Years ago I started buying properties in Florida & turning them into short term vacation rentals. It did sound a bit scary at the start I must admit. The thought of new people in and out every week! I was sure they would destroy the place in no time flat. Good news is, they didn't and became so interested I actually opened my own vacation rental company.
Take for example this property:
http://premiervacationrentals.com/rentals/Fort-Lau... I purchase it for $300,000 about 10 years ago. I spent about $30,000 updating it. From November to May 1st I rent it for $2495.00 per week. The rest of the time it rents for $1495.00 per week. It is virtually never empty. It is a direct oceanfront unit in Fort Lauderdale.
Recently I purchased this property in the Palm Springs area of California:
http://tour.circlepix.com/tour/blaze/?tourId=23787... This was purchased for $240,000. I spent about $32,000 updating it. It rents from November to April for $1600.00 a week. The rest of the time it rents for $1200.00 per week.
Lets say I did not choose to go the vacation rental route.....The Florida property would rent for no more than $4,000 a month. On the other hand the Palm Springs area home would rent for no more than $2,000 a month. You can do the math and see why vacation rentals can be money makers.
If you go this route be sure to select an area people want to vacation in. And be sure your property is in a desirable area. When you decorate it, make certain to design it so that it is very user friendly. Hardwood or ceramic versus carpet & leather versus fabric whenever possible.
I am a Hard Money Lender so if you ever buy one in California and need help with a loan, give me a call.
This is my first posting so I don't know if the links I have placed above will stick. Hoping they do.
