Is anybody here considering or already invested in a vacation home as a means for additional income by renting it out on sites like airbnb? How’s the experience been, which places are worthy of consideration, do you end up spending too much time managing it?
Higher income for higher work.
We rent out our vacation home with the understanding that we’re losing money every year. It’s more of a way to supplement some of the cost. We don’t do it as a business, way too much work. This way is more expensive than renting a hotel for the time we’d be there, but it’s also easier, we can afford it, and hopefully the home will appreciate in value.
Terrible timing- Boomers are starting to cash out of vacation properties and millennials are decades away from filling the gap. WSJ has an article on this last week. Wait about 5 years.
Try researching short term homes at Storey Lake community in Orlando. Unlike many other STR in the area, this one yields strong net ROI and high appreciation. Request from the property managers (best ones are Glasstone and VHC) actual returns versus rental analysis estimations. There is a waiting list to buy there, because of the good returns, but it is worth the wait. If you prefer to try a resale versus a new home, be ready to make a full offer as soon as it is listed. They don’t last long.
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In my experience, it’s quite similar to a regular rental. I wrote a long post about it previously but I don’t want to rehash all of it. Broad strokes * You get steady rental for the vacation months. * Greatly increased turnover costs * Airbnb fees Certainly not bad.