FLU strikes out again in CarmelV.

[bearishgurl]

Back to flu’s lamenting that he is being priced out of “upgrading.”

flu, since you already live in CV and thus have access to the schools, what is it that you are seeking to “upgrade?” Don’t all the properties in CV feed into the same HS? I mean, I don’t know … but has your family-size grown to where your house is too small?

I guess I’m just wondering why you would bother trying to “upgrade” in an area where ALL the houses are pretty nice. It’s not like you have neighbors who park their vehicles on the front lawn.

Short of going into a $1.5M+ subdivision, how much better of a property are you really going to get by “upgrading?”

I could understand your wanting to move to the beach but you just want to stay put. So what is wrong with your current home (which you’ve refied more times than I can count)?

[bearishgurl]

[quote=SD Realtor]Nope u just need to know where to look and yes in 2009 there was instant information.[/quote]

That’s good to know if I ever am really in a position to need this info, SDR. But the human trustee reps helped us/me when we needed info … several times.

[Coronita]

[quote=bearishgurl]Back to flu’s lamenting that he is being priced out of “upgrading.”

flu, since you already live in CV and thus have access to the schools, what is it that you are seeking to “upgrade?” Don’t all the properties in CV feed into the same HS? I mean, I don’t know … but has your family-size grown to where your house is too small?

I guess I’m just wondering why you would bother trying to “upgrade” in an area where ALL the houses are pretty nice. It’s not like you have neighbors who park their vehicles on the front lawn.

Short of going into a $1.5M+ subdivision, how much better of a property are you really going to get by “upgrading?”

I could understand your wanting to move to the beach but you just want to stay put. So what is wrong with your current home (which you’ve refied more times than I can count)?[/quote]

I have my reasons. (My polite way of saying, none of people’s business :))

[paramount]

Investors fuel Southland housing gains as foreclosures plummet – NOT employment gains

http://www.latimes.com/business/money/la-fi-mo-southland-housing-20130213,0,5286697.story?track=rss

[FlyerInHi]

[quote=earlyretirement]Oh yeah BG… I know my situation is MUCH different. No, not all my rentals are short-term rentals. A few are on 2 year leases.

Absolutely I know and understand that flu and spdrun are NOT looking for that type of set up. I understand what the typical investor is looking for here locally.

As far as good rentals, I was speaking more about demand and occupancy rates and people that are paying cash. If you’re trying to argue that short-term rentals wouldn’t work here I can tell you they already are working. I spoke to a few people that rent their furnished high end properties out here in Santaluz by the night/week/month.

Same thing in Carmel Valley. In fact, while we were waiting to move into our house we rented a townhome in Carmel Valley off of VRBO.com. Check out VRBO.com, Homeaway.com, etc. There is actually quite a bit of demand for luxury rental properties here in the SD area as you probably know with tourism the way it is.

http://www.vrbo.com/search/usa/california/san-diego-county?q=San+Diego San Diego has over 3,400 there listed and I’ve been watching the occupancy rate on several high end ones and some are rented all the time! Wise owners won’t rent by the month and just try to churn weekly/nightly rentals.

HomeAway (they actually own VRBO) has over 3,500 rentals. Granted many of the rentals on VRBO are probably listed here as well.

http://www.homeaway.com/search/keywords:San+Diego+County%2C+California

But you simply can’t dismiss short-term vacation rentals vs. traditional rentals. If you know what you’re doing..there is a gold mine in it. It’s a LOT of work however.

“Charming” (i.e. rather dumpy) places are going for as much as $3,750 per WEEK in Del Mar. – http://www.vrbo.com/4851

Here in Santaluz there are even people renting out their places and from what I inquired with the HOA board before I bought my house, they will allow short-term rentals 7 days or longer. And heck, Santaluz has some of the strictest HOA rules in all of San Diego. And they allow it.

http://www.vrbo.com/426430 Just one example of many (this one happens to be in Santaluz). $13,500 per WEEK. $16,600 per month. Check out their rental calendar.

But even if they didn’t. There would be no way to really “police” this because it’s such a huge development over 3,800 acres. And you can call in your guests ahead of time with the security guards and they wouldn’t know they were renting them. You can give guest passes that are good for a # of days so even here it is easily possible to do it. Same as several other gated communities in Rancho Santa Fe and this general area.

