All Forum Posts by: Travis Eckert

I didn't use WordPress. I built my site with Wix and I love it. I am using the Wix Hotels plugin booking engine and it works beautifully. I prefer to manually sync all the calendars so I can't speak to that.

Good morning BP. Does anyone out there have a relationship with TrustCo Bank or another investment type bank that could assist me with financing on a second vacation rental property? Any experience you can share would be greatly appreciated. Thanks! Travis Eckert

I'm looking to acquire my second vacation rental property after appreciating great success with my first one. I own an adjacent lot next to my VR in Sapphire, NC and I was considering building a log cabin on it. However, since it will be next door to my existing vacation home, it will most certainly be labeled an investment property. So I'm looking for recommendations for lenders for investment mortgages in NC.

Another route I'm considering is buying in a completely different location (coastal NC) or potentially another place in FL where my primary residence is located.

Any advice would be greatly appreciated.

Thanks!

Travis Eckert

Over the past 15 months, I have fallen in love with the Vacation Rental business. We stumbled into it by purchasing a second home as an investment. I had heard about people renting their second homes to help cover some of the carrying cost. I figured if I could cover even half of the carrying cost, I'd be thrilled. Our property is in the mountains of Sapphire, NC and our brand is Once Upon a Stream. 

In our first full 12 months, we grossed about $50k and our carrying cost is about $20k per year. My Cash on Cash return was more than 20%. So needless to say, I'm ready to do it again and again and build a portfolio of vacation rentals.

I'm trying to figure out the best way to fund the #2 property and also, where should I go next? I'm assuming I'll need 20% to put down but that may be a challenge. It will also be challenging to satisfy traditional lending guideines around debt to income restrictions and other such guidelines. I also would prefer to purchase the 2nd property through an LLC (for liability protection) but I'm not sure how you do that without any business credit?

Anyone have advice for me or a good story to tell about your experience in a similar situation?

Thank you!

Hi William-

I have read many books and listened to countless podcasts on the subject. While there is certainly a lot of push to move away from the OTA companies like Airbnb, VRBO/HomeAway, FlipKey, etc, I think they are all a great value and a very inexpensive way to market your vacation rental property. You just shouldn't put all your eggs in one basket ans should diversify your web presence.

However, I did setup my own website and booking engine to supplement the other booking channels. I have created a brand for my property called "Once Upon a Stream" which is a mountain cottage in Sapphire, NC. I also have a heavy Facebook presence. Another thing I sometimes do is "poach" inquiries from the OTA's and send them to my website which does a better job of selling my property. It also gives me a competitive cost advantage where the guest won't have to pay excessive booking fees like they would through the OTA's.

Happy to help!

Hi Chris- my wife and I are 15 months into our first rental property in Sapphire, NC . We also stumbled into the VR market by purchasing it as a "2nd home" and investment. I thought if I could subsidize even half of the carrying cost, I would be happy. We are thrilled with how well the property is performing- the first 12 months grossed just shy of $50k and my carrying cost is about $20k per year. I am 80% leveraged and my cash-on-cash return is above 20%. I am cautiously optimistic that this is not an anomaly and that I can  "rubber-stamp" this over and over. We are currently trying to figure out how to acquire the second property and also, where it should be. Our primary residence is in Ponte Vedra Beach, FL. I'd love any advice on how to go for #2. We actually own the lot next door to our current rental property and I've been contemplating building a log cabin on that land. My worry, however, is that I will cannibalize my own business.