All Forum Posts by: Melissa Wesling

We self-manage and have been refunding due to Covid-19 travel restrictions.  We were able to get some guests to reschedule when the state wouldn't allow rentals.  

Hi Kelly! You are looking at some beautiful areas!  If you plan to rent out your vacation home, make sure you research rental regulations in the specific areas.  A knowledgeable agent can help research the success of the rental market as well.  

As for managing remotely, it definitely can be done as long as you have a reliable cleaning crew and handyman to call on.  We've been managing remotely for almost 13 years and it has become easier with all the software and home automation available now.  Good luck and have fun with your search! 

Congrats on your first short term rental and diversifying your portfolio! I love that you are teaching your daughter the biz, that is our goal as well with our daughters, hoping they will want to take over managing the properties at some point down the road. I would add a couple things that weren't mentioned that I wish I knew when starting: 1) View your short term rental as a business. I had a hard time with that at first because I put so much love and care into preparing our STR for guests. When we first started renting, we allowed pets and I was so sad when a dog chewed up some trim. Luckily everything can be fixed! 2) Have a pet policy, we don't allow pets anymore. 3) To go along with hiring amazing people (cleaners, handyman, etc), consider having a system to double check the scheduling if you have a lot of turnover. We mostly have weekly rentals and last year there was a misunderstanding with the cleaning crew and our new guests checked into a house that hadn't been cleaned. We manage from out of state, so this was a rush to get things done. The scheduling error only happened one time in 12 years, but now we have the cleaning manager text us when cleanings are complete :)

Good luck and have fun! 

This is beautiful, I love how original it is.  Congrats! 

Hi Kaylane, We purchased our first vacation rental 13 years ago as our first investment property.  It has worked out great and our business has grown.  I'm biased, but I think it's a great idea! Good luck! 

Congrats on your purchase! Yes, as Julian mentioned, automation has saved us time when self managing.  It is also important to have a reliable cleaning crew and handyman if you self-manage.  Those things will get you a great start!  

Hi Brandon! Gatlinburg is on fire right now for short term rentals, is there a reason you want to branch out?  In regards to the short term vacation rental market, there was a recent study published that the Florida panhandle is rated the best location to buy for highest returns.  Personally, all my short term vacation rentals are in one area and it has worked out great for us to keep the same cleaning staff and handyman on hand for all the properties.  I know some investors would rather not have all their eggs in one basket, but I diversify with LTRs in my home state.  

I agree that vacation rentals aren't going anywhere.  Ours are in southwest Michigan and even though we lost some money while the state was in quarantine, we are now looking like we may have our best season ever (in 13 years)! It is true that some markets are starting to crack down on their rental restrictions, so this must be heavily researched when purchasing a new property.  When we first started in the rental business, there were no rental regulations in our town.  A few years ago, a group of residents who are against short term rentals got the city to start enforcing regulations similar to what you mentioned above.  They now have a limited number of rental licenses they allow and there is a formula to how many STRs can be in one area.  You must have a rental license registered in order to rent or you get fined.  Our max number of guests are also capped with a formula based on bedrooms and number of floors.  If we don't live near our property, we have to employ a "local agent."  There is a list of rules provided by the city that the guests must adhere to or fines will accrue.  Each property must pass an inspection to keep their license active.  Looking back, it's kinda crazy to me that it was a free for all.  There is a safety aspect to having the inspections, and limiting number of guests.  It was difficult for many during the change, but I think people either sold or adapted.  However, if the city were to ban STRs all together, that would be heartbreaking.  We decided at that point we may then convert the properties to long term rentals or need to sell.   

@Jason High St. Augustine is decent, it's good for a second home market to pay for itself, but not the top place for profit.  Near Disney there are only a few markets that do short term vacation rentals, so you would have to find the right neighborhood to invest in.  

Hi Jason, is there a certain area in central Florida that you are looking at? Do you prefer coastal or Orlando area?