Quote:
Originally Posted by Descant
When you buy at Sanibel, Myrtle Beach, etc there is a condo rental program and a management plan. Very little of that around Winni, so you have to be on top of everything yourself. Some real estate firms will do property management, but mostly, in their heart, they are real estate firms, not property managers. The first year I had a (Weirs) Condo, it rented pretty good for the summer. Nothing in the fall. It was a lousy snow year and we had cancellations and said to ourselves, we won't ski either. Following winters, we rented cheap. long term. Much less hassle, then took the high priced short term folks in the summer. Lakefront properties can be very price volatile. You really need to buy in a local recession and have some staying power. Not now. Buy a nice 3-4 family or two, and use the profits to rent a beach house for a couple of weeks for yourself.
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Sickened by a series of promising, young, but thoroughly
deadbeat renters, I took a 75% cut, and advertised my lakefront home for a full year—
paid in advance.
I got a prompt response, but the renter turned out to be a "kept woman"!
After a year, she eventually moved to a new home nearby, but I'd gained a full year without anxiety.
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