Vacation Rentals

[Eric Schrader]

GOOD MORNING GROUP

I am interested in some summer vacation rentals.  Some of these properties already have booked reservations for this coming season.  What do i need to ask for regarding deposits, payments, reservations, etc?

thanks 

[Jeff Graves]

@Eric Schrader I agree with Keith.  One of the first things I discuss with my clients is who is going to be managing their property and how important is it for them to be generating income day 1 of ownership.  

I've found experience VR investors are find with purchasing a property that is professionally managed because they know they can get it up and running asap.  

The first time VR buyer prefers to have the built in income...so we'll focus on those that are not professionally managed.

As far as deposits...

That is probably dictated by your market to some degree.  For us here in Hawaii $200-$250 is appropriate for a property valued under $500,000, maybe a rule of thumb would be about .001% of the value.

Payments and Reservations...

There are independent companies that provide Payment and Reservations systems, however, the majority of self-managed VR owners will use VRBO or Airbnb system (or some other platform). They are easy to set up and easy to set use.

Hope that helps.

Aloha,

Jeff