Profile picture for Connie Klemme

thinking of buying one of those cabin rentals...but it's scary.

in SE Oklahoma there are several nice log cabins around the lakes that rent on daily rates and are managed by companies that take care of all the details.  I'm thinking pretty seriously about buying one, they still show to be income producing.we like to go there for weekend trips, so this would reduce potential income each time we go but it's so tempting.  I'm not thinking rationally at the moment because I found one I love.  the mortgage payment would be the same size as my house, easily manageable because we live well below our means- but that's because we don't typically do things like this!  Problem is...i think they are too expensive for just their real estate value- the prices must based on the income potential and I'm sure someone else would just pay it.  No commission in this for anyone- I'd be my own reatlor so don't give me the "good time to buy response".  Some food for thought would be appreciated!

  • February 03 2011 - Broken Bow
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Answers (4)

Profile picture for Connie Klemme

as a sample...one cabin that i like is listed at just over $200K, it has 2 bedrooms and a third bedroom spot/loft, hot tub etc on 1 acre- and quick access to 3 rivers nat'l forest and short drive to the lake.  income from it last year was over $30k but the owners almost never stayed in it.  Realistically- this one probably breaks even with the occasional owner stay.  a cheaper one that I like less had $20K income, listed at $120k i think.  it's probably smarter- there'd be a little net with that one.  Just feels like there's some big piece of the pie that I'm not evaluating.

  • February 03 2011
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Profile picture for Connie Klemme
broken bow lake.  we love to go there.  the cabins are nice
  • February 03 2011
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Hey Connie:

Which lake?
  • February 03 2011
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Profile picture for Connie Klemme
obviously I put this in the wrong category.  I'm tired...don't let that be the reason for no answers
  • February 03 2011
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