Vaction/retirement Property-rental Program
any ideas out there on putting 10 percent down and putting units in various rental programs? From golf course condos to smoky mountain cabins and ocean and great lake condos-the common bond is the offer to rent out your unit to pay for itself. I claim that if it were such a lucrative investment as claimed-the local bank woul own them all. any books on this or rules to follow? Boomers increasing with disposable income is why I look at this.
I once purchased a condo in a resort area and put it in a rental program. The rental income did cover all my expenses, but at the end of the year I simply broke even. My total cash flow for four years was less than $1400.
True, the property did pay for itself during my holding period. I just had to wait a few years for appreciation to give me my payday. The payday, at 130% total return was good enough, or an average of 32.5% per year.
where did you invest ? what did you do to protect your investment? would you do it again?thanks for responding. m