OfflineI let a few people, including Realtors, know that I was interested in investing in properties in the small mountain town of Pinetop, Arizona. I have a vacation home there, and have been thinking of doing some short term rentals there. After talking to ptoperty management companies, who handle that type of rental, I think that this could be very profitable. This area has a three season attraction. It is located 3 1/2 hours from Phoenix (5th largest city in the country). The area offers cool summer temps (30 to 40 degrees cooler than Phoenix), with hiking, ATVing, fishing, wildlife viewing, and all the tourist town amenities in a pine forest at 7500 ft elevation. The Fall offers beautiful colors and big game hunting. There is a ski resort nearby, and also a casino. I have had numerous contacts about properties in that area. I will be viewing several this weekend. I have not seen much about short term rentals (daily, weekly, monthly) in this forum. Has anyone tried this? If so please let me know how it worked for you.
Thanks, Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
Our area is very touristy with the Great Lakes and 4 distinct seasons of activities, including those you spoke of. (The mountains sound absolutely gorgeous by the way).
Some people make a lot of money with the weekly rentals. But I've always thought it would be a lot of hassle having to deal with the short-term people, cleaning, liabilities, vacancies, furnishings?. I'd be interested too to hear others' thoughts on this.
Thanks for bringing it up Al.
Rina
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Al and Rina,
I have also been interested in this. Short term rental are very popular in my area, specifically Eastern Long Island (The Hamptons) during the summer. You can charge great weekly and month rates, but what happen when the rental traffic slows in the winter months. I don't believe it is a 12 month rental area, but the area of AZ that you are talking about sounds great.
Thoughts welcomed
N
Nick Walters
Walters Property Investment Group, LLC
I work with a man whose nephew has a short term rental on the ocean in Connecticut. He has it rented from June through September at $2000 per week. This is what gave me the idea.
"Now Go Find A Deal"
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
Yes.. I have not done it prsonally but I know people who have. It can be a great cash flow machine.
The key is the management. You are going to need someone who can handle mvoe ins and move outs. It REALLY needs to be someone local. I wouldnt recommend you do it. Its going to be time intensive. This means that you need someone honest and dependable.
Also, you will probablty want to furnish it.
GL,
Mark
Al, if possible, I would love to get his contact information just so I can pick his brain and see how he gets through the slow months. If you can PM me with his info if that is appropriate.
With $32000 of cash flow in four months minus his PITI et al, he is still probably averaging a pretty good positive cash flow. And $2000/wk for a rental is not a lot of money. $285/night? that is less than any premier hotel in the area.
makes you think. I agree with mark, however. They are hight maintenance with checking guests in/out so being local is a must.
Nick Walters
Walters Property Investment Group, LLC
I'll see what I can do. Probably be next week. We are not working over holiday.
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
I would still like to hear from someone with personal experiance in short term rentals.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
Al & others,
Not much tourist activity here in NW Iowa! But, you got me thinking...... if purchased at the right price, I could invest in property in any high tourist activity area, pay a property management company and still make a profit!
I have been thinking local.
I have a long time aquaintance (real estate agent) who live in a very tourist driven community in central California who I will call tomorrow!!!!!
thanks for the idea,
Regards, Rohn
DeJor Properties, LLC
Sounds like a good idea. I wish you much success.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
I am researching condo's in Florida for same thing..Thanks
"Whether you think you can or can't, you are probably right" Henry Ford