| My wife and I bought a unit in a Condotel in Florida where we stay half the year and we nomad the other half. https://news.ycombinator.com/item?id=34821620 When we leave in the spring, we pay a $110 cleaning fee and the property management company takes care of everything - cleaning, finding guests, cleaning, replenishment, maintenance, and they have a warehouse full of furniture when they need to replace everything. True they take 48% of the proceeds + 4% escrow to handle major repairs. But I don’t have to deal with anything. It’s in Florida so of course it’s cyclical. But since we stay there during low season, it covers its own expenses the other half. This is investment advice. This is not an investment idea. This was a lifestyle choice to give us a place to stay during the winter. But I would rather get two anal probes than be a traditional landlord again. Edit: I just noticed you said it was difficult in a resort area. Our Condotel is very much in a resort area. Three pools onsite, three restaurants, a lake for fishing, a water park, arcade, etc. Not bragging, we downsized from our the house in the burbs in GA we had built in 2016 (3200 square feet) to a condo 2000 square feet smaller, paid the same price and we saved over $12000 a year in income taxes. |