San Diego Housing Market News and Analysis
investing in a Mammoth Mountain condo
User Forum Topic
Submitted by Hatfield on January 4, 2013 - 9:24pm
I've been going up to Mammoth ever since I was a kid, and I've sorta been kicking myself for not buying after that quake about 15 years ago kicked the crap out of real estate prices. Then the bubble happened and it's been very slowly deflating. I was just up there this week and it seems like real estate prices have really come down. You can find dumpy condos again for under 100k and they start to get nice at around 200k. I'm starting to toy with the idea of buying a place up there.
Here's my rationale: I'm semi-retired and have a lot of time on my hands. If I owned a place up there, I would go more often than I do now, and stay longer when I'm up there. And at this point I'm not that worried about cash flow. I'm wondering if I bought a condo, paid cash or maybe financed a little bit of it, it is feasible to rent the thing out on Airbnb or VRBO and have it come out fairly cash neutral. Basically, I'd look at the condo as a place to stash some money for 10 years or so, and have the rental income more or less cover my HOA fees, taxes, insurance, etc, and as a benefit, have a free place to stay whenever I go up there. That seems like a pretty low bar.
I've owned two rental houses in San Diego for the past 12 years and managed them myself, so I'm pretty familiar with that gig. But this seems like a totally different animal. I've never owned a condo, used a a property management company, or owned a short-term vacation rental property. I'm sure there are pitfalls, I just don't know what they are.
I'm wondering if some Piggs here have been down this road before and might have some insights to offer.
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