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    Thread: Vacation homes

    1. Back To Top    #1
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      Vacation homes

      My family and I are contemplating purchasing a vacation home in the Black Hills of SD and renting it out when we are not using it. Anybody ever do this? Curious to hear if anyone has experience with this. What did you like/not like about it? What area are you in?

      We work in the agriculture industry so using it when we are busy wouldnt happen. Its roughly a 300 mile trip down there for us. Would have to be mainly a winter thing and a few times we can get away during the summer. Just curious to hear some feedback on anyone that owns a vacation/rental place.

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      Not to discourage you but that far away is asking for one giant headache. Good friends of mine had just a second home there. Always wondering what could be happening while you are not there. I have a lake place 5 miles from home and that can be a headache even so close

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      I would think that you would need someone close by the home to manage it for you, Someone that you trust so not to worry.

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      Is that 300 Miles one way or round trip?

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      I think there’s a pretty vibrant property rental service industry in “The Hills” due to the rally as well as LOTS of snowbirds claiming SD or WY as home due to no state income taxes. Lots of the snowbirds aren’t out their places during the rally, hunting season, and wintertime for Terry Peak.

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      This has been like listening to Nancy Pelosi argue with Ozzy Osborne.

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      Hire a rental company to handle all the stuff and cleanup etc. they take a cut but it’s worth it.

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      Some more background information:

      -its a 300 mile ONE-WAY trip. We are located in central ND

      -we look at it as more of an investment with the side benefit of a vacation home to be used by us one to three times a year.

      -we would be hiring a property management company to rent out the house as well as handle snow removal/lawn mowing and home repairs.

      -there is a vibrant rental community out there. As far as we can ascertain, a $300-600k house can gross anywhere between $20-50k in annual rental income depending on how often you want to rent it out and the economy of course. The COVID outbreak has had a devastating impact on rental home and tourism obviously.

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      Last edited by FlatTopPete; 06-29-2020 at 05:11 PM.

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      A coworker of mine bought one down there a few years ago, a new place. They do exactly what you are suggesting. Sounds like they do pretty well with it, although I know they've said as you mentioned it's more of an investment than something that is going to provide much income at first. There are slower times of year and busier.

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      Be a great time to buy id suspect

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      right now the banks are in eliminate the risk mode - in other words lending is getting tougher and tougher -- great time to buy will be after this little summer spurt.

      Next dont plan to rent anything right away. The covid thing is like breaking the VBROs.

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      You need a good cleaner with a flexible schedule. But, I suspect a good rental company will take care of that for you. We do it with a cabin where I live. It pays the mortgage and a bit more. Not sure it's a great way to invest money compared to wallstreet. But, we definitely are not taking a loss. Feel free to PM me.

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      My in-laws retired down there have a nice place in the hills. They are renting out the house this year for Sturgis. Get a rental company to take care of it, its really not a big headache at all. During Sturgis my in-laws will stay in their nice motorhome in the shop down below the house. Think they got $8,000-$10,000 for the house rental for the week.

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      Buddy of mine was a home builder in MT. Kalispell area. Built lots of specs during the last housing boom. During the last build market collapsed. He finished it up and came over here to work. While he was here for half a dozen years he rented that house out to vacationers. Management company had it rented out for like 38 weeks a year at 1500 a week. He paid for that house and then went back lol

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      That was the past eyexer---- believe me travel impact is huge; some say it will never come back like before. Devils lake your still getting fishermen no doubt -- WI and MN boys until they fish that lake out.

      Its going to take time before everyone is on board. I know so many people that dont want to travel due to beds, sheets pillows etc. I never even thought of those things -- i just thought of the airline travel. SD is a driving vacate - it wouldnt be my first choice for investment as i think travel is the last thing that will bounce back.

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      If one can afford the 2nd home/cabin in the Black Hills outright, then renting for just a week or 2 of the Sturgis Rally would probably cover the property taxes and most of the utilities for the year.........

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      This has been like listening to Nancy Pelosi argue with Ozzy Osborne.

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      I was out in the Hills a few weeks ago and the towns were packed, camp grounds were packed. The drive to vacation spots will do quite well this summer I think.

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      I know we sure miss spending our summers in the Black Hills. Sure met a lot of nice people there.

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      I heard you could get some property in the chop/chaz neighborhood cheap.

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      Quote Originally Posted by eyexer View Post
      Be a great time to buy id suspect
      Hmmm. With the current economic climate Im a little leery. I personally dont think we have quite felt the full on effects of all the shut downs and money printing. Especially with talks of a second wave. The left is really gonna go crazy and try collapsing the economy right before the election. I could be wrong. The stock market sure bounced back so who knows.

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      Quote Originally Posted by shorthairsrus View Post
      That was the past eyexer---- believe me travel impact is huge; some say it will never come back like before. Devils lake your still getting fishermen no doubt -- WI and MN boys until they fish that lake out.

      Its going to take time before everyone is on board. I know so many people that dont want to travel due to beds, sheets pillows etc. I never even thought of those things -- i just thought of the airline travel. SD is a driving vacate - it wouldnt be my first choice for investment as i think travel is the last thing that will bounce back.

      friend went to a wedding in the hills last week and every house/cabin was rented out on terry peak busy as he has ever seen. Locally revenue is up in mobridge for both April and may. Fishing traffic is up at least 20% most places are saying. Seems sodak has become a destination even more now since COVID. The hotels here are way busier than a usual summer

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      All the Gods,All the heavens,All the Hells are with in you.

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