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Timothy Lou
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What's it really like owning a short-term rental in VB?

Timothy Lou
Posted Apr 8 2021, 14:13

Hello everyone, I hope all of you are doing well in this pandemic and hope all this COVID thing will be over soon.

My wife and I are not too far from retirement and started thinking of buying an oceanside or oceanfront property as a short-term rental for now and eventually moving in. We own a few rental properties in NOVA and we have a certain experience of owning rental property in NOVA. However, owning a short-term in VB seems an entirely different animal. I'm wondering what it is REALLY like of owning a short-term rental. How much enjoyment and headache we have to face if we own one.

Let's assume if we buy a $1M oceanside or oceanfront property without a mortgage. How much money (just ballpark) can it really bring in every year considering vacancy, utilities, HOA, insurance , and the cut from hiring a reputable management company, and many other costs I am not even aware of? Also, what does the management company do exactly? Do they do the cleaning, checking in/out like hotel staff so I won't have to worry about anything except the repair/replace bill? What's the risk of running into groups that will destroy the property and if that happens, what would be the solution?

There are so many new things to learn about owning a short-term rental in VB. Can any experienced Biggerpocket users shed some light?

Thank you very much!!

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