All Forum Posts by: Steve Dove

Thanks Susan. I'll put together some surveys and see what kind of feedback we can get.

@Susan Gillespie - Our rentals are located in Northern Michigan. After Labor Day, and warm days at the beach, bookings are hit or miss. The closest attractions or events, other than golf, are about an hour away. I've contacted several of the golf courses / resorts, in an attempt to bundle golf packages at a discounted rate for our guests. None of them wanted to even entertain the idea. I do offer deals for people that rent a week during the off season, where they can rent one week at regular price, and return to any of the three lake houses for another week, at the rate of $100. This has worked well. I think I may consider doing this for weekend rentals also. Anything to increase occupancy.

How would you suggest targeting girls getaways or scrapbooking weekends? I'm not sure where I would start with that approach.

Hi All,

   I've been at this for about 8 years now with vacation rentals and have been using the premium listings with vrbo, vacationrentals and homeaway.com. My rentals book solid from  June - September. We have great properties, on amazing lakes. I'm just trying to get in front of people who might not necessarily be looking. I think it can be assumed that most people will gravitate towards these VR listing sites to find a rental.  I'm looking at attending conventions and public gatherings, where there is a great deal of foot traffic, in hopes to create more awareness of our properties and the activites in those areas. I was just curious to see if this approach has worked for anyone else, or if there have been any other creative ways that have worked for VR owners. I typically book about 18-20 week per year, per house. However, I'm pushing for 25, each, this year.

Steve

Has anyone, with a vacation rental, ever attempted to attend trade shows, or even moms-to-moms sales to market their vacation rentals? We're signed up for a few, as my wife has seen others marketing their properties this way. I'm just wondering if anyone has done this and achieved any success.

@Michael Molnar , just curious? Why go in with relatives? For the capital?

I just closed on my 3rd vacation rental, this past Monday, and have been diligently working to get things ready for this summer. I should be wrapping things up by Sunday. My other two places are booked solid, and I'm hoping that this one will follow suit. I actually bought my second vacation home in 2009, which was a foreclosure. It was a lakefront home, in terrible shape. I ended up basically knocking it down and rebuilding it. It is now my showcase property, and I have had many return guests since then. What I was quickly reminded of, this week, is how much it actually costs to get things "vacation rental" ready. Aside from the downpayment for the property, make sure that you have budgeted for all of the furnishings that will be needed before you can book your first guests, i.e. beds, sheets, pillows, furniture, TV(s), kitchen utensils, vacuum, BBQ grill, picnic table, appliances, etc. It's amazing how many things are needed for a vacation rental property.

Make sure that you also follow the rules with owning a vacation rental. The common misconception, is that you can just use the property and rent it while you are not there. Theoretically, that is true, but the IRS would disagree. Your stay at your own homes, is essentially income, and "should" be reported as your property is operating as a business. Your state may also require you to register for, collect and pay Use Tax.

I look forward to hearing about your adventure. It can be a lot of work, but it is also rewarding and has many benefits.

@Chris Winterhalter

Let's hope so. Someone with that kind of money, is about the only hope that Detroit has from ever recovering. In addition to his money, he's going to need the world's largest bulldozer, and someone at the EPA in his back pocket.

I want to purchase an entire (small) town. A town that has been vacated and long forgotten. Maybe one or two blocks, with it's storefronts boarded up on main street. The goal would be to rebuild the town, and develop it and the surrounding area, as a tourist destination.

I keep multiple lockboxes on the properties, with different codes. This way, if and when guests lose keys or lock them in the house, we have backup keys available. I manage the properties from 4 hours away, but have built a solid team to help with maintenance issues while I am remote. My advice, keep it simple. Your cleaners can adjust the temps for you, and can always reset lockbox codes. Besides, thermostats like Nest have been known to hiccup when software updates are pushed. I've also removed all of the fancy faucets, window treatments, etc. I thought it was a great idea to have these luxuries, but quickly found that items with more moving parts, are more prone to break and require replacing.

I can't offer any advice on location, but I can offer advice on what to expect from short-term tenants. Personally, I prefer them. They pay in advance, and leave after a short period of time. I require a sizable security deposit, and have been fortunate enough to have never kept one in 8 years. Screen your guests well, via phone and email. Make sure that you're not talking to some 21 year old kid that is bringing a group of friends to party. I only rent to those over 25. Also, I always check Facebook for the name on the inquiry, and can easily spot a recent college grad, with a drink in her hand, in every other photo. Most people will respect your property, but there is always the chance that they won't.

Just curious. How much is the mortgage for? If it's under 50k, and you've got at least 100k in your 401k, just borrow the money from yourself and pay the mortgage off. At least now, you're the bank, and the tenants are paying you the interest. Chalk it up as a hard lesson learned and move on. We've all made bad decisions at some point.