steppingup
New member
I was browsing vacation rentals in Paso Robles and was surprised to see several properties that were for sale at the time that we purchased our home there have been turned into vacation rentals
This one was purchased in '07 for $380,000
http://pasoroblesvacationrentals.com/pasoVineHouse/
The Olive Street house was purchased for $372,000
http://pasoroblesvacationrentals.com/dosRobles/
Click on Max and Velma's from the link below. It was purchased for $360,000
http://www.pasovacationhouse.com/
This one here isn't even really "walking" distance to the square and was a total 2005 bubble purchase for $500K
http://pasoroblesvacationrentals.com/serendipity/
Does anyone think these places are cash flowing? Any idea on how much income they average per month? Ours is a charming 3/2 built in '41 and a 7 minute walk to the square. After the property manager, we net $1,274/mo.
I'm not sure how much the utilities are and it looks like you need to include Wi-fi, so that's another $40/mo up there. We'd also have to furnish the place. But, if we could average somewhere near what we get now, it would be so much more preferable because we would then be able to use the house when it's not booked. The month of the mid state fair it would bring $3K. Outside of that, it doesn't seem like you would be able to average more than $1K/mo.
I kind of suspect that from what I've seen, there is more supply of these vacation rentals than there is demand right now. Maybe the owners of these properties bought them as second homes and are just using the income to offset some of their costs for the usage? They all paid more than we did, which is why I suspect that these weren't purchased to make money. I know we would love to be able to use the house every few months for a few days. And, if we had it furnished with no tenant, we could refi and lower our monthly payment about $200.
Am I just dreaming that we could do this and have it about the same income or a bit less than the $1,274 we get from it now?
This one was purchased in '07 for $380,000
http://pasoroblesvacationrentals.com/pasoVineHouse/
The Olive Street house was purchased for $372,000
http://pasoroblesvacationrentals.com/dosRobles/
Click on Max and Velma's from the link below. It was purchased for $360,000
http://www.pasovacationhouse.com/
This one here isn't even really "walking" distance to the square and was a total 2005 bubble purchase for $500K
http://pasoroblesvacationrentals.com/serendipity/
Does anyone think these places are cash flowing? Any idea on how much income they average per month? Ours is a charming 3/2 built in '41 and a 7 minute walk to the square. After the property manager, we net $1,274/mo.
I'm not sure how much the utilities are and it looks like you need to include Wi-fi, so that's another $40/mo up there. We'd also have to furnish the place. But, if we could average somewhere near what we get now, it would be so much more preferable because we would then be able to use the house when it's not booked. The month of the mid state fair it would bring $3K. Outside of that, it doesn't seem like you would be able to average more than $1K/mo.
I kind of suspect that from what I've seen, there is more supply of these vacation rentals than there is demand right now. Maybe the owners of these properties bought them as second homes and are just using the income to offset some of their costs for the usage? They all paid more than we did, which is why I suspect that these weren't purchased to make money. I know we would love to be able to use the house every few months for a few days. And, if we had it furnished with no tenant, we could refi and lower our monthly payment about $200.
Am I just dreaming that we could do this and have it about the same income or a bit less than the $1,274 we get from it now?