Success with vacation rentals
I live in Texas and looking into purchasing a vacation rental in Destin, FL. I have found a few condos and single family homes in gated communities down the street from the beach. Some listings post their annual rental earnings - how confident should I be in the numbers posted. Looking for pros and cons for doing a short-term rental property and insight on the true numbers to support my research. Any advice is greatly appreciated as I am full of questions.
Most Popular Reply
We own two VRs and for sure the revenue (and expenses) are 2-3x our full time rentals. I would try to find a local agent or house cleaner to support as PM can be your greatest expense (& value) depending on your strategy. Build a strong tolerance for complaints, issues and lots of fixes. Focus on your channels to book as you may need 40%-60% occupancy or greater to make it pencil out. This is for sure not a ‘passive’ investment though I think it’s a very smart approach to investigate in the right markets.