All Forum Posts by: Frank Kosiba

@Account Closed Doing some research on Portfolio Lenders and saw your post. My wife and I live in Boston and have a second home/vacation rental on the Cape. We self manage as this is our first VR property and we wanted to learn as much as we can before we even think about using a PM. It's 1:10 door to door so we're able to get there easily if need be. For our first investment in VR, I wouldn't even think about doing it somewhere I couldn't get to in under 2 hrs, my $.02.

We've found the Cape to actually be a decent place for VR properties as they command a high rate in season and you'll get it, as long as the place delivers value for guests be it location, amenities, uniqueness, etc. We use VRBO as the main advertising source, along with the occasional FB Marketplace or Craigslist ad. We also offer it at a discounted rate in the off-season and for our first year, have gotten some good traction from prospective renters. 

We'll be cash flow positive at the end of the year and plan to re-invest in the home (new floors, tiling updates) during the off-season. If there's enough left over we'll look to get another one and diversify as this one is a 3BR that sleeps six. We'd like a 1 or 2BR for smaller partys. 

Feel free to message me if you'd like to chat! We're by no means experts but with the help of BP we literally just jumped in and the experience has been amazing. 

FK

Good morning BP Forum, this is my first post so don't go easy and give it to me straight (this seems to be the norm here which living in the Northeast we embrace). 

My wife and I bought our first vacation rental from a family that was liquidating 4 single family vacation rentals. Two of the properties are next to each other on the same street, we bought one of them. The market in which the property resides has a short season that commands strong weekly rentals. So far, being new to the game, we're doing well. 

My question is this: The previous owners have multiple instances of their former property (now ours) up for rent on sites other than VRBO (Facebook, their own URL, and others). We suspect they are keeping this active to utilize their 10 year successes of this property to convert prospective renters to the neighboring property which they own. Our attorney states the initial best course of action would be send them a letter asking to take down the current instances. Would the community agree?

Keep in mind a couple things. Unfortunately we are not on the best of terms with the previous owners as the purchase process did no go smoothly meaning there were things that both parties did not see eye to eye on. Also, they are *next door* so we are in close quarters with them as this is the property they are actively renting out.

Thanks to the BP forums and community for opening my eyes to the world of REI. My wife and I hope to duplicate this process many times over!