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  #1  
Old 06-27-2008, 12:48 AM
moondog99 moondog99 is offline
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Default Anyone own a cabin that they rent out? Need advice!

Me and the wife are thinking of buying a cabin in the Gatlinburg or&nbsp\\;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.
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  #2  
Old 06-27-2008, 06:55 AM
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Thongs2U Thongs2U is offline
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Default 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...
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Old 06-27-2008, 01:52 PM
moondog99 moondog99 is offline
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Default RE: Anyone own a cabin that they rent out? Need advice!

So in the long run is it a good idea or a costly real estate error?
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Old 06-27-2008, 06:31 PM
Steve_in_FL Steve_in_FL is offline
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Default RE: Anyone own a cabin that they rent out? Need advice!

You might want to check with a competent tax advisor.&nbsp\\; Income or Loss from rental properties managed by a 3rd party are usually&nbsp\\;deemed to be "Passive Source Income/Losses" and may result in limitations/denial&nbsp\\;of the deductability of any tax loss, or worse, the dreaded "Alternative Minimum Tax" for Fed. Inc. Tax purposes.
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Old 06-28-2008, 02:54 PM
BIG$HD BIG$HD is offline
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Default 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.&nbsp\\;
Go For it!! and just let us know where you keep the hide away key!!
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Old 06-28-2008, 10:52 PM
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Thongs2U Thongs2U is offline
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Default RE: Anyone own a cabin that they rent out? Need advice!

Quote:
ORIGINAL: moondog99

So in the long run is it a good idea or a costly real estate error?
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.
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Old 06-28-2008, 11:14 PM
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zuma zuma is offline
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Default RE: Anyone own a cabin that they rent out? Need advice!

Quote:
ORIGINAL: Thongs2U

Quote:
ORIGINAL: moondog99

So in the long run is it a good idea or a costly real estate error?
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.
&nbsp\\;
+1
&nbsp\\;
I am waiting...
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