How to Make Your Vacation Home Dream a Reality

How_to_Make_Your_Vacation_Home_Dream_a_RealityHave you ever dreamed of the day that you could afford your own vacation home? What if I were to tell you that it may be possible for you to make that dream a reality right now? How? By making a property in your favorite destination a vacation rental home investment that brings in more money than it costs! And the best news of all is that this is not a pipe dream. This is very doable. In the following video, you’re going to discover 5 powerful rules of thumb when buying a vacation rental home, the advantages, the disadvantages and several invaluable tips. Plus, you’ll get access to a complete tour of my personal vacation home so that you can collect ideas and model what I did. Here’s a training on how to make your vacation home dream a reality:

 

Here’s a sneak peak inside my vacation rental:

 

Here’s a summary of what you learned in the video above:

How to Make Your Vacation Home Dream a Reality

 

Rules of Thumb:

 

  • The legality of short-term renting.

The places that are the most ideal for vacation rentals tend to have a lot of hotels and tourism. These areas often have certain laws pertaining to short-term renting.
Short term renting is less than one month. (nightly, weekly)
Make sure you talk to a property manager or even the city itself, to find out the legality of short-term renting in that particular area.

 

  • You need either a long or more than one peak seasons.

Cape Cod: a popular vacation spot in the summer that sees no peaks in any other time
Lake Tahoe: Two peak seasons, summer and winter.
Florida Keys: long summer season

 

  • Track Record of Success

VRBO/homeaway
Airbnb
These sites have tons of vacation homes that have already been booked and reviewed.
This is how to establish an idea of what other people are saying about a certain area/community
Buy a property in an area people love
Less work for you

 

  • Great Property at Fair Price

I typically look for steals when finding a property, but if you want your dream vacation home in the right area, then you are going to look for a great property at a fair price.
Purchase the property with a traditional loan process: Real estate agent, mortgage, paperwork.
Harder to find creative deals

 

Advantages:

 

  • You can own a vacation home and not feel like you are blowing money on it.
  • It is an investment. It can make you money
  • Free Vacations
  • Enjoy today

 

Disadvantages:

 

  • Traditional Mortgage
  • Downpayment
  • Cost to furnish/upgrade
  • Balance your vacations. The peak weekends (Holidays, Labor Day) make the most money so you may want to give those up to renters.
  • Tenant’s trashing the place

 

Tips:

 

  • Put a property manager in place to answer all inquiries on vacation home
  • Put property on Airbnb or Homeaway
  • Pick a nice place in a a nice area to attract the right renters
  • Remember there will be extra expenses
  • Crank up the marketing
  • Take professional photos/videos
  • Little things make a big difference.- bikes, paddleboards, etc

Comments

  1. Hey i like to work it but i don’t have any money and i got bad credit card so tell can I work it

  2. Do investors have to use a agent to draw up the contract or use a attorney

    • Phil Pustejovsky says:

      For new investors, it is wise to hire an attorney to help with contracts. Experienced investors can often be their own attorney in most instances.

  3. R.Preston says:

    I think this a great Idea. I will try it. I think you could title a video, “Your Homework”. There is work to be done.

  4. Rose Dallas says:

    Great information Phil. Thank you for your knowledgeable insights. I would love to own a few Vacation Homes in our favorite destinations. God’s Best Always.

  5. As a investor can I buy houses and resale without putting the home in my name.i do have a license in real estate never used them

  6. Where is a good place to meet other investors.

  7. I’m interest in buying multi unit commercial properties either from bank. Foreclose or city housing. How I can do this or find them

  8. Vickie Shaw says:

    I like tell you thank you for your videos I am learning so much thank you for your time and patience you have a good day and God Bless ☆♡ from me vickie shaw

  9. Jeanie Himagan says:

    Learning from your real estate investment tips is a great experience. Thank you and continue to be a great teacher. God bless

  10. Shanon Patik says:

    Insightful information! Thank you for sharing!

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