Call or email me with any questions, concerns, and/or thoughts. I will be glad to share my knowledge in this market.
I agree with Justin. Also you might want to look at buying a house instead of a cabin and renting it out. I have friends that are on both sides. One has a cabin and because of the huge inventory of rental cabins it is very hard to have a steady income when you dont know if your cabin will rent on a steady basis. On the other side I sold a rental property to my uncle and he has been very fortunate to have found very good and respectful renters.
The upside toa buying a cabin on a rental program is that you do not have to worry about the maintenance and cleaning. The down side to buying a house is that you have to take care of the maintnance, finding renters and cleaning when renters move out.
Whatever you decide, there are great opportunities and great deals out there right now.
Please let me know if I can be anymore of a help.
Most rental companies here have a 60/40 split with the owner of the property getting 60%. However, with fees and maintenance expenses it ofter does become more like a 50/50 split.
I would recommend that you instead focus on the rental income versus the rental split. Find a property that rents for a higher percentage (some properties right now are at 15 to 30 percent) of the list price. For example, the home is listed at $300,000, just for nice round numbers, and the rental income is $70,000 which means you could net over $3,000 on average per month. Not a bad proposition.
These rental scenarios do exist right now. However, as our market is absorbing excess inventory and interest rates ares still low these deals will become more rare. I would suggest you act as soon as you can.
50% seems high for managing your property. Have you already made the purchase? If not email me and lets talk about a few developments and locations that don't charge so much.
The Schaffer Realty Group