All Forum Posts by: Ryan Fernholz

Looking at buying a small two bedroom rental. The stairs to the basement seem to be a little steep but have railing in both sides. I don't think there's room to make the stairs less steep. Is this a liability I have to be concerned about? I'd hate for a renter to fall and sue me for the stairs not being to cide or something. Thanks. 

Hi, All.

I'm looking at buying a rental lake home within a lake association purly forcrenting. The current HOA rules state that the house can not be rented fir less than 7 days. This is totally fine with me as this fits our renting strategy anyway. What I'm concerned about if the association changing the rules. According to the association president, most of the owners within the association rent their cabins to friends and family only and frown upon "outsiders". I would be marketing to VRBO clients. The house I'm buying within the association is the largest house of the group and it is set up perfectly for renting to large families. It would take much remodeling to be a single family house if I ever wanted to resell it for that purpose. I'm afraid the association will want to change the rental policy to either limit to a 30 day minimum rental policy, or none at all. I am willing to take the risk as they would only be hurting themselves since they all rent weekly to their friends and family.....and the cash flow is juicy. Anybody have any experience when buying into an association and trying to rent to VRBO clients? The association is mostly older folks and try like their piece and quiet. I'd really hate to buy this thing and have them change their rental rules. I'd be screwed. One drink uncle being loud around the campfire might set them off I fear. Or, I take the risk and reap the rewards as long as I can. Thoughts?

The seller is underwater and they won't take anything less than 82K. If they don't get 82 they'll be looking to rent it themselves. I understand the basement to not be all that bad, and it would never be finished. I just don't want to deal with it either way. The rest of the house is in great shape and has opportunity to be even better. I've decided to pass for now but might come back to it this summer if it's still on the market. 

Thanks. My feels are similar however I do have a property manager figured into the calculation. 

Hi, all. I'm looking to take the leap on my first single family rental but the market is tough in my area. After extensive shopping, I have it barried down to a small 2 bedroom house with a leaky basement (only when it rains ;). After analyzing the property it's only coming back with a 6.25% COC, and that's without the real estate percentage added on the back end. I really want to get into this house not only for the extra $125/month but also thought it would be a good little turn key 2bd to cut my teeth. I travel for a living so the less expensive fixer upper isn't appealing. Should I jump on the thin deal or be patient?

Hi, all. I'm looking for some advice to share with my 18 yr old son. My wife and I currently own a lake house that we rent weekly in the summer. We have had several inquiries from our guests about pontoon rentals in our area. We refer them to a few local businesses and basically stay out of it. My son asked about us just buying one for our property and renting it out ourselves. I have to admit, it would be a nice perk for our guests and would generate additional income. I asked him to do the research and come back to me with a plan. I'm curious to see what he comes back with and if liability is even something he'll be thinking about. I am very concerned on the liability, however, and plan to call my insurance company tomorrow to see what coverages are available. Any advice would be appreciated, thanks!