentioned looks to be right in town - a great location. Do you have a sense of what it rented for during peak and non-peak times?

@Jared Hottle
Thanks Jared, I appreciate the list of considerations. I definitely will be targeting areas that have other activities to offer during the non-ski seasons in addition to having top-rated ski resorts. A common theme I've sensed is that management is extremely important. It can be very expensive (in comparison to long-term rentals) and needs to be very organized and responsive as customer reviews drive rental income.

@Jaylan Archer

Thanks very much for providing this list of New England resorts! If you don't mind, which would you say have the best year round draw?

@Dan Weber

Thanks Dan! I'll be heading up to Sugarloaf to do some skiing in two weeks and am super excited to check it out. That's super valuable to know about the lakes that draw interest in the summer... thanks!

@Alex Forest

This is great idea... shop for a PM and gather data on the rental market at the same time. It's more likely to be in the PMs interest to provide the data since it may result in gaining a new client. And then judging the responses would be part of the process in vetting the PM. I will definitely use this, thanks!

Very helpful, Mike! Good to hear that the slow season for you is just two months. Are you able to charge similar rates in all seasons or does it vary by season?

Thanks!

Eric

 Thanks Mike! I will definitely take a deep dive.

-Eric

Thanks Michael. Yeah Sunapee definitely looks like a potential option. Close to Boston, legit ski resort, and a lake for the summer. 

I'm trying to come up with some income estimates to start analyzing properties. Any ballpark numbers by chance on what to expect in terms of occupancy and income for each season?

Thanks!

Eric

 Thanks Michael! That makes a lot of sense. Do you have any yourself in this niche?

Hi BP Community!

I am interested in buying a condo or house near a New England ski resort, with the plan to rent it most of the time and while keeping a few weekends open each year for personal use. 

Do people in the community have rentals like this that work? Ideally the rental would still do ok in the spring, summer, and fall while performing very well in the winter.

I'd love to hear what locations people have chosen, occupancy and rental income by season, and anything else people would like to share about their experience!

As always, thanks so much.

Eric

I would NOT recommend making a purchase with an expectation that you will refi to a lower rate down the line. I hear a lot of brokers pitching this lately and it is misleading. There is NO guarantee interest rates will move lower. Consider the ability to refinance to a lower rate down the line as a potential bonus, but not as a given.

I would agree with others that you might want to look at new markets and/or look at multifamily properties. Multifamilies have lower per unit expenses on average. You can still make offers at numbers that make sense for you, even it's below the listing price. Prices seem poised to move lower and properties are sitting on the market for longer, so you might find one that works for a motivated seller.

Others have mentioned owner financing. I have never done it but it certainly sounds worth exploring!

Agree I think it's a good idea to self manage to start to learn how it works so you know what to look for / set reasonable expectations when you bring on a PM.