Investment property in Deep Creek

[Anonymous]

We had an investment property at DCL for about 20 years. It would rent mainly in the summer and a few weekends in the winter. Our property was smaller - 3 bedrooms/2 baths and located in the McHenry area/cove.

We still own the property but no longer rent. Mainly because we renovated and didn’t want it getting trashed by renters. Renters will abuse the homes and the rental agencies don’t really care/protect the home.

You can probably cover the mortgage with rents depending upon how big of a mortgage you take out. You may not recover all of your expense though (docks in/out, snow removal, electricity, maintenance, etc).

Skiing at Wisp has declined over the 25 years we’ve owned up there. Previous years saw little snowfall, but this year had great snowfall. This year the resort was still not really able to open all of the ski trails as early as one would expect because of limited snowmaking capabilities. Apparently water lines are broken and antiquated. There is a friends of wisp Facebook group that gives more details. For these reasons, I would avoid real estate on the mountain or ski related properties.

In terms of Rental Agencies, many folks are leaving the DCL rental agencies and moving to a “self-managed” model. Owners don’t actually clean and fix the unit themselves, but they hire the cleaners, linens, and handy men directly. Apps are used for managing reservations. One the companies that come to mind for this self managed model is A+ Cleaning and Services. They could help you through the process if you want to go that route. You can save the management fees and people complained about the services they were receiving from the agencies.

We enjoy our home there, especially now as a true second home. For us, we can get there in 2.5 hrs. There is never any traffic on the routes we go. Good luck!

[Anonymous]

Anonymous wrote: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.

I used Railey to purchase property in DCL. They seem to know everything that's going on, and work with everyone. Happy with the purchase since we did it remotely and trusted them to walk the property and close on my behalf.

[Anonymous]

Anonymous wrote:We had an investment property at DCL for about 20 years. It would rent mainly in the summer and a few weekends in the winter. Our property was smaller - 3 bedrooms/2 baths and located in the McHenry area/cove.

We still own the property but no longer rent. Mainly because we renovated and didn’t want it getting trashed by renters. Renters will abuse the homes and the rental agencies don’t really care/protect the home.

You can probably cover the mortgage with rents depending upon how big of a mortgage you take out. You may not recover all of your expense though (docks in/out, snow removal, electricity, maintenance, etc).

Skiing at Wisp has declined over the 25 years we’ve owned up there. Previous years saw little snowfall, but this year had great snowfall. This year the resort was still not really able to open all of the ski trails as early as one would expect because of limited snowmaking capabilities. Apparently water lines are broken and antiquated. There is a friends of wisp Facebook group that gives more details. For these reasons, I would avoid real estate on the mountain or ski related properties.

In terms of Rental Agencies, many folks are leaving the DCL rental agencies and moving to a “self-managed” model. Owners don’t actually clean and fix the unit themselves, but they hire the cleaners, linens, and handy men directly. Apps are used for managing reservations. One the companies that come to mind for this self managed model is A+ Cleaning and Services. They could help you through the process if you want to go that route. You can save the management fees and people complained about the services they were receiving from the agencies.

We enjoy our home there, especially now as a true second home. For us, we can get there in 2.5 hrs. There is never any traffic on the routes we go. Good luck!

I’d be real interested in knowing the magical route that only you know that gets you from anywhere near the heart of the DMV to Deep Creek in 2.5 hours.

Get real.

[Anonymous]

Not the heart of DMV, but Fairfax county.

We go 66 to 81 to 48 to 93 and then back roads.

[Anonymous]

We rent almost annually at DCL and use Railey or sometimes Taylor. We always want a larger property that allows dogs ideally lake front with a dock, and those properties are always pretty well booked up. For rental, really think about how you want the bedrooms set up. We really like ones that have some bunk beds in the rooms because our kids don't like to share beds or sometimes will bring a friend.

I can't imagine doing it as a real investment -- it's too uncertain. But if you want a second house and to be able to recoup the expenses or some of them, that might make some sense. I assume the longer-term flood and erosion risks are less than a beach front property, although PP is totally right that the ski resort is probably on borrowed time.

[Anonymous]

Anonymous wrote:Not the heart of DMV, but Fairfax county.

We go 66 to 81 to 48 to 93 and then back roads.

