VRS145 – How to Invest Wisely in Vacation Rental Property with Erica Muller
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Buying a vacation home has become far less of an emotional journey for many new owners, and more of a carefully balanced investment. With the rise in popularity of vacation rentals, the plan to rent out a second home when it is not in family use has become part of the overall purchase strategy for investors.
There’s a lot to consider before taking the plunge into vacation rental investment though. Location, regulations, licensing implications, the ability to source property management, seasonal variations in demand and tourism demographics are just some of the factors that can impact a decision to buy.
And that is where the first choice becomes all-important – finding the right realtor. Get that part wrong and even the most savvy investor could find himself in a financially damaging situation.
Orlando vacation rental realty expert, Erica Muller, joins me to discuss the changes that have taken place in the real estate market in the two and a half years since she last joined me on the show.
How custom developments are shaking up the VR market in Orlando
How to choose an effective realtor when buying or selling
Why some owners are finding it difficult to sell
The surprising inclusions needed to be competitive when selling a vacation home
What buyers need to look for in a vacation home
Why thorough research into niche markets can be a valuable time investment
The questions to ask a property management company
What you need to have in place even before you start looking
Some tips for independent owners going it alone in marketing and management
Erica is giving away two great downloads:
The Evaluation Spreadsheet – this allows you to select a property based on a variety of criteria and will help to find the best neighbourhood to get the highest ROI
10 Questions to Ask A Property Manager – choosing the right manager is key to rental success but there are a lot of pitfalls if the choice isn’t sound. Use these questions to aid the selection process.