Winchester Lake Resort is a clean, well established and marketed income property perfect for the Baby Boomer Generation who love to meet new people, want to subsidize their income, and live in a scenic uncrowded community close to medical services and shopping. The Sellers Comments below are designed to provide helpful information for buyers interested in Winchester Lake Lodge.
Seller’s comments about Winchester Lake Lodge
I purchased the property, including a substantial amount of personal property (non-fixtures), in December of 2003. The previous owners had spent over a year completely remodeling and upgrading the Lodge building, adding a massive covered deck on three sides of the building. The two rental units in the Lodge building were already “turn-key” in service as rentals, albeit only a short while.
SUBSIDIZED LIVING WITH TAX ADVANTAGES
This property was perfect for my needs. My intent was to have a subsidized living arrangement, offering tax advantages, which would be conducive to a healthy life-style and be beneficial to my physical disability needs, specifically, a climate with dry air and NO Air Conditioning, at home or in vehicles. I wanted a peaceful, fresh-air environment that would be helpful to my rehabilitation, by giving me an opportunity to feel accomplishment. Additionally, I expected to harvest a profit from the long-term appreciation of the property, hopefully aided by the demographics of massive numbers of Baby-Boomers retiring and vacationing in North Central Idaho.
EARLY GOALS MET
Early in 2004, the first year of operating Winchester Lake Lodge, I added the Eagle Log Cabin, two sheltering covers over the RV pads, a Hot Tub, paving near the Lodge building, and, later in the year, I completed The Wolf Executive Cabin. I initially lived in the office, showering in one of guest rooms, or in a Travel Trailer I had purchased and placed on one of my RV pads. When I completed the Wolf Executive Cabin, I moved into it. I loved living there!
I promoted the Wolf Executive Cabin as a rental unit, but did not encourage rental use, because I wanted to live in it full time. I mention this because when you consider the rental revenues I have generated, with a minimum of effort, you have to realize that only the Moose Suite, Bear Room, and the Eagle Log Cabin were actually available for rental and the only marketing tool was my self-made one-page website, also promoted on the local area Chambers of Commerce and the State and District Tourism listings and websites.
WINCHESTER IDAHO IS AN ENJOYABLE PLACE TO LIVE
It’s common knowledge that I was much more interested in having an enjoyable place to live, than maximizing lodging rentals. I enjoyed ATV riding in the surrounding areas, and in the warmer weather, I was constantly gone playing with one of my two high-performance boats, showing my boats and cars in area parades or car shows, attending car races, or gone traveling to visit friends out of state. Because of my physical disabilities, I used part-time helpers to do all of the housekeeping, bookkeeping, maintenance and yard work. I simply cannot do it, myself.
A slowdown in overall tourism in the area did take place in 2007, especially during the key months of August and September, as a result of area Forest fires, overblown by the media with headlines such as “Idaho is ablaze“. That explains a drop of lodging incomes for 2007. Then, in December 2007, I got married and moved back into my Lewiston home, full-time, to allow my wife to attend college classes in LCSC, and care for my elderly Mother.
2008 and 2009 lodging rental receipts are sorely lacking, mainly due to my personal total lack of presence at the property, and the difficulty I’ve had trying to get reliable help to cover the property and present it as the wonderful Mini-Resort haven it can be.
INCOME FROM WINCHESTER LAKE LODGE MINI RESORT PAYS FOR LIVING EXPENSES
When you see that I have taken in over $90,000.00 in the last six years, (mainly relying on only three of the four rental units) you can understand what I mean when I say that a buyer can have a “subsidized” living arrangement, simply by living on-site and adding to the family of returning guests. [ For income and other financial details of Winchester Lake Lodge, please contact Lloyd Welborn ]
If a new owner were physically able to care for the property entirely, it would be a comfortably profitable venture… especially great for a retired person or couple. All of their living expenses would be paid for by the business.
A DIVERSIFIED OPPORTUNITY
Consider Winchester Lake Lodge as a multi-faceted property. In addition to a Mini-Resort generating income for an Owner/ Operator, Winchester Lake Lodge lends itself to several other attractive scenarios, especially Family, Company Retreat or Group affordable uses. With the purchase of the two adjoining Lots 17 and 18, the Lodge building could be enlarged to house Managers or Owners quarters, or additional rental units, or a separate home or rental units.