Short-term rental properties are a real estate investment strategy growing in popularity. In addition to being lucrative, here are just some of the benefits of investing in a property where short-term rentals are an option.
👉The popular platforms like VRBO, AirBNB, and others help make it easy to set up a website/landing page to market and manage your property.
👉Depending on popularity of location and the updates made to the property, these rentals can cash flow significantly more than a long-term rental!
👉Easy payment collecting from tenants through the available platforms
👉Potential Lower Maintenance on a daily/weekly/monthly basis-win, win, win!
As your real estate expert, I want to ensure that you understand there are risks to any investments!
Tip #1: The best advice I can give you for short-term rentals is to do your due diligence ahead of time. There are many guidelines, state laws, and even HOA restrictions regarding short-term rentals. You want to confirm that the property you are purchasing for this reason doesn’t have limitations you are not aware of. As your real estate professional, I am happy to get the most accurate and current information as you make your decision.
Tip #2: Even though you will have many “short-term” tenants, the property will still need to be managed and treated like a business. As with any rental investment, make sure you are tracking expenses of the property; from utilities, to platform fees, to the largest and most obvious expense; the mortgage payment.
Tip #3: Work with an agent to make sure you are buying at the right price and that your overall plans for updates and nightly rentals will yield cash flow on your investment!
Make sure to find the best realtor for you!
I would love to talk to you about how you can start your journey of investing in short-term rentals!