Anyone own a cabin that they rent out? Need advice!
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Road Warrior
Joined: Jul 2007
Posts: 1,583
Likes: 3
From: Sevierville, TN
Anyone own a cabin that they rent out? Need advice!
Me and the wife are thinking of buying a cabin in the Gatlinburg or \\;Wears Vally area. We plan on relocating there when I retire in around 7 years but for now we want to rent it out to cover the mortgage till then. Anyone done this and what is involved as far as a management company to keep it up since we reside for now in Louisiana. Any help would be greatly appreciated.
Road Captain
Joined: Aug 2006
Posts: 685
Likes: 7
From: In your dreams
RE: Anyone own a cabin that they rent out? Need advice!
Management companies around Knoxville take half for weekly cabin rentals in the Smokies. Do not rent to friends nor relatives. Run Forrest run...
Tourer
Joined: May 2008
Posts: 289
Likes: 1
From: Plant City, FL (Tampa area)
RE: Anyone own a cabin that they rent out? Need advice!
You might want to check with a competent tax advisor. \\; Income or Loss from rental properties managed by a 3rd party are usually \\;deemed to be "Passive Source Income/Losses" and may result in limitations/denial \\;of the deductability of any tax loss, or worse, the dreaded "Alternative Minimum Tax" for Fed. Inc. Tax purposes.
Intermediate
Joined: Sep 2007
Posts: 27
Likes: 0
From: North Myrtle Beach SC
RE: Anyone own a cabin that they rent out? Need advice!
MoonDog-We had one in West Jefferson Nc and rented it to friends and Family only and never had 1 minutes problem w/it. It helped on the payments and we never used a management company for the reason of their fees(ridiculous) I had a Local guy in that area that would cut the grass for me and would always check on the property when the renters left. \\;
Go For it!! and just let us know where you keep the hide away key!!
Go For it!! and just let us know where you keep the hide away key!!
Road Captain
Joined: Aug 2006
Posts: 685
Likes: 7
From: In your dreams
RE: Anyone own a cabin that they rent out? Need advice!
ORIGINAL: moondog99
So in the long run is it a good idea or a costly real estate error?
So in the long run is it a good idea or a costly real estate error?
Road Captain
Joined: Sep 2007
Posts: 682
Likes: 0
From: South East
RE: Anyone own a cabin that they rent out? Need advice!
ORIGINAL: Thongs2U
I was in Gatlinburg a week ago and they are still waiting for the summer rush. Gas prices have crunched vacation communities as well. My recommendation would be to wait six months or until the economy has totally dumped.
ORIGINAL: moondog99
So in the long run is it a good idea or a costly real estate error?
So in the long run is it a good idea or a costly real estate error?
+1
 \\;
I am waiting...
