Cabins with Cashflow: Commercial Common Interest Community Offers Big Returns, Minimal Headaches

Building or buying a lake home or cabin will always be an expensive task. Between the cost of land, building materials, permits fees, and labor, a person can expect to spend several hundreds of thousands of dollars easily. If the cost of routine maintenance and upkeep is added, the cost can climb to amounts that even the most diligent of savers might have difficulty reaching. But there is an old financial adage that goes, “Don't work for your money. Make your money work for you.” The same goes for lakeshore real estate. Many try to rent out their home or cabin when it’s not in use, but they still have to contend with the hassle and costs of maintenance and repair. But what if you could take those costs for your investment cabin out of the equation? National Park Condos offers investors the unique opportunity to own premium lake property and earn money all without the cost and worry of upkeep.Located right on the “Canadian Shield” (the border lakes between Minnesota and Canada) and surrounded by the forests and water of Voyageurs National Park, National Park Condos (NPC) is a commercial common interest community owned and operated by Northern Lights Resort and Outfitters (NLRO). The popular destination resort controls the 13 acres and 1,270 ft of shoreline surrounding the development making it one of the largest private lakeshore parcels in the area of a National Park and therefore extremely valuable. The development consists of 9 North Country style cabins facing the expansive waters of Lake Kabetogama. Each unit comes fully furnished and ready for personal use or to rent out. Cabin ownership includes the structure and the surrounding lot, one or more boat slips, a parking space in a common garage, a share of the 1,270 ft of Kabetogama lakeshore, use of a private laundry facility, use of a guest apartment, and all the services available to guests of the resort.Like other common interest communities, the owners share the cost of regular upkeep, maintenance, and use of common facilities by paying a monthly fee ($100 - $120/Mo) to a resident association, in this case Northern Lights Resort and Outfitter. Owners will be free to use and improve their cabin as often as they want, but they will be required to place their cabins in the rental pool for a minimum of 6 out of the 10 prime weeks during the summer. (2nd week of June through 3rd week of August) On the average, each unit can generate $9,200 to $43,000 per summer, 50 – 75 of which goes in pocket. Owners that choose to make their cabins available for rent an extra two weeks during the prime season will get a 75 share of the rental profits where as minimum availability will net a 50-50 split. “Considering that the average lake home property outside of National Parks Condos can cost a private owner an average of $23-29 thousand dollars a year in payments and expenses to operate it’s easy to see where the real benefit lies,” says Tom Ossell, a representative of National Park Condos. And that doesn’t even take into account the expenses you can claim on your taxes (i.e. association fees, interest expense, depreciation and driving to the property). It’s almost like being paid to take a vacation.”Simply put, owners enjoy the benefits of owning and operating a lake rental property in a prime location without the responsibility of the day to day operation. With the limited supply of lakeshore in the area and the appreciation values climbing at a steady rate, a commercial common interest community like National Park Condos is an ideal way to get your foot in the door of the market. While Northern Lights Resort and Outfitters will continue to operate as a destination resort and will not support full time habitation, the profits and appreciation earned from owning one of the rental properties can keep up with appreciation of the surrounding lakeshore and land. So when a purchaser is ready to retire or use their lake property full time they’ll have a sizeable amount of money to purchase their own lake home or do what they please.More information is available at nationalparkcondos.com along with the resorts activities and rates at nlro.com. The owners invite interested parties to rent a cabin and experience the resort and environment before they consider buying. Any dollars paid in rent shall be treated as a credit against the purchase.

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