A Resource Digest for Investing in a Vacation Rental Property

Tina Martin of ideaspired.com | [email protected]

If you’re looking for a passive source of income, you’ve probably already considered a vacation rental business. Vacation rentals are a great way to make money from property without committing to long-term rental agreements. However, you can’t set up this kind of business overnight. The below guide walks you through the process and provides some resources to help get you started.

Do your due diligence when selecting a property

Start by finding the perfect property that will be attractive to renters.

Research locations that are in demand for vacation rentals, like Hawaii and Alaska.
Consider other key criteria when selecting a property, like the neighborhood, maintenance costs, and local laws governing vacation rentals.
Figure out how much you can afford to invest in a vacation rental, keeping in mind that down payments on these types of properties tend to be larger.

Make renter-friendly upgrades to the space

These renovations can make your property stand out in a crowded marketplace.

Make value-boosting upgrades to the property, like updating the exterior and adding an outdoor entertainment area.
Prepare your property for renters with in-demand perks like creating a pet-friendly yard and installing new appliances.
Boost the property’s curb appeal with tricks like a lush lawn and more flowers.

Set up the business admin side of your vacation rental business

For your vacation rental business to succeed, cross these practicalities off your to-do list.

Research a network of professionals to support your property’s day-to-day management, such as local plumbers and electricians.
Set up a formal legal business entity to manage your vacation rental business.
Get a business bank account to manage your rental property income and expenses.

Market your property optimally for maximum profits

The right marketing will attract the right renters to your property. Try these tips.

Make a custom logo with a free online logo editor. You can then add the logo to all your vacation property marketing materials.
Take attractive photos of the property to showcase it in online listings and ads.
Follow best practices for vacation rental marketing, such as using a catchy title.

Setting up a vacation rental business takes some strategic planning. However, taking the time to address the above steps will help guarantee success in the big picture. Use the aforementioned resources to help you through the process.

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