Community Chat

[riley1]

I will also add your property tax rate might be different because it is a second home and you are not a full time resident. My neighbor has a condo she rents and renters definitely need to be screened. 

[Teddy55]

Thanks everyone for taking the time to reply.  We have looked into all the additional expenses that go along with a rental. The realtor that showed us the properties has several rental cabins and he uses the VRBO (Vacation Rental By Owner) 

It's usually a 60/40 split of gross monthly income to go with a mangement co.  I did some research on co that had their contract online. In addition to the 60/40 split there was an $85 per month fee for credit card fees, Hot Tub Maintenance/chemicals, batteries for the smoke detector etc

They bill the " actual cost"  for once a yr cleaning of carpets, windows, curtains etc

They can make a repair w/o authorization for $300 or below.  Above that dollar amount they have to contact you.

Our budget is $350K and my husband thinks this is a good way to get a better return on the money.  I am definitely NOT a risk taker. All of our other investments are in moderate risk options.

It would have to be the perfect property that met all our criteria before I hand over that check!!!

Thanks again for replying,

Teddy