Many affluent people own second homes here as you know. Some of them are renting them out during Del Mar Racetrack season. One of my friends rents out his place in La Jolla in a gated community for $15,000+ a month during that time of year. (He rents it two months out of the year). That’s the only time he rents it out and he flies in from Texas to use it throughout the year. He paid cash for his place back in 2010.

I guess my point was that people paying cash and buying in affluent areas in good school districts I don’t see too much risk long-term. However, if prices keep going up the pace they are going I would change my opinion on that.

As far as that area of that $125k place I have no clue at all how nice it is. I was only assuming (and it sounds like wrongly) that it was a bit rough if that place was going for $125k. That sounds like a total steal![/quote]

ER, I own property in a tourrist destination and want to rent it out on VRBO or something like that.

A friend’s friend is doing that in Florida and is apparently successful. His customers are repeat snowbirds who come vacation in Florida every year.

Thanks for bring it up. Sounds like a good opportunity.

[earlyretirement]

[quote=FlyerInHi]

ER, I own property in a tourrist destination and want to rent it out on VRBO or something like that.

A friend’s friend is doing that in Florida and is apparently successful. His customers are repeat snowbirds who come vacation in Florida every year.

Thanks for bring it up. Sounds like a good opportunity.[/quote]

Hi FlyerinHi.

You are certainly welcome. I realize that the vast majority of property owners don’t want to hassle with short-term rentals vs. a traditional rental but if done properly, the ROI is MUCH MUCH greater than a traditional renter. Plus if you structure it properly you don’t have to really worry about problem tenants as most of them are in for one week or less on average.

You CAN get corporate executives that do rent longer term but this is also a GREAT type of clientele because you will find they are mostly in the apartment to sleep and shower and that is it. I have some properties that I own that I rent out to corporate executives or corporations and the places look brand new even after several years of rentals.

I found that most of these types are in their office all day. They typically work late and come home to sleep and shower and around on the weekends but that’s it.

And tourists as well are mostly out all day.

If you do it, I’d recommend a few things that have really helped.

-Have a formal contract that covers all the bases including releasing you from ALL liability in the event of ANY accident in the property.

– Clear policy that the tenant will pay for any damages in the property. And best to get them to agree to leave a credit card form signed that clearly states they will pay for any damages.

– Have a detailed inventory that lists all the contents of the property and have a client sign it at the check-in. Make it mandatory that they let you know within 24 hours if something is missing. Part of having a great property manager is making sure that whatever is listed is there at the check-in and also there at the check-out. Make sure that the inventory has a replacement value of each item so that both sides are clear on what price will be charged in the event something is damaged or missing (and make sure the price is fair and reasonable).

– Make sure the photos are representative of the property and “what you see is what you get. I’d even recommend getting to-scale floor plans of the property so they can get a visual sense of what the property is like. It goes a LONG way and separates yourself from the competition. (But I DO recommend to get professional photographs taken by a photographer that specializes in real estate or properties. Best investment you can make).

– Detail on your VRBO listing exactly what is included or the main features of each room in the property and also the amenities in the building (if it’s a condo).

– Make a VERY detailed welcome guide that explains everything in detail. Make it idiot proof so that a kid could understand it. It will save a LOT of hassles. Explain things like where the fuse box is, what the internet network name and password, how to reset the code on the safe, any instructions for getting into the building, using the pool, gym, etc.

Also, basic things like including the address, phone number to the property, maps, how to use each electronic in the property (stove, microwave oven, telephone, AC/heat, etc. The more detailed the better. Even things like having a channel guide with the channels and the stations in each bedroom goes a long way. (And it’s a GREAT idea to email them the PDF welcome guide before they arrive and also have a bounded copy in the property). Think of every small detail and how you can improve their experience/stay with you in your property.

– The higher end the property and the nicer it’s furnished the more you can obviously charge and typically higher end properties attract people that will take better care of it.

– It might cost more with a property manager but have them do a formal check-in and also a formal check-out so you can meet the people and also be there at the check-out. It’s also a good idea to have them fill out a guest survey so you can see what they really liked or what they didn’t like. If there was any problems, FIX it ASAP so the next guest doesn’t experience any problems. Be proactive.

– Make sure you are clear on the front end what is NOT allowed. i.e. NO smoking in the property, loud parties, music, maximum occupancy, etc. The more clear you are on the front end the better things will be.

– It’s a good idea to include a programmable safe in each bedroom if possible. They aren’t expensive and people really appreciate them if they are on vacation.

– Have very clear terms of the cancellation policy and have them sign and agree to it when they are making their deposit.

