If you have a favorite vacation spot, you enjoy visiting; it is time to consider setting up a vacation home. There is a huge profit in Real-estate properties buying and selling properties is big business with huge returns if done right. Vacation rentals are also a nice way to have the best of both worlds. Purchasing a property as a vacation home and renting it for profit can bring in a nice cash flow if done correctly.
The first line of business would be to find a nice piece of real estate in an area you enjoy vacationing. Next is fixing it up and furnishing it to your level of comfort without putting too much high-end furniture in it. Keep your cost down by moving items you already have that are in pristine condition. Make sure you have all the comforts of home. If you still have little juniors, high-chair or buster-seat these are ideal to move into your vacation home.
The next decision you have to make is whether you want to manage the rental process yourself or get a management person with an established client base. There are hundreds of online places to market your property with more sites popping up each day. Vacation rental properties can bring in as much as $1,500.00 a week in the right area. One thing to remember is that most vacation rentals have a high and low season.
I was introduced to vacation rentals when I came across a condominium my cousin had for sale right in front of the beach in Dorado, Puerto Rico. When I first saw the place and the area, I immediately wanted it. The price she was offering it to me was right for the area. I had to have it and I really did spend at least two weeks out of the year in Puerto Rico, I love visiting the island. The banks were offering 100% financing, rates were down, and I did have some money saved up for a real-estate venture I was planning but had not found the right property. That is when I started looking at vacation rentals; my cousin’s daughter was renting her place out at least once each month. I did my homework and starting looking around for someone to manage the place for me since it was so far away from my principal residence in the states.
I found a young woman who had her own business and was managing a few vacation rentals in the area. We spoke a few times and I singed a contract with her to manage the place for me. A great source of information is this book: How to Rent Vacation Rentals by Owner, by Christine Karpinski.
I have been working for a Wall Street financial company for over thirty-five years and this was finally my paradise. I love staying in my little piece of paradise as I call it.