A Little Input Would Be Greatly Apprecited

[Andy & JoAnne]

I am looking into buying a condo two miles from Bull Shoals dam in the town of Lakeview. I will need to live somewhere while I build on my other property and visit the family. Its very modern, in a great neighborhood, and 1 mile to the marina. Do any of you have a clue as to whether or not it would be a successful vacation rental based on the area etc.? Thanks for any comments.

[eric1978]

I'm not by any standards an expert on this kind of thing, but my gut instinct is that most people like to vacation on the water, or at least within sight of it, and not so much a mile away from it. You could probably get some fishermen to rent it now and then, but I wouldn't expect too many families to be interested. Of course I don't know anything. Good luck.

[Thom]

Andy and JoAnne:

I don't know about the vacation rental question but if you are into Trout fishing (White River) or fishing Bull Shoals it is a great little community.

I have spent many vacations there fishing out of Gastons or Stetsons which are nearby and great scenic area with lots of friendly folks. I hope it works out for you.

Both of those resorts that I mentioned are alway filled during vacation season and start rentals at the $ 100 dollar range for small cabins. One of those places that I wish I was waking up in tomorrow morning.

Thom

[Gavin]

Take this advice for what you paid for it. As a rule, vacaction condo's are money pits. One unit isnt enough to turn a profit, because you cant keep it rented enough to do so. A bit of rental income can help mitigate some of the loss, but its still a money pit. I'd buy it if you need a place to stay while you build your home and then sell it....but if you keep it, I'd be prepared to take the financial hit, and have your tax guy explain the limits on rental losses to you. Cheers.

[Gilly]

Hey Andy & JoAnne,

I do own rental properties. Most of mine are long term rentals. I do have one in Stockton that is my own personal unit which I've let it be known that it 'could' be available. With that in mind, if I wanted it to be, it would get used as much as I wanted it to be. The difference in Stockton is that no one can live on the lake. I'm assuming where your proposing to do this folks can have property on the lake. Very big difference. My sister-in-law has a time share condo in Branson, huge rip off. They also have one they own in Okoboji Ia which is not a time share. It's theirs 100% however it sits 3 blocks off the lake. Hard to rent unless everything else is booked.

A couple things to consider. Vacation homes take a beating. Even with a deposit it takes a lot of abuse. If you can somehow limit your clients to people you personally know it helps. If you are in it for only the profit do not furnish the place high end. Also with my own unit I do not run it as a rental unit. Thus I do not have to claim any income as long as the rental is under 14 days. If this is your first foray into this business.....read, study, google. Arm yourself with information. Book stores have lots of info. It can be a frustrating business to be in but the financial rewards can be good.

[Andy & JoAnne]

Thanks for all your input. really appreciated. I really wasn't planning to turn a big profit, just take out some of the sting and have a place to stay when I am around there. With the housing market as it is, now is a good time to buy....at least it is here near Seattle. I will research it and not act in haste.

Thanks Again to Everyone