– Take advantage of ALL the possible places to advertise. You will typically find that the ones that you pay for yield better results. But you can list free on several sites. Check out ALL the possibilities including:

– Craigslist in your City
– VRBO.com
– Homeaway.com
– Flipkey.com
– Airbnb.com
– HomeExchange.com (you can do home exchanges but also advertise as a rental as well).

If you are in a very desirable destination you can do VERY well. One thing you will quickly see if your place is high end, furnished nice and in the best location is there will ALWAYS be wealthy/affluent people that are willing to rent a high end place vs. an expensive and small hotel room.

I own several properties in different countries and been renting them out for over a decade now and my ROI has been incredible.

The higher end you go typically the better. For example, I put in $1,600 dollar mattresses in each bedroom, use high end sheets and towels, expensive furniture, fully furnished in the kitchen with just about everything you can think of. The key is to think of everything you would use in your home and include it and more in the rental property.

Don’t cheap out. For example, if you have a large property and you have wi-fi. Make sure you have a very good package that is fast. And if the signal is weak in one part of the house, don’t hesitate to put in multiple routers so the connection is very fast everywhere. Remember to think of every detail like this.

I go with the latest technology in the property with high end TVs in each bedroom. DVD players, Apple TV, ipad/iphone alarm clock radios in each room, laptop, and in a few properties even include iPads. Remember your security deposit covers you in the event they break something. I’ve dealt with tremendous numbers of clients over the years and I’ve never had any problems except for minor type stuff and they have always paid for what they broke.

It’s also helpful to include a cellphone or at least a SIM card with a local #. Almost every city (even cities outside of the USA have pay as you go SIM cards) so you can include a local cellphone number which many people appreciate, especially when they are traveling abroad. Also, you can include a VoIP phone so they can call pretty much any landline phone across the USA, Canada, Europe all for free.

If you think outside of the box a bit and offer incredible properties and service you can make a small fortune doing these types of rentals. Part of the key is not only to be in a desirable city but also the most desirable neighborhoods of these cities where people want to hang out.

A good rule of thumb is just look where some of the highest end 5 star hotels are and try to buy within a few blocks radius. That’s typically a recipe for success if you set the property up right.

You will find the most successful short-term rental owners are the ones that don’t view other rentals as their competition but look more at the 5 star hotels as their competition. If you can tap into some of the 5 star hotel clientele there is a lot of money to be made. When I look for clients to stay in my higher end properties I’m NOT looking for John Doe cheapo tenant that might not take good care of my property.

I’m looking for the guy that would typically stay in a nice hotel but the hotel can’t offer what I can offer at that price and size. The average hotel room is less than 350 sq. feet so play on that advantage. The typical 5 star hotel tries to nickel and dime you for everything. Make a local call? $1 a minute. Take out a bottled water? $5. Internet? $25 a night. Use these things to your advantage.

The key is to think of it as a VERY organized business and have excellent property managers and take super good care of the clients. NOT everyone has the patience, mindset and ability to do this. But if you do it right you will typically have repeat clients and they will stay with you each year they come back.

I have some clients that have rented with me for 10 years in a row and several of them stay with me several times a year. You can bet when their friends or family come, they also stay with me.

Owners that are able to do these things above is what separates the successful from the VERY successful property owners.

Good luck.

[sdduuuude]

Short-term rentals make the revenue and return on investment look pretty good, until you put a dollar value on your time. I know people who have one house on VRBO and it takes alot of their time. You never get a vacation from it.

[earlyretirement]

[quote=sdduuuude]Short-term rentals make the revenue and return on investment look pretty good, until you put a dollar value on your time. I know people who have one house on VRBO and it takes alot of their time. You never get a vacation from it.[/quote]

Absolutely! You really have to put a value on your time. You will spend oodles and oodles of time on it. Especially if you do it right. Not to mention, you can spend a LOT of money marketing the property. I spend over $2,000 a year on each property advertising and marketing them. It’s not cheap.

Especially if you answer your own potential bookings. I do it all myself on ALL my properties and it’s a LOT of work. You can spend a lot of time. Emails, phone calls, etc. Of course it helps to put as much information possible on your listing so it will answer many of the same questions.

After a while you get it down to a science. I do agree it’s not for a lot of people but I know several people that make significant amounts of money doing it.

And of course it just depends on the actual property and the area and how desirable it is. I had a property a few years ago that I was getting $8,000 a week during the high season. Now THAT was a GREAT investment property.

