I have a family property that is a very large lake front property on a lake that has long ago run out of lake front property, it has two cabins that are a good 70 years old that were built by my grandfather.

Given the size of the lot and that it’s already set up with two cabins that are recognized as fully separate dwellings, I’m thinking I can potentially build two new cabins. One as a nicer vacation home strictly for family use, and the other as a cabin that can house more people and is mor

Posting as :
works at
You are currently posting as works at

continued. More geared towards being an STR. I’m trying to figure out how I can best utilize the land to help pay for both cabins. Essentially have the STR pay for most of both cabins. I’ve run some napkin numbers but looking to see what resources or factors others would recommend to model and account for. Like what are reasonable occupancy rates, how can I estimate nightly rental fees, other expenses I should be aware of, STR tax benefits (wife and I are high earners) etc.

I know that with a shared/family property there’s a bunch of precautions to protect everyone’s interests and investments and think we’ve got it covered, but advice welcome there too.

Any recommendations on where to start reading and maybe some examples of how I come up with the best estimates for conservative and moderate scenarios?

Check zoning rules or hire a real estate attorney to make sure you can do what you want to do. There may be limits on the number of dwelling you can have in the property as well as restrictions on short term rentals.

Related Posts

My office location is in Marathahalli and offices are starting from Jan. I am shifting from Mumbai to Bangalore due to work demand. I will be moving with family. What would be the ideal location for me to search flat. I prefer gated community with amenities inside as I have small kid and can take her in the park than going out. How would the rent be? One of my friend has a flat in Ecity gated society with 25k rent. Where can I search for similar society within commutable distance. This is 20+km

like

The elusive white whale… and at retail too…

Post Photo
likefunny

Hello Everyone,

I am looking to hire a couple of technical sources who have a keen interest in diversity. I am building out a diversity sourcing team to support AWS AI/ML practice. Great opportunity with lots of visibility. Let me know if you are interested in learning more.

like

I don’t recall signing up for this - but it’s nice to see it’s minimalist and simple without too much distracting text.

likefunny

Anyone familiar with working for Kiavi/LendingHome? My experience is in private equity and structured products, I’ve been wanting to leave that and enter real estate for a while. They’re a self-proclaimed FinTech organization and I’m not at all familiar with that kind of structure for a company.

like

If I’m reaching out cold for tech recruiting, would you rather receive an email or LinkedIn message?

like

With the way the economy seems to be going/progressing, what do you see as the future of fintech? How will it be impacted by a potential economic downturn?

like

I’m about to go on my first strategic sourcing engagement, any good online resources that I could review to get primed on this space?

like

I have received two offers from great companies. One is a senior analyst role in the advertising industry and another is a Product manager role in the risk industry. I have 1-2 years of experience as an analyst.
The salary, benefits for both are same. I’m looking for a role that has tech and strategy designing as well and both the roles offer this.
My long term goal is to be a product manager but I want to be on the tech side as well. How do evaluate the offers?

like

Anyone here a Data Product Manager who wouldn’t mind having a quick chat about practices within this area of the business?

like

How does anyone keep time well for prayer and meditation while fully giving yourself to family and work in this economy?

One can imagine work here as meant in the maximum of work vs life here.

I know people who are constantly crashing and that’s without the set time for prayer. And despite hearts or gold, obvious piety and a high work ethic.

like

What is everyone doing to run their fitness business during quarantine?

likesmarthelpful

Hi Sharks,
We have a huge openings for Java Full Stack and Java backend Mircoservices Dev's
DM me to get referrals

like

Partners with kids and a working spouse, how do you manage? Is it realistic for both people in the relationship to work full time long term? How do you keep marriage going and career progressing?

likesmart

Any chances to move from Europe to the States? How’s the visa situation? Are agencies sponsoring?

like

Anyone from tax can help me on some tax related queries.

Q1-Can I claim LTA and LTA cash voucher both for the current Block?
Q2- In LTA cash voucher scheme i have a total expenditure of only 50K approx so how much can i get as saving for Tax?
Q3 How the above 2 can be claimed during ITR filing?

