Do you rent it out? How often do you stay? How far away is it? Any tips for what to look for in buying a vacation rental?
We just got pre approved yesterday and are likely going to buy a beach house with the intent of renting it out. Any tips/advice/guidance would be appreciated.
kiwi / 739 posts
We have one at a location we (prior to buying) would go once a year. We have only owned for 9months.
It's about a 5hr drive from us, we plan on going 4-5x a year. It is currently rented almost fully through peak season (summer). We have a few more weeks to fill. For the first year we have been using a property management company that helps with rentals and issues until we get our bearings. We negotiated with him to make X Amt of money our first year.
Hope this helps! And congrats!!
honeydew / 7667 posts
We have one two hours away. We go every weekend in the summer. We do not rent it out - they actually made it so that you can't do weekly rentals in that township - so you would want to check that out.
kiwi / 589 posts
My parents had a beach house that was about two hours away (including ferry ride). They rented it out for 6 weeks during the summer and then several weeks in the fall. At first they used a management company but then they started renting themselves through vrbo.com. They also had a caretaker, who would check on the house in the winter and deal with anything that came up during the year. It can be a lot of work, but the money they made from the rentals paid for all their expenses for the house.
apricot / 343 posts
We have one that is about an hour and a half away. We like to go at a moments notice, so we don't rent it out (and I don't like the ideas of strangers in my house!) Only advice Is to be as picky as possible with who you rent it to (families vs college kids) as I have heard horror stories about renters in my neighbors homes. (Unless you are going through a management company because I'm assuming they take care of it) That's awesome tho... Congrats!
honeydew / 7622 posts
@LibbyLou: thank you. Yes we plan on a property manager.@MrsH: thanks for the tip. There are certain areas that are ok to rent out. We hired a realtor who knows the area well.@brady80: awesome. We can do it without renting it out I just think it would be awesome to pay it off faster.@jlm22: thank you! We are really excited.
pear / 1696 posts
My parents have a rental home 5 hours away. They bought a plot and built a new house on it. I've been pretty involved along the way and am in the process of taking over managing it. A big thing for us is to have a local care taker and a reliable cleaning service. You want to have local people you trust if something comes up (it always does) and need someone to stop by. We use a keyless entry, you just punch in a code. We usually go twice per year in the off season and rent is the entire summer/peak season.
honeydew / 7622 posts
@littlejoy: I know !!! I'm excited for you to help decorate.@lady grey: love the idea of keyless entry. Yes, our realtor has a property management company, I'd rather pay more and have nothing to do from 2 1/2 hours away.
pear / 1696 posts
@youboots: This is the one we use. It does have a battery that has to be changed once a year.
http://www.homedepot.com/p/Kwikset-Powerbolt-Single-Cylinder-Venetian-Bronze-Electronic-Deadbolt-Featuring-SmartKey-907-11P-SMT-CP/202106253?cm_mmc=Shopping%7CTHD%7CG%7C0%7CG-BASE-PLA-D25H-Hardware%7C&gclid=CLa2jL3d8cgCFcERHwod4AoLrg&gclsrc=aw.ds
pomelo / 5720 posts
We have one that is about an hour and ahlaf away. We use it almost every weekend in the summer and only "rent" it to people we know. I say that, because we don't really charge what we would/could and do it more because they are close friends of ours and couldn't afford to rent another property otherwise. We've talked about renting it more frequently, but the logistics of it are too much at this point, and it's paid off, so we don't have to worry about paying a second mortgage.
honeydew / 7622 posts
@lady grey: thank you!!@bushelandapeck: I'm in favor of renting through an agency and M only wants to loan it to family and friends. I think we can do both. We plan on living there at least one week a month since one of the benefits is it is closer to many of his clients, and he works from home 2-3 days a week.
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