Do You Own a Vacation Rental?

I have several long term rentals and one here in FL that I will be renting short term (just finished setting it up, but its not listed yet).

I think it depends on where the house is. Mine is 15 minutes from Disney's main gate and the development is always busy with vacationers. I will also be managing it myself since I live 20 minutes away. The companies around here handle everything but they charge up to 30%, after the other costs like utilities, taxes and if you have a mortgage that can add up. I know some companies here will rent them really cheap to just have people in them and that can also be risky with damage.

I have also know some cleaning companies here that steal from the homes or have let friends stay just after vacationers have left without the owners consent. It is always a risk but if the home you are looking at is in a busy vacation area then it is worth it to me. I haven't listed mine yet and I already have people set up for next winter, I do work with my neighbors when they have people looking for two homes to rent.

Just consider all the costs, with renting short term you WILL have to replace things often (linens, towels, etc.) and keep up with painting and wear and tear. I think if you have a mortgage you may break even on the costs.

My mom and step dad had one in Myrtle Beach, SC and slid it within 2 years because of all the extra fees, etc.

It was a nice place, they paid a management company to care for it and then it was never available when they wanted to go.

It wasn't worth the hassle to them.

Personally, we wouldn't do it because of the hassle we watched my folks go through plus we prefer to stay at nice resorts when on vacation.

Good luck to you if you do it.

We rent annually from friends who own beach front at Crystal Beach. They have their own web address set up with info about their cabin and only rent to people they know. We have also used the rental places like Cobb's and Swedes. I guess it depends on your money situation and if you needed to have it rented all the time or could afford to just rent it to people you know. I've heard the taxes are sky high now and can not imagine the cost of insurance. The rental companies just take a percent but if you were going to use it a lot and keep personal items I would not want just anybody there.

geez, this is a question near and dear to my heart.
my husband and i seriously considered getting a vacation rental, and also thought about perhaps buying a small apartment building. we did a lot of research, and while anxious about it, came to the conclusion that it held the best possibility for generating enough income to let us retire one day.
but after a year of looking for just the right place, we decided we'd dodged a bullet.
i'd be happy to pay a good management company for the first year or so until i was comfortable taking over myself, but i've been shocked at how hard it is to find a good one. there are quite a few people in my circle who have made the investment, but with one notable (and very impressive) exception, it's been a nightmare for all of them. management companies tend to be unresponsive and unhelpful, but going solo runs the risk of missing any number of the THOUSANDS of legal details involved in dealing with renters. the lucky ones are breaking even, and paying dearly in time and headaches to get there, and a few have lost their shirts.
sorry to be a debbie downer. obviously this works for a lot of folks. but you need to have a good cushion of time and money to tide you over while you get to know the business, and then have the patience and wherewithal to deal with the ongoing dramaz.
good luck!
khairete
S.