If you’re here, you must have heard about the benefits and value of owning a vacation rental and you want to know how you can get into this “elite” club.
Luckily for you, there are several ways you can get into this investment. But I do have to warn you, whichever path you choose, you will have to roll up your sleeves and work hard to build a vacation rental business that’s able to achieve wild profits!
Two Things You Should Know:
The work you have to put in to get your home up and running as a short-term rental is not hard. You don’t need an IQ of 140. You don’t need a degree to do this. But it is time-consuming, especially in the beginning, which is why many vacation rental owners fall short of reaching maximum profit potential with their Airbnb’s.
Alright, enough with the lecture. I know you’ve been waiting patiently long enough. Let’s get into the 8 ways you can get into the vacation rental business.
1. Buy and Rent Out Your Retirement Dream Home
Do you envision yourself retiring at the coast? How about retreating into the mountains? Or maybe you’re a cityscape kind of retiree.
Wherever you’d like to be after retirement, wouldn’t it be nice to already have a beautiful home that’s bought, decorated, and paid for?
Good news is you can. Invest in a property now that you know you can rent out to vacationers so that they’ll be paying your mortgage on your retirement dream home. Then, once you retire, most – if not all – of your mortgage will be paid off.
2. Buy and Rent Out Your Own Vacation Home
This is a very popular route to take in the industry. Many people purchase vacation homes near the beach, or in the mountains close to ski slopes, or in their favorite cities like New York or Miami.
Because they are frequent visitors, it’s smart to buy a home in that location so that they don’t have to worry about finding a place to stay every time they go. It’s also less stressful and comfortable knowing that you’re going to your second home. Then, you just rent it out when you’re not there!
3. Rent Out Inherited Home
People who are fortunate to be handed over a home when a loved one has passed often times just put the house on the market. But why?
It’s almost like a business has just been handed to you for free. A business that’s currently worth at least a couple 100k dollars with a potential of you earning another salary every year.
4. Convert a Long-Term Rental to a VR
If you currently own a long-term rental, I highly recommend you switch it to a short-term rental. You can make double, triple, even quadruple the amount of money with a vacation rental.
5. Forced Move Requires Renting Out a Home
Sometimes an urgent job transfer or medical situation requires you to relocate, not giving you enough time to put your house on the market.
So, when life gives you lemons, make lemonade. This is an opportunity that may be stressful at first but it can be very beneficial in the long run.
6. Business Opportunity
Real estate investors know the high benefits and a substantial amount of money they can make in the business of vacation rentals. So, they’ll simply just buy a home with no other intentions other than to rent it out as an Airbnb.
7. Retirement Plan
Other than buying your retirement home, which can be part of your plan, you can use your retirement funds to purchase real estate to start a vacation rental business and make additional income.
8. Rent Out a Room/Basement/Guest House
If you have an empty bedroom, basement, guest house, or another type of empty space, this is a great opportunity to make more income. In fact, this is a great way to try your hand at running an Airbnb if you’re new to this.
So, which route are you going to take?
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