01/08/2019
Ripke Retreat-Update Regarding Measure T
My wife spent 40 years as a server at Bob’s Big Boy, which then transitioned to Coco’s restaurant in Culver City, Ca. I was a bus boy, later becoming a short-order cook working my way through college.
My favorite saying was, “I dished it out and she took it”.
After graduating from California State University, Northridge I applied with the U.S. Postal Service as a letter carrier. I retired in 2005 after 32 years of service.
Over many years we have invested our savings wisely, however, we we are far from what would be considered, “wealthy”.
In February, 2019 we will celebrate our 45th wedding anniversary.
Early in my childhood my parents took my family to Lake Tahoe on summer vacations where we could only afford renting a space at the Zephyr Cove Campground. Watching my dad trying to set up the tent was another matter.
My wife and I love Lake Tahoe and and saved up enough to make our dream of owning a home a reality in 1980.
After extensively searching we eventually found our “dream home” in the City’s Sierra Tract. Our A-Frame on William Ave. was originally built for office use and was moved to it’s present location on William Ave. The purchase price in 1980: $49,500. It needed a lot of work. Starting with complete insulation.
It took us approximately 10 years to complete all the upgrades, including a new roof, two new decks, paving the driveway, a bathroom and kitchen remodel, an and upgrade to natural gas heat. We sold our A-frame in 1993, trading it in for a condominium in Bavarian Village. Renting out our A-frame on a vacation basis allowed us to afford our upgrades and, most critically, pay off our second bank loan. We sold it for approximately $79,000 making our first Lake Tahoe investment nearly “break-even”.
Acquiring a condominium in Bavarian Village proved to be the right move now that our investment would be supervised by a reliable property manager plus exterior grounds would be maintained by the HOA.
Having a trustworthy property manager, along with a good cleaning service, provided us with a greater sense of “peace of mind”.
Our purchase price in 1993 for our three bedroom, two-bath condo in Bavarian Village was $93,500. Next, paying off our new bank loan, was again the number one priority with approximately $14,000 remaining before we became outright owners.
Contrary to what the “HG Channel” boasts, even if your bank loan is paid off, there still is no guarantee a vacation home will “make money”.
In 1997 we made our second “American Dream” home come true. No, actually not yet……….the upgrades began………. such as repainting every room, new furniture in throughout, a total kitchen (including removing a wall) remodel, mid-bath bath remodel, new wood flooring, fireplace remodel (gas insert), new window coverings, total master bath remodel, four new TV’s (over time), and new mattresses (three over time), plus periodic appliance and furniture replacement.
All this while continuing to pay our property taxes, SLT VR tax, annual City VR permit fees, HOA dues, property insurance, property tax, property manager commissions, and utilities.
After thirty years 2018 may be the first time we will see a small profit. By that I mean the “ballpark” figure of $2,000-$3,000.
What does the future hold? We still don't know as Measure T banning most vacation rentals in the City of South Lake Tahoe is scheduled for implementation January 1, 2021.
We thank the City of South Lake Tahoe for motivating us to move to Lakeland Village located inside the City's new "Tourist Core" where we can resume hosting vacation guests beginning November, 2021.
We are also proud to welcome VACASA in as our nrew property manager.
