Vacation Rental Pre and Post COVID

8 Replies

Investment Info:

Other buy & hold investment in Haines City.

Purchase price: $195,000
Cash invested: $50,000

First Short Term Rental Investment near Disney.

What made you interested in investing in this type of deal?

A desire to have a winter escape combined with a profitable investment.

How did you find this deal and how did you negotiate it?

Found it using a real estate agent. Drove all over Central Florida to pick an area.

How did you finance this deal?

80/20 Bank Loan.

How did you add value to the deal?

I drove all over rental florida to find a neighborhood that allowed short term rentals and pets. It just happened to be a beautiful place on a golf course within 25 minutes of Disney.

What was the outcome?

Mostly Negative Cash Flow but I've enjoyed having it to escape for the winter.

Lessons learned? Challenges?

Short Term Rentals are no guarantee. I've had tons of success with long term rentals, commercial property and storage units. This is one niche I'm yet to figure out.

@Tyler Casey

Have you tried hosting on AirBNB? Or any other travel platform? I’m assuming you are in a desirable area if you are close to Disney. I would consult with an AirBNB or Vrbo host and even look at the other hosted property in that area and see what is renting and the design etc.

I started out and am still currently utilizing evolve. It has been unsatisfactory. I haven’t thought about or looked into hosting on AirBNB although Evolve syndicates to all the vacation rental sites. I’m thinking of ditching evolve and switching property managers.



@Tyler Casey

My thoughts are I would take the marketing of your short term rental away from Evolve and do it yourself as long as your livelihood and lifestyle allow you to respond fairly quickly to inquiries when they come in.  List it for sure on Airbnb and VRBO and maybe other more local listing websites that list homes in your area.  l'd look at the nightly rates of the other vacation rentals in the area of your home and make sure that your rates are competitive.  Sounds like you have a nice golf course view out of the back of your vacation rental.  I would show those photos at the front of your photos along with photos that show other highlights of your home that make it stand out against your competition.

Good luck with it.

Keith

Keith I appreciate your insight especially considering it looks like you operate in the area I purchased my short term rental properties in. I assume you’re familiar with Haines City? I purchased a single family home in Southern Dunes and a condo in Grenlefe.

Tyler -

I am familiar with Southern Dunes only because I helped a friend of a friend buy a primary residence in the community.  I personally have not been involved in any transactions in the Haines City area other that one.  All of my focus for short term rental investments is up in the Kissimmee and the very north part of Davenport in ChampionsGate.

Keith

@Tyler Casey , I would give Airbnb a shot for sure. One property is super easy to manage all you need is a good handyman, a good cleaner, and a good landscaper. You can also automate a majority of the work through software like IGMS. Best of luck my friend!

Originally posted by @Joe Prillaman :

@Tyler Casey, I would give Airbnb a shot for sure. One property is super easy to manage all you need is a good handyman, a good cleaner, and a good landscaper. You can also automate a majority of the work through software like IGMS. Best of luck my friend!

I appreciate the advice.  This is one of my biggest struggles in my business right now.  I will research that software. 

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