Under contract - now what...

6 Replies

Hi BP, 

I have a beach (not ocean front, a street or two back) house in Topsail Beach, NC under contract (this past weekend).  Its a duplex, one short term rental, one long term rental. The current owners have a long term tenant in the entire place (both units) until Dec when the lease ends. During our due diligence phase, we are doing the inspections etc. The plan is to self manage and continue with the short term and long term rentals.  

We plan to use AirBnB/VRBO for bookings.  What things can I do now to ensure that we are hitting the ground running on this rental property?

Congratulations @Lisa Sessions ! Sounds like a great investment! You question probably requires a longer answer and some more context to your situation but I welcome you check out a few BP blogs I posted regarding STR/VR's here:

https://www.biggerpockets.com/blogs/10042-vacation...

 If you have any specific questions, feel free to reach out directly. 

Good luck to you and congrats again! 

Cheers!

~Jon

Start marketing the property as soon as you take possession.  As for right now.. focus on getting the deal closed, develop a marketing plan, budget for when the property is vacant.  BP will become your best friend during your due diligence period.  Congrats!  Topsail is beautiful.  Are the long term tenants leaving when the lease is up in December?  Or will they stay month to month until Spring and vacate before Summer?  The reason I ask is because winter is slower for vacation rentals.

Black Friday would be a good day to purchase big ticket items like appliances, electronics and furniture.  If you are going to stock it via the economy route, you have about 2.5 months to hit estate auctions.  You might also look into your best options for cable/satellite/internet.

You could start shopping for nice things to furnish unit with on Craigslist, then upgrade down the road. look at other VRBO offerings in your area to see what furnishings you might need. Look into Satellite cable and internet options so you can get up and running as soon as possible. 

Thanks so much for your responses!! @Trenton Miller we haven't talked to the tenant yet to know their plans after DEC.  I'd like to keep them on during the slow months!! 

 Any thoughts on an accounting system to keep it all straight with the county/state accommodation taxes etc?

@Lisa Sessions Quickbooks can keep all of your books and records for you to help you file your taxes when the time comes. It takes some time up front to learn the software, but it will save you much more time at the end of the year. 

Try to be as thorough as possible in your documentation as this will also be a lifesaver come year end. 

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