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E ND | Be careful on the assumptions you make if you do go the VRBO route. MN is full of lakes and that means cabins AND commercial resorts. The resorts have a heck of a lobby situation and they're waging a war in some counties on getting private rentals (VRBO/AirBNB, etc.) to be charged commercial property taxes which raise what is already a really high tax rate. I know of several people who bought places with the plan to use it personally half the time and basically have the rentals cover the cost for them and now it's stalling out a bit.
Lake places (unless new and maintenance free construction) seem to have significant maintenance requirements that are difficult to take care of when you're not there in person.
I'm sure your insurance agent would have some questions, people can be great until you get a 20 person bachelor party tearing things up. Get a good group of regulars and it would probably be pretty painless if you have the right place. | |
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Lake house for long term investment property?