I have more Questions but if we get replies on these we can discuss further.
This can help everyone

Thoughts on Residuals clauses in NDAs? (Ex.: X will be free to use and disclose for any purpose the residuals resulting from access to or work with Company’s Confidentjal Info.” Refers to ideas, concepts, techniques retained in the memory of people unaided by CI. Do you strike?

likehelpful

I’m interested in joining a networking / professionals club in the city to meet other ambitious people in industry / banking / consulting. Anyone have a good experience with any groups like this? Thank you in advance :)

like

Hello fellow olds!! I was just at a work dinner and HH. Three drinks and food and weeeee! Damn. Such a lightweight now! 😂 Hope you all are enjoying the night. 😘

likefunny

Additional Posts in The Real Estate Bowl

Hi guys! Looking to learn about real estate investing! I am a senior in college graduating with a degree in finance so I understand certain aspects, but am looking to learn more on my own about real estate specifically!

What books would you recommend I read?

like

Hi all - any advice for a first time real estate investor looking to make their first purchase at the end of 2021.

I plan on saving $50K, for a $350-400K property in the Long Island, NY area for my first property. Does this sound reasonable? And does anyone have any experience & advice investing in the LI area?

Id like to rent it out for some positive cash flow that I can then start using to save for my 2nd property (sounds easy when I type it).

Thanks all for your input - stay safe!

like

Do you thank your tenants for paying the rent? A quick thank you text?

like

My clients wish to write a testimonial/review for my RE broker services. What is the best site/medium for this? Yelp? Google Review? Zillow? Facebook?

like

For anyone that has bought a townhome from Lennar, are the walls fairly well insulated for sound?

What, if any, were your main complaints?

like

Any potential flags/benefits for dual agency? My agent and the seller's agent work for the same company.

like

At what income level should one be comfortable to spend 2400/mo on rent in HCOL? Assuming single, no kids, no debt or major expenses.

like

Can I get a commercial loan without 25% down?

like

What is the term for giving your home buyers a credit for immediate renovations they will have to do before or upon moving in? And how does it affect the seller?

like

Went into a multi family property 50/50 with a relative against my gut. Things are going horrible. Need to get out. Best options? Buy him out? He invested maybe 4-5K in time (demolition work) and 2K in cash. I’ve managed the whole thing for 9 months. 10% of gross rents (as a management fee) would be about the same (6-7K)). Bought at low in market just after COVID hit. I want to keep the building. Seems fair to give him his initial investment back + some additional money for market gains. Help!

like

If I’m a Real Estate Agent buying my own property, can I negotiate the Buyers Agent commission to be 0% instead of being paid the buyers commission? Essentially converting what would be Income into Cost Savings for tax purposes?

like

Please help! Do these fees look within normal range or are they too high? I am especially concerned about the title company fees!

Post Photo
like

For people who recently refinanced, bought or is in the process of buying a new home, what APR did you get?

like

Hey everyone, curious about pros/cons and profitability of renting out a unit long term vs AirBnB. Let’s say it’s a condo downtown in a big city, how do you figure out what’s the better option?

like

Any Property Management recs in Seattle area? :(

like

Any one knows what’s the easiest way to order a radon test for new construction?

like

If anyone has problems with leaks or anything facade related I work in facade restoration, preservation, rehabilitation, retrofitting in NYC. I’d be happy to discuss potential solutions.

like

28 year old with ~125k in cash/brokerage. Have been wanting to begin purchasing rentals but anxious to use a good bit of my liquid savings. Thoughts on biting the bullet vs. investing in stocks. In Houston if that is a factor

like

How big is to big for an initial investment property. Theres a 20 SFH portfolio for sale by me for about a mil. Is this to big to start with initially? I'm less worried about the Financials (feel comfortable on that end) and more worried about the managerial aspect.

like

For those w investment property, how many of you self manage vs using property manager? This is my first condo, relative new build from 2018 and a family friend jus moved out. I would have self managed but am scared about squatting/evictions esp w Covid and the rent memorandums. Thinking of jus getting the property manager as I am new to this... Advice appreciated.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal