More good news for us! We’ve have a contract on another house, which will close in April. This one’s much different from what we usually buy to remodel and resell. It’s BIG, and it’s out by Lake Travis, not the usual north Austin and suburbs we concentrate on. It’s also beautifully decorated and not in need of much remodeling, at all (as you can see from the pictures at the end of the post, which were shared on a real estate site). We usually buy homes we can fix up. What motivated us to jump on this deal?
Why else? Because we can make money off it! Here are some facts:
- The house has 4 bedrooms and 3 baths–that holds a lot of people. There’s a four-car garage! It’s nicer than any of the homes any of us currently live in.
- It’s in a resort area. There is a lakefront park less than a mile away, and there’s a golf course in the community.
- It has a lake view…or will once we make the beautiful planned deck off the second story!
- There are TWO lots. That’s right, we could build another house to also make money from.
- Best of all, this area is a huge market for vacation rentals! Just take a look at some of the homes and the prices folks get to rent them out!
Two of the Hermit Haus team have experience renting out a house as an executive rental (for example, when people are new to the area and waiting for their dream house to finish being built), so we have an awareness of the pros and cons of this kind of undertaking already. So, the current plan is to make the few necessary modifications to this beautiful home, and then contribute to our income stream by renting it out (using a service, of course). Best of all, we can use it ourselves if we want to go hang out by the lake and bask in the beauty.
Now, Point Venture, the community the house is located in, is not an easy commute to Austin. It’s on the far side of the lake (for Austinites, it’s what you see when you look out from Lakeway). So it would not fetch as high a price as the same house on the other side of Lake Travis, where a home this size would go for many, many more dollars. On the other hand, the drive over there from Austin is scenic and breathtaking. And there’s no traffic noise. That’s perfect for folks wanting a secluded vacation spot within easy reach of Austin and the Hill Country. That completes our case for a vacation rental income property. Ah, when can we all go?
So, here’s yet another possible thing to consider doing if you own a house in the right kind of area. Many people have homes in Austin that they rent out during the big festivals and to people attending the many conventions held all year round. Maybe you have a house that’s a candidate for such a rental. Of course, you’d need to be sure it’s legal where your house is located. Austin is just a regular hotbed of rules and regulations, as we’ve mentioned before. Still, it’s good to have this option in your arsenal of ways to cash in on an income property!
As promised, here are a couple of photos of the house from when it was on the market a while back. When it’s a rental it won’t be QUITE this fancy.