All Forum Posts by: Tim Cooper

Thanks for the replies. I didn't think of the nonlocking handle. I wonder if the guests will feel more secure if there is a deadbolt they can lock while they are there. I would leave the key to the deadbolt with the condo association.

I would like to hear others' thoughts on where to install the remote lock. Here are my thoughts.

DEADBOLT: I like the idea of the deadbolt, it is just more secure.

DOORKNOB HANDLE: I like the door handle remote because I'm worried someone could lock the doorknob from the inside and shut the door from the outside if it is not the remote lock. Now they don't have a key or code to unlock the doorknob. With a key-only deadbolt, they can not lock it unless they are inside, so they can't lock themselves out.

Has anyone used the Lockly smart locks? I really liked the look and feel of the solid glass instead of the push buttons. Also, the rotating numbers for security are nice. I'm just curious about their reliability.

I am aware of the Rental Property Calculator. Does Bigger Pockets have a calculator specifically for short-term vacation rentals? Some things I can think of that the Rental Property Calculator doesn't have would be on-season & off-season rates & vacancies, cleaning fees, linen and toiletry expenses, etc.

Coop

Hi everyone.

We are retired and traveling full-time in an RV. I am considering purchasing a cabin on a lake in northern MN as a short-term rental. It is a beautiful 3 bed 2 bath log cabin. It was built in 1995 and is a part of a 12 cabin resort. 

The new owner bought it and will sell the cabins to individual owners and manage them as a short-term rental. They have done this before with a 13 cabin resort and small hotel nearby. They seem to be doing a good job and the current owners seem happy with their management.

My concern is if we decide to stay for an extended time (which we will) we would have to pay a small fee to cover the lost rental commission. He says this is to cover the cost of maintenance for the cabin and common grounds. Would this lock me into using them and only them as the management company? Should this be considered the HOA fee? There is a HOA fee, but it's only $250 per YEAR!

They are asking $270, and the nightly rental should be between $325-$375/ night.

I currently live in a home that was at one time the "AC Church Home for the Handicapped". I live on the main two floors and rent out the attic and basement.  

Dan,

Welcome to BP.  The Peoria Real Estate Investors Group has a meeting tonight @ 6:30 @ Gracies in Washington, IL tonight.  1021 N Cummings Ln, Washington, IL 61571

http://www.meetup.com/Peoria-Real-Estate-Investors...

Hope to see you there.

New is a relative term.  This book has been around for many years.   

@Alec Saenz

Read the book "How I Turned $1,000 into $5,000,000 by Investing in Real Estate"  by William Nickerson.  While it is dated, William did something very similar to your plan.  

Tim

Hi Jacob,

It's also a great idea to go to local REI club to learn and network with local investors. I'm not sure if there is one in Decatur, but here are a couple in Bloomington and Peoria.

http://www.meetup.com/Peoria-Real-Estate-Investors... (We actually meet in Washington at this time.)

http://www.meetup.com/Central-Illinois-REI/

Tim