Help the new guy...

alockrem

I am interested in purchasing a lower end property near some lower end ski slopes. I have never purchased a property that I intended to rent out, so I am not sure what to expect. Does anyone have any guess what type of income I should expect from a rental property like this?

Any suggestions to get me started would also be appreciated.

Little_Miss_Winner

Hi and welcome, :hello:
I really don't know much about purchasing property to rent, have you checked what other rents are for the area?
I am sure that someone who knows a bit about buy to rent will be along soon.......

Take Care
pot

nelly_2

ski slopes?

sandgrownun_2

You need to research the rental agents nearby.LOCAL PAPERS,AGENTS WEBSITE ETC.This will give you an idea how much property rents for.Ring a few agents too they should give you an idea of rental prices.and MOST IMPORTANTLY DEMAND .If youre depending on rental to pay the mortgage you need to know these things.Good LUCK

Ian_W

nelly wrote: ski slopes?

There's one at Rossendale - wonder if s/he means there??? :rotfl:

alockrem

Thank you for your help.

I did contact one of the rental companies and their response was "A new customer of theirs is VERY happy!". They said they couldn't discuss dollar amounts because the person with the license was out on vacation. I will contact a few other places in the next couple of days to research like you said.

I'm a he. The ski slopes are Sugar Mountain North Carolina.

My goal is to have half of the mortgage paid for each month. With my research so far that would mean renting it out at least 6 days / month (assuming ~30% fee for rental company).

Does anyone here have a rental property? Is 30% average for the rental company? Is there something I should know before starting this process?

Thanks again for all of your help.

sandgrownun_2

Alockrem, my experience is in buy to let,not ski rentals.If I employ an agent to find a tenant the agent usually takes a months rent in advance.Ialways manage the property myself.Sorry,Im not being much help.Can I hazard a guess that you have fallen in love with this property because of your own love of skiing,and fancy a cheap vacation.If this is your dream go for it.But if it turns out to be unprofitable accept it,and make your money elsewhere.There are bargain properties to be had right here ,and you could be having a mortgage free ski property sooner than you think.Oh, and Ian alockrem is a he as he alluded to in the first post. "HELP THE NEW GUY"