Looking for a cabin rental business need help??? (Portland, Freeport: real estate, renters)

[tomscarpt]

We are in the proccess of looking to buy a cabin or cottage rental business.Not having very good luck on the internet with a general search.If anyone has a web page that deals with this kind of real estate could you pm us with the info.Open for all areas of maine .Basicly we are at the research part of this idea.Thanks for any help

[maineguy8888]

I think you might find something if you do a realtors search.
This is a good site and if I'm not mistaken, I have seen some cabin businesses listed with one or more realtors in my area (Aroostook). When I have time I'll noodle around and look, but in the meantime here's the link I use:
Real Estate - Northern & Downeast Maine Real Estate - Northern Maine Recreation - Maine's Internet Resource

[Zarathu]

Originally Posted by tomscarpt

We are in the proccess of looking to buy a cabin or cottage rental business.Not having very good luck on the internet with a general search.If anyone has a web page that deals with this kind of real estate could you pm us with the info.Open for all areas of maine .Basicly we are at the research part of this idea.Thanks for any help

So.... You wanna be a landlord?

Have you ever done this before?

I am one because I have to be to pay my mortgage on the house I purchased for retirement. Its a nightmare since renters are clueless about almost everything, and make demands that are often unreal, and at the same time treat the property with distain, assuming that you are rich and can afford to repair anything they damage or break by mistake because you are just making a mint off their rental payments.

Z

[Maineah]

You need to be more specific. There are many types of cottages and cabins along the coast of Maine, along the highways of Maine and around the lakes and forests of Maine. If you're looking at little cabins that are like a motel say along Route 1 that's one thing . If you're looking for lake camps or hunting and fishing camps that's a whole different ballgame and you'd better know your stuff.
There is alot of maintenence on these places and you need to be a jack of all trades to keep them up. You'd go broke hiring out every little repair job. You'll need to know plumbing, electrical or gas lighting, appliance repair ,boat, tractor, truck, and outboard repair, handling fuel and fuel storage, carpentry, welding, painting, dock and float repair and maintenence,. You'll need to be able to run a tractor and front end loader for road work, mowing , wood hauling, chain saws for clearing, cutting fire wood and such, wood splitting stacking and proper drying, well maintenence etc. There is also housekeeping, bed and linen washing ironing and folding, toilet cleaning, and general cleaning. If you are talking about hunting or fishing camps you need to be knowlegable about every aspect of those two activities, know the wardens, guides and supplier for the area as well as proper fish and game handling. Most hunting and fishing camps feed their renters ("sports" as they are called) as well so someone had better be a really good cook!
You're looking at 3-4 full time jobs in running a place like that and you won't get rich doing it either!! Even if you're thinking of the much easier cottage or cabin rental business along a highway like Maine Idyll Motor Court in Freeport there is still a lot of maintenence involved.

[Zarathu]

Yeah..... Maineah! That's what I'm talking about.

Its a huge amount of work for not much intake, and lots of aggravation. Its like being a farmer or the owner of a restaurant. You are always open for business at all hours of the day or night, no real free time, no vacations unless you hire somebody to cover for you.

I can think of better ways to make a living.

[Maineah]

Originally Posted by Zarathu

Yeah..... Maineah! That's what I'm talking about.

Its a huge amount of work for not much intake, and lots of aggravation. Its like being a farmer or the owner of a restaurant. You are always open for business at all hours of the day or night, no real free time, no vacations unless you hire somebody to cover for you.

I can think of better ways to make a living.

You need to be very devoted. Most cabin owners I have rented from are crusty old woodsmen who have never left the place and never will. People don't DARE to complain to them as they seem just as capable of shooting you as looking at you!

[OutDoorNut]

Originally Posted by Zarathu

So.... You wanna be a landlord?

Have you ever done this before?

I am one because I have to be to pay my mortgage on the house I purchased for retirement. Its a nightmare since renters are clueless about almost everything, and make demands that are often unreal, and at the same time treat the property with distain, assuming that you are rich and can afford to repair anything they damage or break by mistake because you are just making a mint off their rental payments.

Z

My Uncle said much the same thing.

He did very well investing in real estate in the years following WWII.

But his early investments were in rental vacation cotteges and rental year round aparments.

It didn't take him long to get out of that aspect of the rental business, to invest in commercial property and rent those instead.

He encountered the same problems you cite and more (in addition to property damage and other disruptions, there's the problem of having a tenent who is a single mother with babies who lost her job, hasn't paid rent for months, and seems to have nowhere to go. Would you like to be the one to throw her out onto the street?).

[OutDoorNut]

Originally Posted by tomscarpt

We are in the proccess of looking to buy a cabin or cottage rental business.Not having very good luck on the internet with a general search.If anyone has a web page that deals with this kind of real estate could you pm us with the info.Open for all areas of maine .Basicly we are at the research part of this idea.Thanks for any help

Then there's the growing problem of lyme disease and bed bugs.

If those problems continue to get worse, you might find business falling off.

[Maineah]

Originally Posted by OutDoorNut

Then there's the growing problem of lyme disease and bed bugs.

If those problems continue to get worse, you might find business falling off.

Bed bugs though evidently on the rise are no big deal out of the Portland area and lyme disease is much less of a problem once you get out of Cumberland County.
I don't think either threat keeps people from coming to Maine especially if they are from any city on the north eastern seaboard where those two problems are worse than here anyway.

[Zarathu]

Yes.... repair and renovations. We are renovating our entire house: new flooring and carpet everywhere, new ceilings, new paint, additonal wiring, additional plumbing both floors + landscapingand new deck. The only thing I can't do is the roofing and mostly because I'm scared sh@tless of heights. But I can do everything else. We've figured that we've spent about $2000 in materials(not including the new roof), and will spend another $1500 before we are done. We've also figured that if we'd had to hire somebody, it would have cost us upwards of $25,000. This gives you some idea of what you might be required to do.

Hey, if you're up to it, Go for it!

Zarathu