Renting property by the week. Any experiences?
 

I'm looking at purchasing a waterfront property on an island on the St-Lawrence river. I know there's a very good market for weekly rentals averaging $1000 to $2000 per week to tourists.

Any of you in this type of business? Are you using a property manager or not? Is it worth the hassles?

I mean half the time rent it and the rest of the time enjoy it? Or it could be a good business to run as well.

That would be incredible. I wonder how difficult management would be though.

I'm wondering the same, there are alot of property management companies and since i don't live in the same city as my investment i'll have to figure out a way.

It's definitely a good business in consistently touristy places considering the property value increases.

Another bonus is after you start to rack up a few nice places of your own, people start coming to you to manage their places during the periods they are not using their vacation home.

Keep Tahoe Blue :Graucho

Well there WILL be a lot of problems and work . But if you can get 2-3 in the same aera you can probably make a lot of money without too much work

I would expect a crap load of damages and repairs. Better get one hell of a security deposit.

Made an offer, we'll see how it turns out:thumbsup

I'd definitely find someone to do the managing for you.. :2 cents:

:glugglug

I have family that use to have ocean front property. The hardest thing about it is the upkeep of the house. They lived 4 hours from it. So if a problem occured they would have to drive out to it. But at 1200-1800 a week it was worth it to them.

i have a 3 homes on the beach @ emerald isle in north carlonia which i rent out to tourists, what i did was link up with a local travel agent to keep the places booked for a certain percentage, and worked out a deal with a local cleaning service to tidy up after each set of people leave. A property management company looks after the homes for a fee of 6% of the monthly mortgages. A lot of property managers want a cut of the gross in areas where weekly/biweekly rentals are popular, and that's just asking for an assraping.

6% ain't much, if you look at Tremblant for example, which are crooks, are selling condos and you are OBLIGATED to get them managed by them for 50% of rental price.

So basically they sell you a condo where you lose money each year because costs are greater.

I used to work for whistleraccomodation.com where they charged 20% or rental price and gave a hell of a good service. Still it's weekly not daily so i don't think i'm willing to shell out that much.

We actually got something like that in New Brunswick ... cost us 750 $ a week for a small place near the see. It was really nice but a lil bit dirty :)

For that price what did you expect? :Graucho
Anyone know if Quiet does the same with his Whistler condo?