Wednesday, September 16, 2015

Your Second Home As A Vacation Rental - Strong Income Potential

Many buyers today are interested in a second home. When not in use -- why not rent it out? The income can cover expenses and a number of mortgage payments. I have first-hand experience with this... Bill and I wanted to downsize from our larger lake home, and bought a smaller home still in Presque Isle. We planned to sell our lake home but weren't in a hurry initially. We decided to try it out as a vacation rental home (generally week-long stays). We did quite well, particularly in the summer and winter. As the years went on, repeat clients helped things run quite smoothly. With a bit of increased advertising, we were able to increase our fall business quite a bit -- with people visiting for colors & festivals, fishing & hunting. Thankfully, there is a vacation rental business in Presque Isle, and they managed everything from customer relations and advertising to maintenance and cleaning.

We have since sold our lake home, but we now own a set of seasonal cabins that we rent out. They are on a beautiful Canadian-style shield lake with bays and crannies to explore, loons to listen to, fish to catch, kayaks to paddle, and campfires and s'mores to get toasty with. They are busy and booked solid June/July/Agusut, and much of May, September, and October. This seasonal income covers our taxes and many of our mortgage payments throughout the year.

Not all homes can be rented out, depending on their zoning. If this 2nd income is a priority for you, look for a lake with Recreational zoning (or a home that is currently being rented and so "grandfathered" in). A few places we have listed are currently in the vacation rental business and already have a clientele established. Check out:



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