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Vacation rentals. Pros vs cons

genareddoggenareddog South eastern indianaPosts: 2,860 ✭✭✭✭✭
We have been thinking about buying a condo for an investment. Just wondering if anyone has one and what you think? 

Comments

  • silvermousesilvermouse Cape CodPosts: 8,558 ✭✭✭✭✭
    are you referring to a time-share or outright ownership?
  • skydiverDskydiverD Chicagoland AreaPosts: 2,404 ✭✭✭✭✭
    We are thinking of doing the same thing @genareddog

    We are going to sell a long term rental townhome we have here in Chicago and instead of paying uncle sam a ton of money in taxes, going to 1031 exchange and buy a vacation property in southern FL.  Going there in June to start looking at properties to get an idea of the area.  We will probably use Air BNB for the rentals, and hire a cleaning service.  I been a landlord a long time, but this vacation rental will be new for me as well.  Curious to hear if anyone here has experience with this.
    How do you like my profile pic Taborski?   @matkn293          
  • Usaf06Usaf06 FloridaPosts: 8,200 ✭✭✭✭✭
    My experience is as a renter on air bnb
    "I drink a great deal. I sleep a little, and I smoke cigar after cigar. That is why I am in two-hundred-percent form."
    -- Winston Churchill
  • genareddoggenareddog South eastern indianaPosts: 2,860 ✭✭✭✭✭
    are you referring to a time-share or outright ownership?
    Ownership. We are thinking on the pan handle in florida. My wife really wants to do this but in her mind it would be more of a vacation home. Couple problems with that and the biggest one is we cant afford a vacation home. Looking into this it looks like setting it up as a llc would be best. I know there are ways around personal use that way and can right off expenses. Looks like the money to be made on these types of things are when you sell. Just trying to get some pointers from all you fine men and women.
  • 0patience0patience Oregon CoastPosts: 9,232 ✭✭✭✭✭
    Ownership is way smarter than time-share and a whole lot easier to sell out.
    But check the local vacation rental laws, taxes, licenses and fees, if you plan on renting it out as a vacation rental when you aren't there.
    And if it is a distance away and you want to have it as a vacation rental, you may want to look into a property management service.
    It isn't cheap, but saves a lot of headaches.


    There is no crisis that a good cigar can't cure.
    In Fumo Pax
    Money can't buy happiness, but it can buy cigars and that's close enough.

    Wylaff said:
    Atmospheric pressure and crap.
  • Usaf06Usaf06 FloridaPosts: 8,200 ✭✭✭✭✭
    One of the big trends we have now with vacation rentals is a certain element is using stolen credit cards to book online then will steal all the flat screen TVs in the house
    "I drink a great deal. I sleep a little, and I smoke cigar after cigar. That is why I am in two-hundred-percent form."
    -- Winston Churchill
  • jd50aejd50ae West Gnawed Pencil, TNPosts: 7,754 ✭✭✭✭✭
    edited March 2019
    I remember my folks being offered a no cost (leave a bottle of their favorite booze)  use, of a 3 BR "vacation" home, when ever we wanted to use it by some seriously good friends. It was a condo type arrangement with 4 floors and 4 units on each floor with a great view of the ocean. Tons of privacy. Probably the most secure building I have ever seen. There was no such thing as a stranger renting it for nefarious purposes. The owners always called ahead when someone was going to use it and they were always met and welcomed by management or a trusted neighbor. On top of the management owning and living there, everyone knew everyone else and watched out for each other and the property. I have always thought it was a great way to go.
    What is your favorite booze?

  • dirtdudedirtdude Green ValleyPosts: 5,040 ✭✭✭✭✭
    I prefer bourbon but I'm not that picky.
    A little dirt never hurt
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