If you can afford to use it for a family getaway with some frequency, so it doesn’t appear abandoned… otherwise you get unexpected “guests”. Either animals, or vandals.
Those old cabins need a lot of attention, and it’s hard to keep a “secluded” cabin rented full time.
You need to live nearby if you plan to use it for vacation rentals, or have a friend that lives nearby. Weekend renters are not usually very careful with other people’s property.
I would say if you wanted to invest in real estate, just get a house.
Depends on how secluded oyu are talking about….secluded as in near the Great Smoky Mountains in East tennessee (big investment area here for cabins, etc) then no…Secluded as in the middle of the artic circle/alaska then yes…UNLESS it is something you are investing in personally as a place to retire then go for it….who cares where it is…
Location, location, location is sometimes what it’s all about. You would have to consider the price also. Are you going to get enough use out of it? Would you want to rent it out to others when you are not using it. There are a lot of things to consider. Remember, you still have to pay taxes, utilities, etc when not in use.
April 17th, 2010 on 6:13 pm
Depends on what you plan to do with it.
If you can afford to use it for a family getaway with some frequency, so it doesn’t appear abandoned… otherwise you get unexpected “guests”. Either animals, or vandals.
Those old cabins need a lot of attention, and it’s hard to keep a “secluded” cabin rented full time.
You need to live nearby if you plan to use it for vacation rentals, or have a friend that lives nearby. Weekend renters are not usually very careful with other people’s property.
I would say if you wanted to invest in real estate, just get a house.
April 17th, 2010 on 6:32 pm
keep these things in mind;
up keep costs,
time to reach the property
the decision to rent it out when
not occupied by yourself.
vandalism.
–define investment.
April 17th, 2010 on 7:16 pm
Depends on how secluded oyu are talking about….secluded as in near the Great Smoky Mountains in East tennessee (big investment area here for cabins, etc) then no…Secluded as in the middle of the artic circle/alaska then yes…UNLESS it is something you are investing in personally as a place to retire then go for it….who cares where it is…
April 17th, 2010 on 7:17 pm
Location, location, location is sometimes what it’s all about. You would have to consider the price also. Are you going to get enough use out of it? Would you want to rent it out to others when you are not using it. There are a lot of things to consider. Remember, you still have to pay taxes, utilities, etc when not in use.
April 17th, 2010 on 8:09 pm
It really depends on several things… what part of the country is it in? Is the price good? Can you rent it out all year around? and at what price?
figure this…
are you paying cash or paying a mortgage
mortgage payment?
How much rent is projected? How much can you bring in a month off of it?
This needs to be at least a 30% profit to be considered a good investment.
Morgage pmt. 300.00 mo
insurance and taxes 50.00 mo
you can get 600.00 mo for renting it out
that’s a good investment