SML: Why People with Rentals Are Crushing It on Smith Mountain Lake

Happy First Full Week of September from Smith Mountain Lake, Virginia!!!

A Few Years Ago I Did a Piece About Short-Term Rentals and
why it was a good idea to use that as an investment strategy.

At the time, sites like vacationrentals.com were new and homeaway.com
and airbnb.com didn’t even exist–neither did Zillow or Trulia for that matter….

Short Term Rentals are a rarity on Smith Mountain Lake as they are highly
sought after. Since selling several in the past 7 years since I wrote that piece
there are more than 3x’s the number of rentals on homeaway.com and that’s still
a positive thing.

Let me explain….

Firstly, unless you are in a “RESORT” subdivision such as Bernards Landing, or
Parts of the Waterfront Golf and Country Club, it is not legal per Franklin County,
to “vacation rent” your property.    So, it’s not allowed in 99% of Franklin County

It’s also NOT allowed in ALL of Bedford County…only on a subdivision-by-subdivision basis, based upon restrictive covenants or the very rare unrestricted piece of land.

A few places in Pittsylvania County may be rented on a weekly or nightly basis, as well.

****IN ALL CASES; IT MUST BE VERIFIED IN WRITING SO THAT YOU ARE PROTECTED  PRIOR TO CLOSING ****

But…I digress….

When I wrote the first piece shortly afterward, there were 105 rentals on homeaway.com—-ON 550 MILES OF SHORELINE with practically no waterfront hotel rooms and not much has changed in the past 7 years.

Today there are a little over 300 rentals on homeaway.com and upon going back and speaking to my past clients who purchased rentable properties they are ecstatic!

#1) most can’t find too much time to book for themselves but they always manage to
squeak out some time—usually a few weeks…

#2) I’ve coached all of them NOT to reinvent the wheel and keep as much of what’s currently
working in place so that the past momentum continues

#3) I’ve coached all of them about what to fix and what to change—having owned several rentals ourselves, we are quite used to the game

#4) they are off-setting their mortgages (all at different percentages of course)

#5) they have write-offs and tax breaks (speak to your accountants…I am not one)

#6) their retirement plan is in place and can be tweaked to suit their needs

You see…rental companies are here and in place….they take about 25% of your rental monies to manage the property (you still pay your bills electric, water, taxes, insurance, mortgage, mowing, etc…) but you use the 75% take toward maintaining the property as stated above and use it when you are ready and able.
This was a stellar summer for real estate here at
Smith Mountain Lake and NOW the BEST SEASON OF ALL is upon us!!!

Rentals are called “Investment Property” for a reason….they are a better investment.

    • They can generate cash
    • They can offset themselves to a certain degree (market permitting)
    • They can offer cash flow and equity if done properly as the market permits.
    • They can be rented vacation style year round if you are open to marketing ideas and price breaks.
    • They can be a side business that you’ve been longing for
    • They can offer you a retirement strategy even if your current job doesn’t
    • They can offer you LEVERAGE….something that you’ve never had before

      Rental property is not for everyone, but it is a vehicle that you may
      not have seriously considered until today!!!  THERE ARE SOME GREAT ONES
      BELOW 🙂

      Happy September and Happy Shopping!

      All the Best!
      Noreen

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Noreen Hartkern WAINWRIGHT & CO., REALTORS (LAKE)

 16503 BOOKER T WASHINGTON HWY
 MONETA, VA 24121
 540-420-1294

ABOUT THE AUTHOR: Noreen Hartkern is a well-respected Zillow 5- Star Agent on Smith Mountain Lake, Virginia, with over 20+ Years of Real Estate Expertise. Noreen is an Accomplished Realtor, Real Estate Consultant, New Construction Specialist, Blog Writer & Photographer. In Addition to Listings and Sales, Buyers and Sellers Agency, She has Extensive Experience as a Home Renovator, Rehabber and Flipper, and is a Published Author on That Very Topic.

Her Passion is Living and Working the Waterfront Lake Life and Helping Her Clients Find Lakefront Properties and Hidden Gems. Noreen is also an Accomplished Vocalist and Musician and Prides Herself on Being a Self-Made Entrepreneur. Quite Simply, Noreen is Your Smith Mountain Lake Resource for ALL THINGS Real Estate and Is UNIQUE IN HER APPROACH of Making ANY Real Estate Transaction FUN!!!!!! #SeriouslyFUN

Want "The Smith Mountain Lake Edge"? LOVE Super-Stealth BARGAINS on Smith Mountain Lake? Want to KNOW WHERE THE DEALS ARE BEFORE ANYONE ELSE DOES? GET NOREEN'S SECRET FREE SML REPORT The Bottom is OVER...Grab Some Deals Before they're all GONE!

See You Here Soon! Noreen Hartkern Mobile – (540) 420-1294 noreenhartkern@yahoo.com

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