Ben Nicholson
Well-known member
Any of you have experience with owning a short term rental property? Specifically, one that isn't close to you? I'm considering getting one, but would love to hear some first had experience.
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Dealt with one for my family after the death of some family members. PITA will never own one myself.Any of you have experience with owning a short term rental property? Specifically, one that isn't close to you? I'm considering getting one, but would love to hear some first had experience.
Surprising that there are no rental property management companies covering the CO mountain areas. Quite a few to pick from even in the lesser know areas of Wyo.Dealt with one for my family after the death of some family members. PITA will never own one myself.
If it's in a city or something probably not as big of a deal but this one was in CO in the mountains, there are no management companies up there, hard to get cleaners because everybody wants to AirBnB their house and there was only one company doing cleaning in the county. Dealing with paying quarterly state/county/ and town taxes quarter was a pain... bookings were a pain, some guests were great some sucked butt and trashed the place.
I know people say it's a great source of "passive" income but IMHO there is nothing passive about it and it's a giant time suck.
Short term or long term, there are a couple of long term management companies in the area but none that will run your place as an AirBnB.Surprising that there are no rental property management companies covering the CO mountain areas. Quite a few to pick from even in the lesser know areas of Wyo.
Thanks, UT is where we are thinking, but over in the Ogden Valley area.I’ve got a condo in Park City and have done both nightly and tenant rentals. I can make more money on nightly, even after paying the 30-40% management fees, but overall it’s not worth it for me. I’ve had the same tenants in there for over a year now (empty nester couple) and they are great.
If you are not local, and especially if you don’t have good contacts for cleaning, maintenance, etc, I would highly recommend using a management company. Most of them suck ass and rape you with their fees, but trying to deal with all of the booking stuff, financials, cleaning and maintenance, etc can be a total PITA to manage remotely.
Good year-round potential in that area with Pineview Reservoir in the summer and skiing at Snowbasin in the winter. However, Snowbasin is more of a locals mountain, so gets far less tourist traffic than Park City or the Cottonwoods (Alta, Snowbird, Brighton, Solitude). Expect to pay 30% or more if you go with a management company. That’s the going rate out here.Thanks, UT is where we are thinking, but over in the Ogden Valley area.
That’s why we like snowbasin (and powder) so much. Good to hear there’s potential for summer traffic. Ultimately we’d turn it into our residence in a few years when we retire.Good year-round potential in that area with Pineview Reservoir in the summer and skiing at Snowbasin in the winter. However, Snowbasin is more of a locals mountain, so gets far less tourist traffic than Park City or the Cottonwoods (Alta, Snowbird, Brighton, Solitude). Expect to pay 30% or more if you go with a management company. That’s the going rate out here.
Pretty accurate, from my experienceRule 1:
Never own one rental property. Own enough to hire a manager.
Rule 2:
Never live more than 30 minutes away from a rental unit.
Rule 3:
Hire a good divorce lawyer now if think this is something which will typically only take an hour or two per week.
Rule 4:
Don't re-marry, see Rules 1 and 2.
Your last point is the key here. If it’s part of a longer term plan, then go for it. Things are not getting any cheaper here. Buy now, cover your costs and then live your dream when you are able. Then it makes sense.That’s why we like snowbasin (and powder) so much. Good to hear there’s potential for summer traffic. Ultimately we’d turn it into our residence in a few years when we retire.