And how long does it take? Right now it’s 2 hours and 50 minutes from where I-66 crosses the border out of Fairfax County

[Anonymous]

Anonymous wrote:

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?

Yes, you do indeed sound crazy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We had an investment property at DCL for about 20 years. It would rent mainly in the summer and a few weekends in the winter. Our property was smaller - 3 bedrooms/2 baths and located in the McHenry area/cove.

We still own the property but no longer rent. Mainly because we renovated and didn’t want it getting trashed by renters. Renters will abuse the homes and the rental agencies don’t really care/protect the home.

You can probably cover the mortgage with rents depending upon how big of a mortgage you take out. You may not recover all of your expense though (docks in/out, snow removal, electricity, maintenance, etc).

Skiing at Wisp has declined over the 25 years we’ve owned up there. Previous years saw little snowfall, but this year had great snowfall. This year the resort was still not really able to open all of the ski trails as early as one would expect because of limited snowmaking capabilities. Apparently water lines are broken and antiquated. There is a friends of wisp Facebook group that gives more details. For these reasons, I would avoid real estate on the mountain or ski related properties.

In terms of Rental Agencies, many folks are leaving the DCL rental agencies and moving to a “self-managed” model. Owners don’t actually clean and fix the unit themselves, but they hire the cleaners, linens, and handy men directly. Apps are used for managing reservations. One the companies that come to mind for this self managed model is A+ Cleaning and Services. They could help you through the process if you want to go that route. You can save the management fees and people complained about the services they were receiving from the agencies.

We enjoy our home there, especially now as a true second home. For us, we can get there in 2.5 hrs. There is never any traffic on the routes we go. Good luck!

I’d be real interested in knowing the magical route that only you know that gets you from anywhere near the heart of the DMV to Deep Creek in 2.5 hours.

Get real.

+1 They must live in an outer suburb by Dulles, or up in Frederick, or WAH from from W. VA! It's easily 3 hrs. from the beltway on a good day.
What are those magical roads, pp?

[Anonymous]

Anonymous wrote: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.

Why would anyone think this is attractive or fun? There is no way I would buy a home out in this depressed, going to be more depressed area? Just ick.

[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.

Your condo in Rehoboth rents all year around?

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

Why would anyone think this is attractive or fun? There is no way I would buy a home out in this depressed, going to be more depressed area? Just ick.

Heck no! We went there once, it was a long and unpleasant drive from DMV. If you are a POC, you will stick out for sure. Nothing to do, people go to Walmart for an outing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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.

Why would anyone think this is attractive or fun? There is no way I would buy a home out in this depressed, going to be more depressed area? Just ick.

Heck no! We went there once, it was a long and unpleasant drive from DMV. If you are a POC, you will stick out for sure. Nothing to do, people go to Walmart for an outing.

Ok? We're not white and love it there. From there to chevy chase is just under 3 hrs. I don't think it's depressed. I think the lack of huge stores and corporations is charming. TBH it checked all off our boxes.

[Anonymous]

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

You may be thinking of Lake Anna

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: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.

Why would anyone think this is attractive or fun? There is no way I would buy a home out in this depressed, going to be more depressed area? Just ick.

Heck no! We went there once, it was a long and unpleasant drive from DMV. If you are a POC, you will stick out for sure. Nothing to do, people go to Walmart for an outing.

It is a 3hr 10 min drive for me. Fairfax residence. There is excellent and relatively cheap golf in Oakland and nearby West Virginia. I have played three days in a row there at a low cost and it was an unpretentious nice experience. I have played at some of the best courses in America and golf is fun for me when playing local, non-pretentious courses. I have played pga courses and they require lots of concentration, and money. To each his own.

In the summer the thunderstorms roll in off the mountains on the courses and one needs to be careful. The Wisp is an ok (narrow) resort course but not a great value. Hiking on the trails in the state parks is enjoyable too. If you like being active, Deep Creek is fine. I think it difficult to make a second home there work financially but I always felt free from the rat race there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not the heart of DMV, but Fairfax county.

We go 66 to 81 to 48 to 93 and then back roads.

And how long does it take? Right now it’s 2 hours and 50 minutes from where I-66 crosses the border out of Fairfax County

DP...we are in DC and usually do the drive at off peak times and can make it under three hours. Leaving on a friday afternooon, not so much.