All Forum Posts by: Beth L.

Hi @Kelsey C. 

I have a short term rental in Clermont, just outside Kissimmee and 10 miles from the Disney Main Gate. Now in the third year with this property. Vacancy rate is hard to determine, and for us has varied greatly. The Orlando/Disney area is flooded with short term rentals, and this market is in direct competition with the Disney resorts, since many feel the advantages of staying on Disney property outweighs the disadvantages of staying in a hotel. Plus many do not even know that you can rent a whole house with a pool for the same price as a nice hotel. So unfortunately the supply and demand is offset.

I think that you can minimize vacancy by being really active in marketing the property,  increasing the amount of advertising funds you are willing to spend, and responding to inquiries quickly. Also by decorating nicely and providing new electronics and other perks, you can appeal to more people and you can ask for a higher rate and probably get better guests. But all of this takes lots of time and money. And the operating expenses are always more than you expect them to be.

You can usually depend on booking nights during the "Peak" seasons the most. Those are Spring Break, Summer (middle of June through middle of August), and holiday weeks like Thanksgiving, Christmas and New Years. Although there is no guarantee and not every day during those times will be booked.

This year has not been very good for us. We hope it turns around. We think this is due in part by big changes made by our vacation rental listing company.

Our local long-term rental investment properties out-perform our FL short term rental right now, but the income we do get from it does help to offset the costs when we want to use it personally.

Hope this helps a little!

@Bryan N. thanks! I figured since they contacted me before that it would be OK, but I haven't had any experience with this before.

We do quarterly inspections to change the A/C filter, check for leaks and cracks in walls. Of course we are also doing a good look over each time as well. We do not allow tenants to do their own maintenance. This is the only way to keep an eye on the inside. We drive by the outside of the properties all the time (the advantage of owning locally) and check on the outside.

Hi All,

I just had an inherited tenant move out (at my request, since it needs remodeled). Their new landlord had called me for a reference one month before they actually moved out. At the time I didn't know much about them since we had just purchased the property.

After they moved out, we discovered that there was a severe infestation of bed bugs and cockroaches and the carpets were soaked through with dog urine, among other things. As a result we were left to foot the bill for $2300 of pest control and we have to seal all of the subfloors to block the dog urine odor.

I feel that it is only fair to revise my reference for these tenants with their new landlord, and to let them know to inspect for bugs, since they are most likely taking up residence there now. I would want someone to do that for me. Does anyone know if there are some legal consequences to doing so, or if there is any reason why I should not?

Thanks for your input!

Hi All!

Can anyone recommend a good, investor-friendly agent in the Hagerstown, MD area? We have worked with a few agents in the past, and they have been lacking in responsiveness, communication, and knowledge of investment strategies. We feel as though we have to tell them what to do and really want someone who will work for us. Any suggestions?

Start with the bank you already have a relationship with. You are a known entity with them. Keep in mind you will probably get different terms going with a commercial loan (if purchasing in an LLC) than if you are purchasing in your personal name. We use LLCs to buy and hold in MD and currently have the terms of 25% down for a term of 20 years. I am sure there are other options though, and personally, would like to do better than this. I am interested in finding out what everyone else is doing.

Andrey, I recently did some research on this matter for a unit that we are updating. I'm no expert, but it looks like it really depends on the year it was built and how many units are in the building.

Mine, for example, is half a duplex built in 1980, so I need to have at least one electric powered Smoke Alarm, permanently wired, in the sleeping area, which was already done at the time of construction (located in the hallway just outside the bedrooms). All other alarms must be new, sealed 10-year battery alarms (one on each level including the basement).

Here are a few links to articles that I found:

http://www.koffel.com/news/Press_Release/2013Smoke_Alarms_Explanation.pdf

http://www.kivfd.org/news/fullstory/newsid/192709/layout/no

http://www.kidde.com/PressRoom/Pages/Maryland%2010%20Year%20Smoke%20Alarms.aspx

http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=4&cad=rja&uact=8&ved=0CFYQFjAD&url=http%3A%2F%2Fwww.mdrealtor.org%2FPortals%2F0%2Fdocs%2FGovernmentAffairs%2FSmoke%2520Alarm%2520Md%2520Law.doc&ei=IHOIU66QD8TMsQSin4DgDw&usg=AFQjCNEdn1jMw0mm8jTr4YV4l1if6lxB9A&bvm=bv.67720277,d.cWc

Hope this helps!

Beth