All Forum Posts by: Blair Russell

@Madeline Burke I think everyone who does it would tell you it is more profitable. I have properties that would rent traditionally for $700-1000 a month, it's not unusual to pull in 3-4X that in a typical month, even 2x that in low/offseason.

I would say focus more on the cash flow. I basically describe vacation rentals as fun headaches! The idea of owning a vacation rental is exciting to a lot of people, but it's work and can be a hassle. I know owners who wised they had just booked a cabin on Airbnb instead, now they are saddled with much more cost than just renting and they can't go on vacation anywhere else...ever. Cash flow will give you flexibility. So when times are tough or occupancy drops or things get tough at home you are not stuck. Imagine how great it would be if you could not only use your lake home but also use funds from it to support other endeavors (another home, retirement, other vacations, toys!)

So don't give up and go find that lake home! But don't get wrapped up in the emotion of looking at the houses and the beautiful views. Make sure it is right, and as @Chris Seveney said above, do your due diligence. There will always be another house on another lake. 

To be honest most of it is learning on the fly as each property, tenant, and location is different. My randomly assorted list of tips to avoid stress and headaches: 

1. Compliance - Check and keep up with all regulations, rules, taxes, insurances, everything! You do not want to get a nasty surprise.

2. Let go - Stuff will break and go wrong, remember it is vacation and not life or death (normally). Fix it and move on,

3. Deep Breath - Always good advice. Slow down and take a deep breath before making decisions especially where money is concerned you can sometimes be blinded and make bad choices. 

4. Technology - Leverage all the available technologies you can. It will make your life so much easier fi you have control. Locks, thermostats, lights, cameras, home automation, supply delivery,  anything you can think of that will allow you to monitor your house and keep records of activity. 

5. People - Pick a good handyman and housekeeper, I would go with an individual rather than a company because you really do need specialty service. I look for people who seem settled and want part time work and are available most of the day (maybe someone who does a night shift). They need to have as much pride in the reviews as you do. Pay them well. They will be cheaper than a management company in the long run and you want them to be loyal. 

6.Don't buy cheap stuff! Reasonably priced good quality stuff, or good deals on nice (but not that nice) things are the way to go. Cheap stuff always breaks and looks crappy. I'm anti IKEA but some people are all about it. Have a really nice and memorable feature for guests to distract them from other things (huge tv, fire pit, hot tub, PS4) 

7. Before you ever rent it stay in your house for a week and find out what is wrong with it. Do bugs start appearing at night, is there super loud noise in the mornings every tuesday? address it, acknowledge it and/or fix it.

That's all I can think of now. 

Airbnb, VRBO/HomeAway, TripAdvisor will all have people searching for mid-term accommodation. There are no specialty sites that I know of that focus specifically on that market but there are Corporate Rentals, Traveling Nurses, maybe if there  is a seasonal business in your area (theatre maybe?) that you can appeal to that could help you fill the time. 

Hi Andrew, 

Welcome and have fun! As far as Vacation Rentals go you have some very broad questions there. Frankly there is no right or wrong answer, different markets are different and different people in the same market can even have different experiences, it's hard to pin down exactly what will stick and what won't. 

The pros or cons really depend on your own personal style. VRs (and I'm assuming we are not talking the traditional beach or cabin rental) require a lot of day to day work, more money upfront, higher management and maintenance fees, varying degrees of complications and regulations depending on where you are. It can be a headache and a hassle but there is obviously much greater financial return for the most part, not to mention use of the property. 

Again, types that are better depend on your personal preferences and what your goals are. I personally wouldn't buy a vacation rental I wouldn't want to use, but other people would for the $$. Avoiding Condos and HOAs normally works out better but some people get lucky with those. 

If I could start over again I wouldn't change much about what I did - Find somewhere close to you in a popular but not overwhelmed travel (business, vacation, or other specialties) location. Check local regulations. Do comps on comparable places. Pick somewhere without a Condo or HOA, and also somewhere that could convert to a traditional rental. All your renovations and furnishings should fall into the category of sturdy and good quality, with a color or finish that wont show dirt or wear and tear. Decide whether you will self manage or get a PM company. Hire a housekeeper. List it on the popular sites and get going. There are details outside of that but the best thing to do is just get started.

I suppose customers would vary, for example, I handle all the rentals, calendars, money, etc. The only thing I need help with is turnovers, cleaning and maintenance. I have outsourced and automated so much of the process that getting a full time management company would be unnecessary, still I do have paranoia about my phone ringing so haha, maybe I should get one. 

@Yaseen Ali You just have to account for it. Will it still be worth it if you lose 2-3 months. We have the same problem in Boston, things drop off Dec. 1st, but the rest of the year more than makes up for it. 

Airstreams are hip at the moment and look good in pictures! 

@Brad Dillman I've had an Airbnb running for two years! Winter sucks, but the rest of the year makes up for it. I'll give you a good deal on a winter trip ;)

Not Ottawa but Boston, and I can tell you that even in a big city like Boston rentals dry up in winter because (non scientific answer) it's cold and no one likes it. Travel plans get messed over, people are mostly visiting family throughout December or going on ski holidays or traveling somewhere tropical, coming off holidays and travel in January and February. Things don't really turn around until March,