For the First Time….
A limited number of Lake of the Woods Resort cabins are available for sale at the resort. These cabins are 51/2 to 6 years old and have a proven rental history. They were custom built to accommodate the four season environment at
Lake of the Woods and will range in price from $65,000 to $185,000. Incomes for any specific cabin for 2008 to 2010 are available upon request. New Cabin Models are available and can be ordered with your specifications and location in mind. There are currently two sites available for custom cabins that will be offered at $145,000.00 to $185,000.00 for a turn key cabin.
The cabin buyer will receive full title to the cabin subject to a 20 year Limited Use Agreement with Lake of the Woods Resort. The opportunity we have available is to someone who will use the cabin 30 days or less on an annual basis, and allow us to rent the cabin out through our property management division during our operational season (May 1 to March 31st). The Resort will handle all reservations, housekeeping and common area and routine maintenance, so when you want to use the cabin it will be clean and ready to go. None of your vacation time will be spent with cleanup and maintenance. These cabins are fully furnished and “turnkey” ready. This cabin sales program is authorized in our Resort Special use permit with the
USDA
Fremont-Winema
National Forest . Supporting documentation available for review at your request
The following is an example of how it works. I have used Cabin 17 and its income by month for 2010 season.
Cabin #17 Income 2010
Jan May June July August September October December Total
$338 $198 $2,631 $ 3,304 $2,468 $ 1,182 $1,074 $558 = $ 11,753
Vacation Rental Investor Return Based on Actual 2010 Income
January – December
Property
Income Mgt. Fee Maintenance Limited Use Net 20 yr. Lease Return
Cabin 17 (30% of Net) & Utilities Use Agreement Income Consideration ROI
$11,753 $2,752 $1,380* $1,200** $6,421 $95,000 6.8%***
*Maintenance includes: housekeeping, and utility reimbursement and common area maintenance for operating season.
** Limited use agreement rent may increase annually to meet increased cost of operation not to exceed 10-%
*** In addition according to the U.S. Master Tax Guide, Sec. 966, p. 6331
Vacation Home Rentals “operation expenses other than depreciation to the Rental income are deductible”. The resort fees $2752.00 (cab 17) (, $1,380, and $1,200 would be deductible against the net income for tax reporting purposes.
Thank you for your interest in our Forest Service approved cabin sales program.
For additional information please contact John Doherty or George Gregory
For Other cabins For Sale at Lake of the Woods
Private Lake cabins for Sale
