Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 11 years ago,

User Stats

9
Posts
1
Votes
Burke B.
  • Investor
  • Newport, RI
1
Votes |
9
Posts

Vacation rental - how to begin?

Burke B.
  • Investor
  • Newport, RI
Posted

Not sure if this is the best forum to post this question or not but here goes.

In the "dream big" category, I am considering whether I can/should consider and/or pursue a property in a tourist destination. The property is vacation rental listed at $3.2M with a 6% cap rate. Info states that it brings in over $29K/month. There are 3 rental units on the property - a 5 bed, a 3 bed and a 1 bed.

My limited experience to date is with residential SFHs. I have the opportunity for a work related relocation to this tourist destination. I am unsure how to begin my due diligence on this property without looking like a complete novice. I would like to see the financial details so that I can get a better feel for the reality of this before I spend a lot of energy digging deeper. Is it common to just come right and ask for income/expense information in the first contact on a deal like this or will that immediately flag me as an uneducated newbie in this aspect of real estate investments? What is the best way to get this dialogue started realizing that making this happen is likely an extreme long shot?

Thanks!

Loading replies...