newbie here &could use some advice--i own a gorgeous,desirable property,how do i decide between guests or tenants? very long!

5 replies [Last post]
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Joined:
09/05/2008

thanks in advance for your gentle advice or encouragement.  the home and land i own is next door to a ski resort. i happen to live on a brook below the resort,,a brook which has dramatic waterfalls and swimming holes and the whole nine yards. i already have one tenant in a basement apartment,that has mostly been a good thing. the tentative plan is to take back that space for the house and build two new one bdrm apts in the barn which overlooks the brook.  those would have balconies,patio,etc. and be a much nicer,even luxury space if i wanted.  the zoning allows for it,i have a ton of equity with which to finance a loan for building,and the income from the apartments would easily pay the monthly note and then some.

i love the 'idea' of sharing my place,,not necessarily as an inn-keeper,because i don't see myself cooking for people,,more like providing a luxury furnished apartment with full kitchen for longer stays,,probably seasonal rentals.  we have mountain biking,snow mobiling,fishing,snow shoing,hiking,etc. directly behind the house. in other words,,a ton of things to do for tourists already coming here.  did i mention foliage and fine dining?

i'm in a class right now working on potential business plans to help figure out the best way to invite people to share this natural resource,as well as provide an income for me as i age.  i know people who shudder at the thought of being a landlord,with all of the problems landlords can face,,as well as folks who shy away from a different guest every weekend.

can you help me with a list of questions to help define the pros and cons of each scenario,or suggest a niche i'm overlooking?

here are some of the current ideas on the list. (i'm limited to two bdrms,btw. they could be w/ or w/out kitchens,depending upon which scenario i go with).i prefer two one bdrm apartments for highest flexiblity.

spa/retreat/yoga/meditation center with on call massage,etc.  there currently is no spa facility for miles around.-being that i like massages,,i like this one!

mountain biking course and or shop--i don't bike myself,,but know it's a fast growing niche.

snow mobile destination--very noisy,but fun and very popular here.

wedding destination--in fact i could move into an apartment myself and rent out the main house for elegant small weddings.  the house and master bdrm is large and 'special' enough for honeymoon and/or wedding night stays.

thanks,my head is swimming with all of the possibilities!

 

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Joined:
08/04/2008

Welcome. It sounds like you have a lot on your mind.

You mentioned that there are no spas for miles. What about other overnight accomodations? Other B&Bs/Inns/hotels/motels/no-tells?

It seems to me that a short-term rental might be your money-maker. One week rentals, kind of like the ocean houses in Myrtle Beach, that people rent from Sun-Sat. They check in, are on their own, and check out. When we used to go to MB a few years ago, the owner of the house would have us check out by 11 because the cleaning company was coming at 12 to prepare for the Sunday arrivals. We never had contact with the owner. With some tweaking, that concept might work for you, too.

I guess it all depends on how "hands on, involved" you would want to be. Do you just want to run the credit cards thru and never see them, or do you want to get to know them while they are there?

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Joined:
05/30/2008

Sounds like you have a built in destination spot and perfect for short-term rentals.  I would definitely put the kitchens in the new rentals.  Weddings are a huge amount of work.  Ditto with a spa retreat. 

Welcome to the forum!

__________________

People don't notice whether it's winter or summer when they're happy.
~ Anton Chekhov

 

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Joined:
06/02/2008

Welcome

I would also go with 1 bedroom with effeciency kitchens weekly or short term rentals.  Usually if you rent for more than 30 days, you get into different rental rules.

I also wouldn't rent my house or have 2 bedrooms as then you open up to having people wanting to bring children and all the problems they can bring to your property and drive others away.

Unless you want alot of work, I would stay away from weddings.  You can read old info here and on about.com about wedding problems.

swirt's picture
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Joined:
05/17/2008

HI Suz1023, Welcome to Innspiring.

In a location like you are describing and with only two rooms, you'd probably get the most bang for your buck by going with weekly rentals if you put kitchens in each.  That way you have the benefit of transient housing (as opposed to long term rentals).  Running two bedrooms as a B&B would consume a good portion of your time but probably leave you shy of income.

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Joined:
05/22/2008

Don't know if this will help or not...but .....Doesn't sound like you want a B &  B....

I would go with vacation rentals, collect the rent from tenants and be done with it. You don't sound like you want to deal with all an innkeeper has to do.

Spa/ retreat???  Doubt this will generate the income you will need. If you aren't a massage therapist, who will you have do the spa??? You will have to pay someone to do that for you and all that it entails.

I wouldn't bother with wedding destination....BIG problems there...so many I won't even go into it.

IF this is already a ski destination, snowmobiles  and attracts mountain bikers, you already have built in clientele who would rent your 1 bedroom apts.

That's the route I would go. Keep it simple

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