Anybody own a vacation home?

Discussion in 'Business, Investing & Finance' started by BMF, Jul 17, 2019.

  1. BMF

    BMF Bad Mother....
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    Does anyone here own a vacation home?

    We have a cabin in Shenandoah County, VA (about 115 miles from my house in Arlington, VA). We rent it on airbnb, and use it 10-15 times/year. We make around $20K gross (a little over $12K net). I built it w/ my cousin and paid cash for it as it went along, took 2 years to build. Finished it in 2014. We didn't plan on making it a vacation rental, but some friends were making money on airbnb and I got transferred to Norfolk (which is a 4+ hour drive vs. 2 hours from DC), so we decided to give it a try. It's been an overwhelming success. My wife handles everything (because I'm too short-fused to deal w/ some of the idiots who rent it). We have over 80 reviews on the cabin.

    I retire next year, hoping to move back to Florida by 2021 (22 at the latest) and we plan to sell off the Virginia properties and buy a vacation home/airbnb in Florida.

    Just curious if anyone else has a vacation home and/or an airbnb (homeaway, vrbo, etc) and how you manage it.
     
  2. NVGator

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    I know of a great Realtor who can help. Let me know.

    I’d also say hold onto it as long as you can. Keep getting that income if you can.
     
  3. CGgater

    CGgater Gainesville Native

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    You moved to Norfolk? I’ll send you a PM!
     
  4. Concrete Helmet

    Concrete Helmet Hook, Line, and Sinker
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    Wish I could help. We're actually in a perfect situation to do that because were on an acre of lakefront(prime ski/fishing chain of lakes) near Downtown and the attractions and only minutes from OIA. We have a separate house on the property that is divided into 2 apartments with separate kitchens, baths, and laundry areas. The dock and seawall area could easily hold 2 boats for rental usage by the tenants or they could charter fishing/site seeing with Capt. Crete( former 6 pack charter license holder).

    Now I just need to find out which idiot in the City Council I need grease due to them voting down Airbnb last year....;)
     
  5. BMF

    BMF Bad Mother....
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    Where is OIA? What lake? Definitely have to take into consideration the local laws on airbnb/rentals. I was considering buying a place in Key West but their rental laws are bullsh*t (you can do 30 day rentals if you don't have a rental license. I'd rather be able to do nightly or at a minimum weekly).
     
  6. Concrete Helmet

    Concrete Helmet Hook, Line, and Sinker
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    Orlando International Airport is about 10-12 miles S.E of Downtown Orlando and about 15-20 minutes West of the major attractions, SeaWorld, Universal and WDW/Epcot and also only about a 35-40 minute ride to Port Canaveral and the beaches....Were on the Conway chain of Lakes.
    I was against the Airbnb proposal that went for vote here(small city politics) about a year ago but now that I think about it maybe it wasn't such a bad idea:lol:...I think you're right though about weekly and even shorter being the way to go....people get on my nerves pretty quickly and I would probably rather have them gone after a few days or week at tops.Maybe just do it on a limited basis or seasonally.
    I doubt seriously we would ever do it though because my Wife might be the only person on the Planet that hates people more than me and enjoys her privacy too much after getting rid of the long time tenant we had in the cottage a few years back.

    Anyway I can ask around from some of our Realtor clients to see what they know about it.
     
    • URGatorBait

      URGatorBait #TeamDubs
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      fckin rich people
      :scoff:


      Can't believe Brad hasn't posted in here yet :lol:
       
    • BMF

      BMF Bad Mother....
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      Far from rich..but hopefully on my way (depending on your definition of "rich" though!). I paid about $130K cash to build the cabin (it's only worth about $175K)....and I've put probably another $10+K into it over the last 5+ years (added onto the deck, built a 200sf shed, added an outdoor shower, and built a wood shed).
       
      • BMF

        BMF Bad Mother....
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        I need to restain it this year and have another load of gravel spread out on the driveway....

        FB_IMG_1557313248834.jpg
         
        • URGatorBait

          URGatorBait #TeamDubs
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          That's not a bad little place.
           
          • BMF

            BMF Bad Mother....
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            It's 1080sf, w/ a loft upstairs. It has 4 queen beds (2 in the loft). The bathroom is a little small - which is my only regret about building it (should have made the bathroom a little bigger). There's a half bath upstairs and an outdoor shower. Sits on 3 acres. There's a ski hill about 5 miles away and several wineries and breweries within 20 minutes drive. I have a gun range set up on the property, a horseshoe pit, and a fire pit. It's fun getting out there, but we only go about 10 times/year.
             
            • URGatorBait

              URGatorBait #TeamDubs
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              Sounds like you have a zombie apocalypse starter kit all set up :lol:
               
              • Politigator

                Politigator L-boy's Cousin
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                Chipmunk Ranch.
                 
                • Politigator

                  Politigator L-boy's Cousin
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                  The thought has occured to me, and I won't definitively say i won't, but likely no. The hassle and the potential downside (******* tenants) is not worth $12k per year to me, which actually is a pretty good return as far as rentals go.
                   
                • URGatorBait

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                  :ohboy:
                   
                • bradgator2

                  bradgator2 Internet Bully
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                  I have a wife and 2 daughters.... I am freaking broke.
                   
                  • Detroitgator

                    Detroitgator General Factotum
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                    That would be "MCO"... travel rookie! ;)
                     
                    • Detroitgator

                      Detroitgator General Factotum
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                      :lol:
                       
                      • Concrete Helmet

                        Concrete Helmet Hook, Line, and Sinker
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                        I've never understood the reasoning behind calling it MCO.... To me It's OIA.....Yes I've only flown 3 times in my life and hopefully there won't be a 4th.
                         
                      • URGatorBait

                        URGatorBait #TeamDubs
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                        No one believes you :shakehead:
                         

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