Top 5 Tips for Buying a Vacation Rental
Don't be fooled! Short term rentals, especially vacation rentals, can be a big money maker....BUT, they can also sink you if you're not careful.
In this video I go over what I believe are the 5 top tips to buying and successfully running a vacation rental. I've learned some lessons the hard way and I'm sharing that advice, for free!
Tip 1. This is a Hospitality Business! NOT a real estate business. Don't be fooled, If you fail as a host, you'll fail in venture!
Tip 2. Buy your property in an area that people want to go. Simple, right? Make sure you analyze the cash flow based on the peak and vacant times your property may experience.
Tip 3. Provide the amenities that your guests will need if they come to your place. They may drive, they may fly, but oftentimes they can't bring exactly what they'll need to get the most out of their stay. If you have outdoor activities near, provide them the accessories to make the most of that, as long as your insurance provider is ok with it!
Tip 4. Make your property BULLETPROOF. Tenants break stuff. They don't treat it like their own house, so don't skimp on the mechanicals, the flooring, the appliances, anything that has a service life. You'll regret it. And CHECK this stuff often!
Tip 5. Hire the RIGHT property management, if you aren't managing this yourself, in close proximity to your vacation home. This step is probably the biggest failure I see owners make with their vacation properties.
ENJOY!
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