You read the introduction and part 1 and have returned to read part 2. I guess I did not scare the crap out of you about some of what it takes to purchase and run a vacation rental home.
Let's recap some steps from the beginning:
- You live in an area with a demand for furnished housing - YES
- You have confirmed with the town, county, housing authority, etc. that short term furnished housing is accepted - YES
- You are committed to creating an awesome guest experience when they choose to stay at your property - YES
- You are prepared to treat this as a legal business and commit to the bookkeeping yourself or hire it out - YES
Let's bust this out and move on to the next exciting step.
Start window shopping and researching. By window shopping, I mean go out and start looking at houses, condos, mobile homes, tree houses, tiny houses, yurts, boats, an island, anything that you can potentially rent. Believe it or not the most creative ideas for hosting guests are making great money on Airbnb, VRBO and so many more. I once had a friend that booked a night on a yacht through Airbnb for her anniversary.
Unique inside and out, can make you stand out from the crowd!
What do I mean by researching? Now that you have done some window shopping and have an idea or two of what you may be interested in owning. You will want to search similar properties in your area on Airbnb, VRBO, etc. How much are they renting for per night? What are the rates during peak seasons and what are the rates during slow seasons? You may not have a slow season in your area, which is even better. Look at the calendars for some of the listings. Are the calendars full or is there a lot of vacancy? What are the amenities, i.e. pool, hot tub, water view, mountain view, etc. When you make the comparisons, make sure you are taking into consideration, square footage, number or beds, baths, etc. This is an important step and will help you to determine the return on your investment.
This gives you a good homework assignment that will get you excited about the types of properties to choose from and the income that they can generate in your area.
I welcome your comments, questions and input. If you missed the first 2 posts, I have linked them below.
Check this out!!!
https://steemit.com/informationfinding/@jbreheny/welcome-to-sunny-florida-2018-ifc-s1-r28-entry