VACATION RENTAL FORUM? THOUGHTS?

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VACATION RENTAL FORUM? THOUGHTS?

Karen MargraveBusiness Member
Moderator
Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes

Do you buy, own, or are you interested in Vacation Rentals? How many do you own? How long have you been in the business, etc.? Feel free to tag others that you know that are in VR niche, or thinking about it. 

Most importantly, do you see value in having a VR Forum on BP? 

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Levi BennettPro Member
Real Estate Broker · Charlotte, NC · Member since 2014 · 285 posts · 248 votes
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@Karen Margrave We desperately need a VR forum lol.. I talk about it all the time. In the Disney World area or Orlando (Davenport, Kissimmee, Clermont, Windermere, Winter Garden), we eat sleep and breathe this stuff, and there is TONS of interest online for it. It's becoming a front-runner for many REI's.

I think even @Brandon Turner has been talking about adding VR's to his portfolio. 

It's a way of life in some markets. I would love it. 

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  • Beth L.
    Investor · Hagerstown, MD · Member since 2014 · 299 posts · 140 votes
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    @Karen Margrave I have one VR in Florida, since we frequently go there in the winter and can use it personally as well. I have owned it about three years and fortunately found an awesome PM (after emailing 4-5 companies, he was the ONLY one to email me back). That is important since we are long distance.

    I do all the bookings through VacationRentals.com and then he takes care of everything else.

    We would like to do another one, but the prices have gone up since then and there is no way that it would cash flow. There are a lot of expenses involved in a VR! We'll have to wait and see.

    I'd love to see a Vacation Rentals Forum!

    2Reply
  • Jennifer Tan
    Investor · Toronto, ON · Member since 2013 · 29 posts · 2 votes
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    @Beth L. Approximately what is your monthly cost runnning the vacation rental in Florida?  I have been planning on getting one but I can't make sense of the numbers for a positive cash flow.

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  • Nayt Grochowski
    Ladera Ranch, CA · Member since 2015 · 35 posts · 43 votes
    11y

    Hi @Karen Margrave

    I would love to see one too! As you know, I am in escrow on my first property, still waiting on the bank to get back to us on this short sale. But since then have been looking at more areas to find vacation properties, but having the same issue as @Beth L. mentioned - prices in many of those markets are up, saturation of units are high, vacancy rates are high and makes it hard to find one where the numbers work.

    Of course that shifts my mindset for when I am looking to find wholesale deals too, depending on the marketing and the deal we find. If rehab is needed, and the market supports a vacation rental property, great way to find a property! Of course its the hard part of finding those wholesale deals with the right rehab numbers, along with any zoning issues that may come up for the nightly rental, etc... The joys of real estate investing! :)

    1Reply
  • Karen MargraveBusiness Member
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    Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
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    Though I don't have Vacation Rental properties myself, we have some projects we have under construction (San Clemente Spec, and San Clement Condos if you look on Investor Deal Diaries) or in for permits that I think would make great luxury Vacation Rental units. One is a house, then there will be 2 condos. I'd love to have a forum where there's others that know that niche. Besides possibly selling our projects to VR buyers (which of course is only allowed on Marketplace), I am considering whether or not we should start keeping some of these as VR ourselves. 

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  • Maura Paler
    Rental Property Investor · Saratoga Springs, NY · Member since 2014 · 122 posts · 101 votes
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    Love the idea of a vacation rental forum. 

    Just closed on our 4th VR house, working on it now, just LOVE doing this. 

    I have been managing ours and many others owners VRs for years...it's a great business facilitating vacations! Beats sitting at a desk which I also did for years. 

    Am interested in the idea of partnering with others for financing, property management, renovations, and in different locations...it's a hard thing to manage from a distance and we are very interested in pursing other (i.e. warmer!) areas to purchase. 

    2Reply
  • Karen MargraveBusiness Member
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    Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
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    @Maura Paler

     I think there are a lot of others that would like to connect to discuss the topics related to Vacation Rentals too. I know there was one person looking at the San Clemente house and thinking about doing some type of partnership with other like minded investors. 

