All Forum Posts by: Dan Madden

@Neal CollinsThat looks great!  Only thing no TV LOL? 

I like the furniture store tip.  We're in a lake community with one independent furniture store.  We popped in last time we were up north thinking it would be a joke.  Boy were we wrong!  Nice selection, friendly, helpful and shockingly reasonable prices.  I'm going to see if they have a designer when we're ready later this spring.    

Tile can be really affordable if you do it yourself.  I often check HD, Lowes & tile stores for closeouts.

Helps in my case that I have all the tools including a tile saw.   Here's a marble bath counter I did last spring.  I'd bought the tile a few years earlier for about $2.00 per sq ft.  

It's done now but sorry don't seem to have a pic after it was finished.  Turned out impressive though.  

I would think Dubuque is a pretty cold climate like here in Michigan.  The only place around here where electric heat is used is vacation homes because they don't get used in winter.  I do think our local utility company does offer a option for a second meter with lower rates for those rare electric heat homes.   

I'd check into having an HVAC guy or a utility energy auditor work up some numbers.  I'd hate to lose tenants because the heating bill is to high.   

Great post!! 

We're about to enter the vacation rental business and I can relate to many of your insights.  As far as furnishings we're checking craigslist.  I have seen what appears to be decent stuff - now admittedly once we're ready and actually go look at some of it - might not be up to snuff.  I've seen listings from free to very cheap as people just want to get it out of their homes.  It helps we live near a very affluent area.  Craigslist is definitely YMMV.  

Another option is the Salvation Army & other thrift stores, which unfortunately my wife has turned me on to!  It's now our hobby to swing by these stores periodically to see what's new.  We've scored some awesome beach themed pictures, knick-knacks & chairs (need to be refinished) for a pittance.  But again all this takes time.  

We're going to purchase a "new" (used creeps me out) memory foam bed for our place as well.  There are available gel toppers which may be worth considering if we/others find our bed "hot", I may get one and leave it in the closet.  

I've also considered the curtain issue.  I'll do a 2 layer setup with the room side layer to be cute & window side layer blackout.  That's what I like when I travel.  In fact the whole cottage is going to be renovated to be fun, bright, comfortable and hopefully a bit quirky. A bit different from what  people have at home. 

As to reviews - correct me if I'm wrong but don't Airbnb & Homeaway  have provisions for an owner response?  If someone complained about the curtains I'd put up a response such as "great suggestions we will definitely be incorporating that promptly in our home".

Btw, my wife and I regularly have discussion as to reno & furnishing decisions along the line of "we'd better do this or that just a bit higher end since we're renting it out".         

Greetings from S.E. Michigan.  Been here a few months...it's taking me a while to get around to introducing myself.  I'm from a semi rural township between Flint & Detroit that almost no one has heard of unless they're really close.  

I'm a fairly serious DIY kind of guy having built 3 houses, renovated a manufactured home, built several small barns and about to renovate a vacation home we just bought "up north" as we Michiganders like to say.  

I'm also a former property manager & realtor but have worked for the last 15 years as a Tennis Pro (my passion)!   With 7 or 8 years to retirement my wife & I definitely looking to up our "game" in terms of passive income!

Finally to add, what a great resource BP is, wish it was around 30 years ago.    

Stone:

Ok I "binged" C-Corp which led me to another entity called "Qualified Personal Services Corporation which led me to a state of confusion.  Conclusion - I need to get with a CPA.

Ya, I would much prefer working on it than being on BP, except for the fact that I live 2 1/2 hours away, it's Thanksgiving eve and for some reason my wife expects me to be around tomorrow.  LOL      

Thanks James, I understand all that.  My property is a Hail Mary (long pass) from the largest inland lake in Michigan.  I'm thinking of popping the top and putting a second floor on with an upstairs deck so I can see the lake.   My house is cute but it's the least house in the neighborhood.  House across the street was torn down and in it's place a gorgeous McMansion has risen, probably pushing $1 million in value.  Serves as a great visual motivator to where I want to be down the road.     

Pretty much agree except I'd have to give myself an IOU or stock.  LOL

We're excited, we just closed on a foreclosed cottage in a resort area in northern Michigan.  The property needs some work, but right now cash is tight.  However I'm a very handy guy.  Here's my question/concern/problem:

How can I go about providing the labor to bring the place up to snuff without shooting myself in the financial foot.  I'd want the value of my labor to reflect in the total cost basis of the property for tax purposes when I sell.    

Any suggestions appreciated.

Interesting, I'd have thought the only option was to carry around a 2nd cell phone.   I'm curious what the user experience is with Line2.