Tell us about your vacation rental properties!
1. Where is it located?
2. How much did you pay for it?
3. How much do you rent it for during season?
4. What is your season?
5. Would you consider your rental average, or luxury?
6. Do you include any perks with your rentals (bikes, surf boards, tickets?)
7. Why did you decide to get into Vacation Rentals?
Biggerpockets is going to be starting a Vacation Rental Forum soon, so PLEASE be sure to @mention anyone you know of that is interested in this niche. Also, set your keyword alerts for Vacation Rentals, VR, etc.
I personally do not own any vacation rentals, but I sell a lot of them to my investors. They love the returns and the fact that they have a place to vacation when they want to. I wrote a blog about vacation rentals a few weeks ago on here. http://www.biggerpockets.com/blogs/6563/blog_posts...
1. All the vacation rentals I work with are located in Orlando FL. Single family homes just minutes from the attractions
2. They average for a 3/2-4/2 between $159000-$175000 fully furnished with prebookings and management in place
3. Rent prices really depend on the property itself and the peek times, so they vary from month to month.
4. Winter months are always booked solid. Visitors from the North and across the globe take advantage of the warmer temperatures. Holidays are always booked up quickly as well.
5. The rental prices I would consider average, ($200 per day) for a house that can sleep 8-10. When you take that number and try to book a hotel for that many people, you're going to double your daily rate easily.
6. Most of the single family short term rentals convert the garage into a gameroom. Guests don't use a garage when they stay, so providing a pool table, ping pong table, air hockey, etc. Also, almost all the homes have pools, so pool floats and toys are always provided.
7. I got my investors involved in vacation rentals because of the excellent cap rates, easy managing of property and an average booking rate at 85% or better.
I hope this information helps.
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