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I have thoughts of buying an appartment in an attractive place, fixing it and renting it out.
Would I make more profit if I did vacation rentals in summer/winter or if I would just rent it on long term?
ONLY if you dont rent to low income,section 8,welfare or anything else that would discount your bottom line per month will it be worth it. it will just bring trouble, im not even joking. the amount of work you'll have to do to fix the unit after someone moves out will be crazy.
and maybe it'd be worth it to set rent a bit high to ward off troublesome people.
There are numerous pitfalls and the profit margins are not that great unless you look at he numbers very carefully.
A good deal in the right neighborhood can produce good profits, but in the case of apartments you could find yourself saddled with enormous bills for maintenance and upkeep of the common areas and exterior, which you have no control over.
Short Term Rentals need staff to handle turnover...
My Brother's In-Laws have an ocean cottage they bought long ago as a retirement home... it is there only rental and they have done remarkably well with vacation rentals...
They rent for a minimum of two weeks and credit check is always done by their local management company that also has the staff to handle turn-overs...
They have many repeat renters and one couple rents 4 weeks every year... he is an author and says the home provides inspiration...
I know folks that tried vacation rentals in Lake Tahoe and failed miserably... ten people with skis would show up for weekend of partying and the place would often have holes in the walls, beer stained carpets, furniture plus the neighbors were always calling the police over parking, noise and trash...
I see. I can see both sides and thought it would be good to have an investment with a monthly income. Any other ideas?
Buy single family homes in areas where housing sales are depressed but there is still a demand for rentals. Rent the houses out and become a landlord. Run the numbers carefully.
I see. Well that's what I was afraid of. So only in a good neighborhood, newer apartment would be worth it I guess.
Maybe I should buy storage units lol j/k
You joke, but storage units are money makers, seriously, especially if you live in an area of college or military. Go for it.
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