Anyone have a vacation home they rent out?

momto4kiddos
Drama Llama

Posts: 5,153

Anyone have a vacation home they rent out? May 1, 2016 15:59:51 GMT

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Post by momto4kiddos on May 1, 2016 15:59:51 GMT

Looking for advice from those who might have a vacation home that they primarily rent out. We have a pretty nice area within a few hours from us that I think would be a good opportunity for buying something for the purpose of renting to vacationers.

We looked at one place a couple years ago and the numbers didn't make all that much sense based on the price and using the onsite rental company to do rentals.

Was tossing around the idea of looking again. Things i'm curious about....is it better to handle the rentals yourself and where do you advertise? On site rental company is a nice easy way to go since they handle everything from renting to cleaning between renters. We are far enough away that we can't take care of the day to day stuff. I'm also thinking in vacation areas there are probably other rental agencies other than on site ones.

I'm basically looking for all the ins and outs of owning a vacation rental and what type of services you use.

caangel
Drama Llama

Posts: 5,667

Location: So Cal

Anyone have a vacation home they rent out? May 1, 2016 16:09:10 GMT via mobile

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Post by caangel on May 1, 2016 16:09:10 GMT

I have never done it. From listening to Dave Ramsey he says that vacation rentals fluctuate the most in response to economic changes. If you can pay cash, can afford it if it doesn't rent and will use it for your family to enjoy go for it. He says as a steady and reliable income it is not as stable as a typical rental in a non vacation type of area.

I'm sure others will post with personal experience but I think his insight has merit.

Loydene
Pearl Clutcher

Posts: 2,639

Location: Albuquerque, New Mexico

Anyone have a vacation home they rent out? May 1, 2016 17:02:19 GMT

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Post by Loydene on May 1, 2016 17:02:19 GMT

I don't own, but we look at VRBO all the time to find vacation rentals. Most of them are owner managed. I don't know the Ins and Outs of what they pay VRBO, etc. I know there are "opening and closing" cleaning type services in our Lake areas -- a business that opens a vacation house and closes it at the end of the season -- I would think one would be able to find that sort of service on a weekly, semiweekly basis. I think the bigger issue will be maintenance.

And I'm back with my own biases! My sister and I, in retirement, plan to live together maybe in a "vacation" area. Since we also want to travel, we'd thought about a place that could be rented while we traveled. I couldn't get beyond what to do with one's "personal" stuff while renting. We wouldn't want to live in a "rental", but wouldn't necessarily want to have all our "stuff" left out for renters. Not particularly applicable to your question, but if you intend to use it personally at least 1/2 time, it might also be a consideration!

Last Edit: May 1, 2016 17:05:37 GMT by Loydene

maryland
VIPea

Posts: 12,406

Anyone have a vacation home they rent out? May 1, 2016 17:44:25 GMT

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Post by maryland on May 1, 2016 17:44:25 GMT

We thought about getting a place at the beach. But we would want to use it in the summer, and the weather isn't warm the rest of the year, so it wouldn't rent. But we also found that it would be cheaper for us to just rent it for the summer than to buy it. We are 7 hrs. away though, so not easy to just get down there quickly.

But we would love to decorate a beach place!