The Cabin (Part II) - How about a rental property?
By Tom Rippberger
Readers of my previous blog on the Cabin may have thought my wife would be upset about the “Why not buy a cabin? blog. And you were correct. Her response was that she “wanted to cry, and we can sell it if you really feel that way.” I failed to mention in the previous blog that the Cabin is in my wife’s home town, three of her uncles live on the lake, and her parents live 7 minutes from the Cabin.
Her response showed me that we had not been communicating enough about the Cabin. My wife and I talk all the time about finances. After all, she is a C.P.A, and I am a financial planner. What we had not been talking about was the emotional side, and how I felt about all the work. She knew it bugged me, but until she read the blog, it did not register with her. The “blog” lead us to many great conversations, and into a new frontier.
We are now owners of a vacation rental property. After many conversations about what to do, how we felt, and considering selling….we hired someone to fix the place up so it would be nice enough to rent. We have listed it on VRBO. It seemed magical when we quickly got interest. For some reason, we thought it would take a lot of more effort. We are three renters in and people are enjoying our place and we are making some extra money. I will write more about the experience of being a vacation rental owner after we have some more experience. We have heard great experiences and some horror stories, but so far so good.
We are enjoying the Cabin more because it is in better condition. I have less work to do when we go there. In addition, we don’t feel tied down to only going to the Cabin. We can rent it out, earn some extra money, and feel free to go explore other places. If you are considering a cabin purchase or buying a vacation rental, we would be happy to have a conversation with you to hear what you are thinking and share our experiences.