Very nuanced take on if it was "successful" or not. I personally probably wouldn't necessarily buy a 2nd property and do the dance with having a seasonal short term rental + having it in turn pay for me having a vacation home. I don't necessarily trust these gig economy short term rental sites and I especially don't trust them to be able to provide enough business (at the price point I would need) to possibly get me through a full loan term if needed. The SAFER bet would be just to own a 2nd property and do full term leases and try to possibly burn the loan down in 15 years. Then after 15 years, I have a paid for vacation spot. Less work and just a little delayed gratification.
And having long term rental does not contribute to the housing shortage! Palm Springs disallowed short term rentals and property values went down. Good for those looking to buy and move there (for retirement); bad for investors in short term rentals.
Very valid point about relying on the short term rental sites. We do worry about that and a lot of STR owners are talking about how to become less dependent on those big sites.
We are in a very similar situation with our log cabin near Leavenworth, but short term regulations and interest rates have forced us to sell. Anyone want a gorgeous log cabin at Lake Wenatchee?! Ha ha!
Very nuanced take on if it was "successful" or not. I personally probably wouldn't necessarily buy a 2nd property and do the dance with having a seasonal short term rental + having it in turn pay for me having a vacation home. I don't necessarily trust these gig economy short term rental sites and I especially don't trust them to be able to provide enough business (at the price point I would need) to possibly get me through a full loan term if needed. The SAFER bet would be just to own a 2nd property and do full term leases and try to possibly burn the loan down in 15 years. Then after 15 years, I have a paid for vacation spot. Less work and just a little delayed gratification.
And having long term rental does not contribute to the housing shortage! Palm Springs disallowed short term rentals and property values went down. Good for those looking to buy and move there (for retirement); bad for investors in short term rentals.
Very valid point about relying on the short term rental sites. We do worry about that and a lot of STR owners are talking about how to become less dependent on those big sites.
I really appreciate your videos w frank and clear details, Thank you for the tips on a manager/cleaner.
thanks for watching!
Solid analysis. Yeah, the airbnb sector requires a high risk tolerance but in the long term it just might turn in your favor! Thanks for the share.
thanks for watching!
We are in a very similar situation with our log cabin near Leavenworth, but short term regulations and interest rates have forced us to sell. Anyone want a gorgeous log cabin at Lake Wenatchee?! Ha ha!
ugh I'm sorry. The photos of your place look absolutely amazing. But yes, the regs are just too stringent out there.
No property tax?!?!?
most likely included in the mortgage
That's right, principal, insurance, interest, and property tax is usually all rolled together.