Investment property in Deep Creek

[Anonymous]

Do you have an investment property near Deep Creek or Wisp?
We are thinking of buying a house and using Railey Realty's property management team to run rentals/clean/maintain.

Any advice, warnings, or encouragement?

Did you buy the property with an LLC or as an individual?

While we hope to make enough money to cover the mortgage, we also hope to enjoy the property as an extended family.

Any and all comments welcome.

[Anonymous]

I would not do this.

[Anonymous]

Anonymous wrote:I would not do this.

+2

Unless you're planning on hiring a property manager, this is going to take ALOT of work.

[Anonymous]

Deep Creek sucks there is nothign to do there

[Anonymous]

Deep creek lake is more lake of the ozarks than Tahoe.

https://youtu.be/Ymj6AXk-BZs

[Anonymous]

We have rented numerous properties through Railey at Deep Creek over the years. If your going to go with a company I would choose them - at least from the renters perspective. Skiing as Wisp is getting worse and worse so we no longer go there during ski season. I'm not sure how that has impacted the rental market. But I would focus on properties with better lake access than ski access for that reason. If you want better skiing I would look for a place in Davis WVa. We've considered Deep Creek for a vacation house but at a 3/3.5 hour drive for us its just a little to far. So we just rent a place once or twice a year.

[Anonymous]

I have a friend with a large property at Deep Creek. Im not sure which company they use but I do know it’s barely rented. She’s always advertising on social media.
Not sure if the size is the issue or what. We have a Condo we rent in Rehoboth and it rents easily.

[Anonymous]

Anonymous wrote:I have a friend with a large property at Deep Creek. Im not sure which company they use but I do know it’s barely rented. She’s always advertising on social media.
Not sure if the size is the issue or what. We have a Condo we rent in Rehoboth and it rents easily.

Richer people go to Nemacolin which is near Deep Creek. Or maybe if boating can go closer. I think it is nice. But however, growing up my Uncle had a house at Harvey's Lake Pa. That is the largest lake in Pa so kinda like Deep Creek.

My uncle was the cheapest man who ever lived and would not give you a nickle. But in summer it was hard to rent and we go at least one week a year as was empty a lot.

I also had a relative with a Hamptons house. Guess what it NEVER was empty in summer. They only allow Monthly rentals in summer out there. He would rent it every July for whole month at peak season. And sometimes he would Rent September or May semi off season but they would get memorial Day and Labor Day.

He be annoyed people always asking to stay there, can there rent it, can they stay over. Meanwhile I go to Harveys Lake for free. My uncle long dead but your can get a nice big lakefront home in Harveys lake with dock for $319,000 and a small shack in need of repair for 70K

Here is fancy house 319K.

https://www.redfin.com/PA/Harveys-Lake/38-Hickory-St-18618/home/195465633

Here is run down shack 70k with only 582 property taxes.

https://www.redfin.com/PA/Harveys-Lake/33-Westpoint-Ave-18618/home/135543090

Deep Creek with just a lake has limited appeal. My uncle long dead thought Harvey's lake was next big thing. Guess what as little kids I loved it.

I say you want to go to lake once in awhile. Buy the 70k shack cash. Spend 30-50K renovating it and then with only 582 propery tax and no mortgage no need to ever rent it.

Tell me if I am crazy?

[Anonymous]

Anonymous wrote:We have rented numerous properties through Railey at Deep Creek over the years. If your going to go with a company I would choose them - at least from the renters perspective. Skiing as Wisp is getting worse and worse so we no longer go there during ski season. I'm not sure how that has impacted the rental market. But I would focus on properties with better lake access than ski access for that reason. If you want better skiing I would look for a place in Davis WVa. We've considered Deep Creek for a vacation house but at a 3/3.5 hour drive for us its just a little to far. So we just rent a place once or twice a year.

Can you expand on this?

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have rented numerous properties through Railey at Deep Creek over the years. If your going to go with a company I would choose them - at least from the renters perspective. Skiing as Wisp is getting worse and worse so we no longer go there during ski season. I'm not sure how that has impacted the rental market. But I would focus on properties with better lake access than ski access for that reason. If you want better skiing I would look for a place in Davis WVa. We've considered Deep Creek for a vacation house but at a 3/3.5 hour drive for us its just a little to far. So we just rent a place once or twice a year.

Can you expand on this?

DP, but the ski lifts and the resort in general need a major overhaul. It's dated and falling behind Snowshoe, Seven Springs and other Western PA, WV destinations.

All these resorts are impacted by worse and worse snowfall each year, though Snowshoe does better on the snow front then other locations.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have rented numerous properties through Railey at Deep Creek over the years. If your going to go with a company I would choose them - at least from the renters perspective. Skiing as Wisp is getting worse and worse so we no longer go there during ski season. I'm not sure how that has impacted the rental market. But I would focus on properties with better lake access than ski access for that reason. If you want better skiing I would look for a place in Davis WVa. We've considered Deep Creek for a vacation house but at a 3/3.5 hour drive for us its just a little to far. So we just rent a place once or twice a year.

Can you expand on this?

Less and less real snow and not great snow making. It seems like they are opening the majority of runs later and later in the season. They don't have the elevation of Timberline or Snowshoe for colder temperatures.

[Anonymous]

The lake is unsafe for swimming as I recall

[Anonymous]

Anonymous wrote:The lake is unsafe for swimming as I recall

Not true I swam there last year and have for the other30 years we’ve had a lake house

[Anonymous]

Anonymous wrote:The lake is unsafe for swimming as I recall

Deep Creek Lake was just named one of America's Most Swimmable Lakes:
https://www.rd.com/list/swimming-lakes-near-me/

[Anonymous]

This is a hard no

No one makes money off of these properties