Investor · Newcastle, CA · Member since 2016 · 21 posts · 9 votes
I am looking to purchase a lake house, update, furnish it and then hand it over to a vacation home management company. I have the house identified and the management company lined up for it as well. Anyone here have much experience in this realm? I have 16 units but this will be my first try and a vacation rental property. Any tips or advice would be appreciated!
Real Estate Agent · Sevierville, TN · Member since 2015 · 1k+ posts · 1k+ votes
6y
Hey @Chase Harris! All of my investments are vacation rentals - though I self-manage, I don't share my revenue with a property management company. :) If you've got a local housekeeper and handyman you can count on, and the ability to respond to guest requests in a prompt manner, you don't need a PM.
In the right market, the returns are awesome! My advice is to know your market - KNOW THE LOCAL REGULATIONS, know what kind of demand there is, a realistic sense of occupancy and revenue, and a realistic sense of your expenses. Make sure after conservative projections you're satisfied with the potential income - it should be significantly more than a LTR. Sounds like you're already beyond this point, but you should work with a Realtor who is familiar with vacation rentals as investments.