    Also, it would be great for people to share their lessons learned, short cuts, what works and what doesn't. 

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  • Karen MargraveBusiness Member
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    Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
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    @Christine Larsen (will someone please @mention her for me?) I know you have properties in Bend Oregon for sale, and you were looking for information for this niche too. 

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  • Beth L.
    Investor · Hagerstown, MD · Member since 2014 · 299 posts · 140 votes
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    @Jennifer Tan

    My 4 Bed/3 Bath pool home near Kissimmee has a monthly running cost of approximately $1,400, not including mortgage payment, cleaning fees (since we have our guests pay, but some homeowners decide to cover this), and any additional maintenance, landscaping, decorating or improvements.

    0Reply
  • Jeremy BakerPro Member
    Real Estate Investor · Aurora, CO · Member since 2014 · 240 posts · 109 votes
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    @Karen Margravethanks for starting this thread!  I'm interested in several avenues of rei, but vacation rentals was my entry into rei and my first love of rei.  

    We currently have a 1bd/ 1bth condo in Kihei, Maui that we purchased in 2012 and have been very successful running it as a vacation rental.  We are in the process of adding more Kihei area condos to our vacation rental portfolio and have thought about adding some vacation rentals here in Denver and/or mountain/ski areas, but there's no real "down" season in Maui so we are focused there.

    As @Beth L.mentioned above, it's harder to find a cash flowing property at current prices and VR expenses are high, but we are digging and will hopefully be putting an offer down on another condo soon. 

    1Reply
  • Christine Larsen
    Bend, OR · Member since 2014 · 3 posts · 3 votes
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    The Vacation market in Sunriver Oregon is great and the numbers do pencil out here.

    Sunriver is 20 minutes south of Bend Oregon and has year round vacationers.

    2Reply
  • Chris Smith
    Investor · Tampa Bay, FL · Member since 2015 · 19 posts · 9 votes
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    Originally posted by @Beth L.:

    @Jennifer Tan

    My 4 Bed/3 Bath pool home near Kissimmee has a monthly running cost of approximately $1,400, not including mortgage payment, cleaning fees (since we have our guests pay, but some homeowners decide to cover this), and any additional maintenance, landscaping, decorating or improvements.

    @Beth L.  I live over near Tampa and I was considering a vacation rental. The $1400 seems higher than I would have expected - would you mind breaking it down?

    0Reply
  • Karen MargraveBusiness Member
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    Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
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    @Christine Larsen I know that's such a beautiful area, and you're right, it has dual seasons. It's also nice because visitors can actually fly in from major airports to Bend. Aren't you a Realtor? Your profile says investor, so just checking. Though you can't promote your business on this forum, thought I'd ask. You might want to join so you can get some exposure for your business, and those on BP looking for Bend/Sunriver properties will have a source! Good luck. 

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  • Karin Crompton
    Rehabber · Niantic, CT · Member since 2012 · 443 posts · 150 votes
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    I think this topic has a lot of interest, and growing. We bought our vacation rental in North Conway, NH, in 2009 and felt like we were in on a secret, genius idea. VRBO and HomeAway were the only real players for marketing. Now it seems like vacation rentals and advertising sites are everywhere!

    Kudos to @Karen Margravefor the idea of a dedicated forum on this niche. Count me in.

    1Reply
  • Christine Larsen
    Bend, OR · Member since 2014 · 3 posts · 3 votes
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    Karen Margrave I am planning on joining.  I am a Broker in Sunriver Oregon but deal in many aspects of Real Estate and BP can definitely help me out in those areas.  This particular forum is a great idea and I look forward to hearing more from you and BP.

    1Reply
  • Angela A.Pro Member
    Accountant · Denver, CO · Member since 2013 · 16 posts · 19 votes
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    I certainly see value in this. It is the only art of RE I am interested in as my niche and there are several other niches with in VR.  

