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Jerry
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# Posted: 22 Jan 2013 02:40pm
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I've got two cabins on a small lake - actually I'm still building on one and the other has just undergone extensive roof work but is now in good useable condition. They sit on 43 acres at the end of a dead end road. Both have full electrical service, privy and hand pump well.
I'm at a point in my life where I either have to generate some income from the places, or consider selling one or both. I'm thinking about renting out the older, but useable cabin, but my wife and I have reservations about liabilities, possible damage, county regulations, insurance, and so on. We wonder if it would be worth it.
The lake is not a swimming or even a power boat lake. It's very quite with only seven cabins on the 85 acres of water and I rarely see any of the neighbors. It is located very near to one of Minnesotas important birding areas so we might be able to offer lodging for bird watchers. The lake holds nice sized northern and crappie for fisherman, but I'd hate to see a lot of them taken out. The lake is also a premier wild rice lake and I'd enjoy teaching in that activity. Hunting is seasonally available for grouse - both ruffed and sharptail, as well as deer, bear and duck hunting.
One issue my wife thinks would be a major detrement to attracting renters is that we don't have running water - no indoor toilet or shower. We do have a sauna. And in the winter access is normally by snowmobile only, with skies or snowshoes an obvious option.
Well, there it is. Has anyone rented their cabin under similar circumstances? What have you found, good and bad? I enjoy meeting new faces and I think I would be good at this, but then again how do you know. I hope to get some input from this forum.
Thank you.
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larry
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# Posted: 23 Jan 2013 08:26pm
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can't do it, wont ever happen. that's like loaning out your wife to a stranger for the night.
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TheCabinCalls
Member
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# Posted: 23 Jan 2013 08:49pm
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The cabin we rented every summer in northern MN didn't have running water and an out house. That was part of the charm. However, now a days it is more of a stretch for people it seems. My guess is you'll attract hunters and fisherman, but not many families. I know the cabin we rented was never used by the owner...there was another cabin on the property that the owner used. If you had to do it that would be my recommendation. Keep one all to yourself.
Also look at the tax laws of renting to see how many days or how much money you can get away with in your area.
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SE Ohio
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# Posted: 24 Jan 2013 08:41am
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I let one of my neighbors and a group of her friends camp by my off-grid cabin (uninsured cabin remained locked) for free. Results: they picked up most of their trash, and only lost two solar lights. I only had to pick up a few bottle caps and replace a few lights.
Not sure how strangers would have treated the property, maybe better with sufficient deposit?
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Sda1c
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# Posted: 24 Jan 2013 01:49pm
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Hi Jerry,
You could probably make a killing by looking into the hunting a nd fishing leases. Leasing to vacationers is in my opinion a bit safer than renters. I know I will have things to pick up after words but the daily wear and tear is not there. I charge 1500 for 7 days and that does no include the cabin. you do that for turkey season. goose season and deer season it would at least pay for its self. Might turn into a small BandB type of thing.
Definitely keep the other cabin private for you and yours only. I took a substantial loss to avoid leasing to a couple that was more interested in the heat source of the cabin than the deer hunting. I would bet its easy to guess what their plans were. Its almost a violated feeling having strangers in my cabin.
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Jerry
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# Posted: 24 Jan 2013 02:59pm
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You lost me Sda1c. What is the difference between leasing for a week, and renting for a week? Are you saying the lease is just for the use of the land/access to the water as opposed to renters in the cabin? Hmmmm.
I don't think I could get much for a weeks lease without a cabin because there's so much public hunting up here and many cabins for rent. But then again, I've never really tried. Probably would be more demand for lake related hunting than for the woods.
Thanks for your input. Gives me something to think about.
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Sda1c
Member
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# Posted: 24 Jan 2013 08:46pm - Edited by: Sda1c
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Jerry,
I was not aware of the public access but yes you could get more by the week or weekend than by the month if you are willing to do the PR work. If the lease is short, like a vacation week, then there is much less red tape and generally handled with cash.
For those that do not want a full week I sell access by the day @150 and that does NOT include the cabin...wink wink. Just off the top I would guess that access to the ice fishing and a warm cabin to come back to could easily be worth a hundred a day per person. If you figure 4 or 5 weekends per year at 400 to 500 a weekend would fairly well support its own upgrades and maintenance.
It took a bit to get started and find clientele but in my fourth year I have secured a five year booking@6500. The first years were a trial and error but I eventually filtered through the no's and found a great pair of brothers that treat my place like it is their own resupplying and restocking with wood and consumables when they pack out.
It has worked out very well for us and have made many improvements with the income from the cabin. Those upgrades will also justify the increase in lease cost for the next five years.
P.s. Using the term rent or lease are synonymous in my text. Sorry for the misunderstanding. I figure a lease is short or defined and a rent is rather open ended. Renters are also more likely to require support than those looking to "get away".
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Jerry
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# Posted: 24 Jan 2013 11:08pm
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Sda1c,
Thanks for the reply and information,
You've given me a lot to think about. Where are you located? It's kind of interesting how things vary from area to area.
Thanks again.
Jerry
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Sda1c
Member
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# Posted: 26 Jan 2013 06:08pm - Edited by: Sda1c
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Hi again Jerry,
I am in west central Illinois. Where the big deer are hehe.
Cheers!
P>S> for the record...the 5 year booking includes the first gun season of 3 days and the second gun season of four days. Cabin access is NOT included in the price or lease.
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Just
Member
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# Posted: 26 Jan 2013 06:45pm
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we let people use our place at the lake , it has most all ammenities
1200 sq ft washer dryer and the like ..on the beach .only to people we know only by the week and only if they leave 600$ on the kithen table when they leave. but no we dont rent it out..
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Jerry
Member
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# Posted: 26 Jan 2013 11:27pm
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Just,
Now you're talking my language. I have a feeling that's what one of my neighbors is doing, but I don't ask, and he don't tell. The only problem is with that kind of use is the potential liability, but the older I get and the more the gov't wants from you, the more I'm not worrying about it. I might try that.
Thanks
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