The most recent one in the neighborhood was under contract in one day. I think I'm a little closer into town than you are. We also have underground electric and natural gas. I remember not looking at the subdivision where you live because it seemed too far out. My house is probably mid range price for the size. It had newish siding and window, and a mostly finished basement, making it a 4-bedroom. But kitchen, bathroom, flooring, and interior paint are original from 1992. Today I got a call from a co-worker asking if I wanted to rent it to his daughter and family. No to that. I don't want to be a long-distance landlord, or a landlord at all.
Yeah, it'll go quick. And agree, while real estate is a great investment, I'll never be a landlord of any non-commercial property.
Too much stupidity and then they start throwing words like "pre-meditated" around in the courtroom... LOL.
And if you pay someone to manage it, you usually lose so much doing that, you might as well have paid your broker to buy other stuff. Not always though.
The one thing dad had I wish we could have kept but went back to his ex (properly and I don't mind), was a high end, very high end, ownership of a room in a managed hotel in ski territory. A very interesting setup, it's run similarly to a timeshare but it's not. It's a hotel.
But every individual room was owned by one or more owners, the location was spectacular, and the fees for the management were quite reasonable for something that high end. Even with some initial construction quality problems with the whole roof.
I mean we're talking so nice you wouldn't say "hotel" about it if you walked in. Looked more like gorgeous common areas and individually owned condos. Big rooms. Multiple bedrooms. Full kitchens. Standard high end appliances. Fireplaces. Owners provided decorations and what not. If multiple owners they'd just agree on what was done. Each owner would have a personal touch in the units.
Quite unique. Dad owned it because he stayed in it to ski, not for the rental income, but if you didn't use it, they rent out the rooms.
And they rented HIGH during ski season and reasonably high not in season. The high rental rates meant that the typical tenant understood what a deal they were getting and took care of the place. Most damage I ever heard of was carpet stains and broken coffee pots. The price tag was high enough, even on units with four owners, none cared about a coffee pot. They'd just have the management folks pick up a decent one at WalMart and put it in the unit. Some units had fancier coffee stuff like a multi-hundred dollar barista machine. One owner would decide they wanted it there and the others would say sure, put it in and any damage that happened during a rental they'd all pitch in to fix it. If another owner broke something they'd just pay the co-owners for it, but never happened really.
Dates rotated each year for owners both in and out of season like a timeshare, but units were kept to four owners so it was a lot of time. Nobody used all their time.
And owners could go in off-season even if it wasn't their dates and rent any unit on a space-available basis. (And offer that to their family, which we took advantage of a few times and saw various rooms. Very cool. We also went up and stayed with dad a couple of times in his unit.)
That... was a very unique place. I even looked at what they cost and considered buying a quarter of a unit, but obviously -- the time to get in on that deal was back when they built the building. Prices reflect the rental income now. Still an impressive setup, but "original owners" have some perks the "new owners" don't have.
Not a timeshare though. So interesting. Fully titled and deeded per unit like a condo, but managed like a timeshare. Such a thing would only work in a tourist destination.
Did I mention that it had a bar with live music every night and owners got discounted drinks there, too? LOL.
And the management office handled sending out all your tax crap you needed for it for your taxes, too.
Dad really found a gem in that place. Hard to beat something that nice within walking distance of the ski lift, too.
It will take me 6 to 9 months to sell my house. Markets are so localized.
Try selling a high end house in Detroit bought at the peak. I know someone there who says it's unlikely he'll ever be able to do it without a massive loss. Wouldn't be uncommon for it to sit on the market for half a year. Obviously that's a VERY localized phenomenon but it happens.
Sorry it'll take ya so long, though. Our first condo took a while here, but not that long.
