Newbie from Washington, DC

[Quanda Allen]

What a fantastic find! I've recently embarked upon the journey of building a vacation rental. Why build vs. rehab? I plan to use the home 4 to 6 weeks out of the year so I wanted it to work for me and my family. The home is in Wintergreen, VA. I could not find any rehab options that worked within my budget. Building with a small, local builder at around $115/sq foot (mid to high end) and using auctions for many of the materials enable me to have instant equity for this opportunity. We are breaking ground in a few weeks and hope to be ready by ski season in January. The resort is a four season resort with golf, tennis, and a small man made lake that is open in the summer.

Almost 20 years ago, I invested in a few rehab properties that were rented. The entire situation was a disaster due to poor tenant selection and a partner who mismanaged the properties. I swore off of real estate until now. I'm refocused on building wealth and including real estate as a part of my overall investment portfolio.

I'm interested in learning as much as possible about vacation home rentals. Tips for profitability? How to maximize cash flow? Should I use an agency to book or DIY? In a resort community, how do you make your property stand out? Has anyone else built vs. rehabbed? Any pitfalls to consider?

I'm located in Washington, DC. I'm interested in real estate meet ups and forums in the area.

Thanks!