VBRO/AirBNB Questions to ask

[Joshua Meisner]

Hi BP members!

We recently have refinanced to go into real estate investing, as we had a very large amount of equity and wanted to hopefully speed up our path to retirement.

After discussing multi-families and placing offers on properties it is almost un-reasonable in the area I am in to invest in a multifamily due to the amount of work needed or the price listed right now.

This brought me to looking into vacation rentals and possibly getting into condos to start in high traffic vacation areas that are close enough to me so if I needed to fix something I can be there in a couple hours, but far enough where I wont be able to clean them regularly.

I have listened to advice from a few sources and decided to schedule a meeting with my CPA, who has done wondering guiding my parents in BRRRRs over the years to allow them very early retirement.

I also have the opportunity this week to talk with a very passionate Vacation Rental guru in the area I am looking.

What questions would you suggest asking these people when it comes to your first vacation rental - I have a list started but I know I am not covering everything important. Any information would help. I know I need to come up with a lease agreement and figure out insurance costs to make sure the numbers work prior to purchasing but what else.

This will be our first investment purchase but we will have reserves to get another quickly provided all works out unless someone convinces me putting reserves all at a larger property makes more sense.

Thank you!

Josh