All Forum Posts by: Everett Mcfarland

Why have an office (rent, utilities, office expenses, employees, etc., for only property you own? Or do you operate out of your home/office ? Are you just starting to develop the prop mgmt company and that was why you choose to open an office. What is your long term business plan? Long term goals need to be aligned with your business plan. Look for similar operations and study the competition. Join local RE groups or other local business owners and organizations. Look for local BP meetings to find other small-medium RE 'buy and hold' investors.

Thank you to both @Bill & @Dana for your response. Currently I have 3 rentals as long term buy/hold and as investment income. If I am hearing both of you correctly, don't be deceived by higher vacation rental income as there are costs that are unique to this type of rental. Agree that there is no excuse for lack of due diligence. In fact I am planning a trip this coming new year to get my "eyes" on the ground.

One last request, do you have significant higher maintenance than your local local or standard rental?

Again my thanks to the community of BP.

does anyone have an analysis for looking at Vacation Homes? Own a vacation or short term rentals in AZ. Appreciate any shared exp. or what to look for and what to stay away from. Use a PM or self as I see many owners doing themselves.

Thank you,

Be more concerned with the quality of your renter than what lease term to maximize your risk/return. I like 2-yr leases for the right tenant and property. Brandon might say, "keep your good tenants happy" and get rid of the others. The property, renter market, and anticipated days vacant with renter turnover, to name a few considerations.