Buying property for vacation rental

[Ernes Sahic]

Hello BP Family.

I want to discuss some ideas we all could us to expand to areas that are not right in the middle of the tourist hot spots, because most properties are over priced or just priced to high for thousandaires, who haven’t reached the millionaire goal quite yet. Such as myself.

What are your must haves when looking for short-term rental property?

What resources do you use to find if the property is in a tourist area or close to one?

I am looking into ways to find statistics on how many visitors the town/area get per month or year. Is there a way to pull such numbers?

What are some strategies we could use to find out such info?

Here are some of my thoughts-

•Reach out to local real estate agents in the tourist area.

•Find attractions/businesses in the area and contact them.

•visit the area, drive around and determine how far out of the tourist area you can go and still get a fair rent price.

•Research on google. “Google is your friend”

Those are some of the ideas I could think of. Let’s see what else we can add to the list. Throw out a couple ideas you have or have used in the past.

Thank you in advance for any and all input you provide to help our fellow investors on the BiggerPockets Forum.

[John Underwood]

I beleive a simpler way is to use Vrbo and Airbnb to research existing areas and look at similar properties to what you would want to own. Then check their occupancy and pricing. Also see how much competition their is by area. 

I be6doing this will give you a pretty good picture. 

I would capture this data in a spreadsheet so that you can easily analyze the data.