We rent cabins in Tennessee a couple of weeks a year. Mrs WD is from down there (that's why one leg is shorter than the other - growing up walking on those hills
). She
loves it down there, I like it too.
She wants to buy a place down there and rent it out 80% of the time. I don't have a problem with the concept, but I've already got a single family rental here that I can't sell, a commercial building, and some raw land. It doesn't seem like they should take up a lot of time, but they do indeed burn up an unbelievable amount of my time just on diddly schnit. The time I spend talking to plumbers etc about repairs does not show up on a spreadsheet.
Does owning a rental make sense? At this point all I know is she is looking at $250k cabins that bring in $35-$45k a year in revenue. I'm afraid mortgage payments, management fees, utilities, cleaning, maintenance, and taxes will eat that up in a hurry. What are the pitfalls that might not show up in a spreadsheet analysis of such an investment?
Does anyone have any experience with this?