    I have tons of ideas and questions and have found a lot of great ideas conversing with like minds on the subject thus far. 

    1Reply
  • Jane Istre
    Investor · Frisco TX · Member since 2015 · 20 posts · 6 votes
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    We have one vacation rental that we will begin renting in the fall. Another one is in the works. A forum for vacation rentals would be great a great asset.
    1Reply
  • Levi BennettPro Member
    Real Estate Broker · Charlotte, NC · Member since 2014 · 285 posts · 248 votes
    11y

    @Karen Margrave We desperately need a VR forum lol.. I talk about it all the time. In the Disney World area or Orlando (Davenport, Kissimmee, Clermont, Windermere, Winter Garden), we eat sleep and breathe this stuff, and there is TONS of interest online for it. It's becoming a front-runner for many REI's.

    I think even @Brandon Turner has been talking about adding VR's to his portfolio. 

    It's a way of life in some markets. I would love it. 

    3Reply
  • David O.
    Investor · Miami Beach, FL · Member since 2015 · 175 posts · 82 votes
    11y

    I have had great cash flow returns buying condos zoned for short term vacation rentals in South Beach / Miami Beach. I aggressively market all the acquisitions on all the main online vacation rental hubs and have them occupied short term 90+ of the year, with great cash flow and cap rate as high as 15% for some properties. The Miami Beach market is very unique and flooded with international beach goers year round. If anyone needs help analyzing a deal in Miami beach as a vacation rental property feel free to message me!

    1Reply
  • William Leahy
    Rental Property Investor · Chatham, MA · Member since 2015 · 75 posts · 65 votes
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    Two thumbs up for a VR forum on BP. I own 1 VR in Cape Cod. This will be our 3rd season and I am looking to purchase another.

    1Reply
  • Karen MargraveBusiness Member
    Moderator
    OP
    Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
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    They've decided to definitely do a vacation rental forum, and I'm just waiting to hear back from@Scott Trench as to the timing. Keep your eyes open, and set your keyword alerts. 

    1Reply
  • Karin Crompton
    Rehabber · Niantic, CT · Member since 2012 · 443 posts · 150 votes
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    Nice work, @Karen Margrave!

    1Reply
  • Karen MargraveBusiness Member
    Moderator
    OP
    Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
    11y

     @Jeremy Baker @Angela A.  @Levi Bennett  @Karin Crompton

      @Nayt Grochowski  @Jane Istre  @Christine Larsen  @William Leahy

      @David O.

    Your help is needed in setting up the new VACATION RENTAL FORUM. 

    1.  Will you please attach the links to this post, from any of the VR threads from BP that you have found helpful so that we can include them in the new forum to get it started? 

    2. Will you please tag any other members you know that are interested in the Vacation Rental niche, so that they can get in on it too? 

    THANK YOU for your help! We're hoping to get the forum up and going in order to help everyone looking at VR properties this summer season. 

    Here's one that I started, and I know there are others, so please put the links in a post.

    Vacation Rental Data

    1Reply
  • Nayt Grochowski
    Ladera Ranch, CA · Member since 2015 · 35 posts · 43 votes
    11y

    Here is one post for the Proforma that I use for calculations:

    Vacation Rental Proforma

    Hey @Anthony V. Thought you might like to hear about the new vacation rental forum that Karen is helping push to get up and running.

    1Reply
  • Scott TrenchPro Member
    Rental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes
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    Originally posted by @Karen Margrave:

     @Jeremy Baker @Angela A.  @Levi Bennett  @Karin Crompton

      @Nayt Grochowski  @Jane Istre  @Christine Larsen  @William Leahy

      @David O.

    Thanks for this!  We will need to come up with a number of quality posts and threads to seed this new forum category.  Please respond with as many as possible.

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    BiggerPockets
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  • David O.
    Investor · Miami Beach, FL · Member since 2015 · 175 posts · 82 votes
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    Great, will do. It is an excellent idea! Thank you for your efforts, 

    0Reply
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