If you’ve been wanting to invest and make a profit, chances are you’re a bit leery of the stock market… and with good reason. The volatility of today’s market has led many wise investors to put their money elsewhere, and they’re smart to do so.
Vacation properties are a popular investment, but very under- used. Many people who’ve considered buying investment properties are afraid to do so, because they’ve heard horror stories about bad management companies that charge huge fees, damage caused by renters, and other problems, resulting in owners barely breaking even or actually losing money. All these problems can exist, of course, but you can drastically reduce your risk and increase your profits by managing the properties yourself.
The only way to maximize the income from your investment is to rent by owner without property manager’s commissions. Being an owner myself, I have done extensive research on vacation properties throughout the world. I have found that vacation properties are great investments that require minimum initial investment and have very good return on investment. If you own a vacation property and rent it through a management company, then you simply cannot have year to year positive cash flow.
Self-management doesn’t have to be nearly as difficult as you may think. Plus, the money you’ll save on management fees goes straight into your own pocket. There are several simple tips and strategies vacation property owners can use to increase profits and reduce hassle. For instance:
How do you find a reliable cleaning service? Literally right outside your front door! Go to your property on a weekend and go outside, I can guarantee that your neighbors have cleaning services…talk to the cleaning services that you see and ask who they work for. Even if your neighbor uses a management company, generally those individuals would be willing to pick up a side job. Find out who owns the place they are cleaning, and call and get a reference. You can also go to church near your property and speak to the pastor–ask if he knows of any person who may need extra income.
Christine also gives very practical advise on how to furnish your vacation property with things that attract more renters, such as a high chair and porta-crib. These things are very inexpensive to purchase (less than $150 for both), but very valuable to the traveler with small children. Since an estimated +75% of vacation travelers are families, you will want to furnish your property with things that will attract families. Especially when they have small children, families have so much to pack that they are more likely to rent from you if you furnish some of these things in your unit.
About the author
Author Christine Karpinski has owned vacation properties for many years, and has been teaching other owners to do the same for four years. For information on buying, financing, and managing your own vacation property (not time share), attend one of Christine Karpinski’s upcoming seminars, or get her new video seminar or book that teach you all you need to know to make a big profit with vacation properties. Karpinski doesn’t sell real estate, which means no high-pressure sales pitch. See http://www.howtorentbyowner.com, or email Christine at mailto:email@example.com.