[FlyerInHi]

Hi Early,

Thanks for the detailed answer.

Yes, I understand it will take a lot of time. I’m no couch potato and I like running around to get things done. In fact, I just remodeled the kitchen in a rental (I did hire someone for the granite counters though). I find there is satisfaction to building things with my hands. I’m about to do the bathroom and all the wood floors so the place has a unified look, in the style of a W hotel suite.

My friend owns a 4-plex in Fl near the beach and he has tremendous return. Nothing luxurious, just plain but in a good location.

Taking your advice, I’ll give the VRBO style rental a whirl and see how it goes. I’m about to close on a “luxury” condo so I’ll add it also.

We pilots, in the airline industry have “crashpads” that we share in base cities. The owners make tremendous ROI. Some crashpads are very nice with only a few people sharing. Other crashpads are filthy and disgusting. But the returns for property owners are great.

I’m pretty detail oriented so it will be a challenge rather than a chore for me.

Also, what style of decoration goes best with most renters? I want to do it so that most renters would agree that it’s nice. I like your suggestion of the “luxury” feel.

Thanks again.

[earlyretirement]

[quote=FlyerInHi]Hi Early,

Thanks for the detailed answer.

Yes, I understand it will take a lot of time. I’m no couch potato and I like running around to get things done. In fact, I just remodeled the kitchen in a rental (I did hire someone for the granite counters though). I find there is satisfaction to building things with my hands. I’m about to do the bathroom and all the wood floors so the place has a unified look, in the style of a W hotel suite.

My friend owns a 4-plex in Fl near the beach and he has tremendous return. Nothing luxurious, just plain but in a good location.

Taking your advice, I’ll give the VRBO style rental a whirl and see how it goes. I’m about to close on a “luxury” condo so I’ll add it also.

We pilots, in the airline industry have “crashpads” that we share in base cities. The owners make tremendous ROI. Some crashpads are very nice with only a few people sharing. Other crashpads are filthy and disgusting. But the returns for property owners are great.

I’m pretty detail oriented so it will be a challenge rather than a chore for me.

Also, what style of decoration goes best with most renters? I want to do it so that most renters would agree that it’s nice. I like your suggestion of the “luxury” feel.

Thanks again.[/quote]

You are certainly welcome FlyerinHi.

I’m not saying you have to answer them yourself but generally speaking you can cut down on a LOT of time if you make customized templates on your Outlook program. So for every response, you automatically click a button and it responds. You just need to customize their name, the # of nights, price, deposit amount but everything else will be filled out. It literally takes me about 10 seconds to respond just filling in those template items.

Also, you can make a template responding if you’re already booked. Template for confirmed confirmation once they send the deposit, etc. You will just find things that cut WAY down on the time it takes you. Like I said, you almost become an expert after a while. You find little tricks that work.

Remodeling is a good idea. I almost always do a renovation and upgrade it. Something that works for me is trying to get something in the best locations yet get properties that might need a lot of work. If the floor plan works for a rental then I’m willing to gut it completely and spend money. You can always change the property but you can never change location.

The W style modern place is what I find is the most popular bookings. People tend to book renovated modern properties that are furnished well. You can go modern but not too modern on the furniture. But people appreciate the latest technology.

Hardwood flooring is GREAT and I think a great investment. Carpet is always a NO NO for a rental. People think they are saving money using carpets but at the high end, imagine if people spill wine and you have to get it replaced. It’s not a question of the rental guest not paying to replace it… but if you have a luxury rental and you kill a day or two not being able to rent it out, that “spill” can cost you hundreds/thousands of dollars in lost income.

People that are paying for a luxury experience won’t put up with a wine stain on the floor. So always have that mindset. Remember a rental night is like life…once it goes by you can NEVER get it back. 🙂

Funny you mention crashpads. I have several pilot friends/clients that own crashpad rentals. Some do VERY well.

What I’d suggest is modern decor, neutral colors. Don’t make the mistake of thinking what YOU like as far as decor works for everyone. The biggest mistake I see owners that also use their properties is decorate/furnish it in a style THEY like. But if it’s a true investment you have to furnish and decorate it in a style/manner that won’t offend the masses.

That means neutral colors, nothing loud, NO religious decorations/photos of any kind. Well decorated and not bare. So if you have a big bookshelf don’t just keep it empty. Fill it in with books or decorations.

For bedrooms I always go with Large King size beds. For single businessmen they like them and for couples they also almost insist on them in a luxury rental. Go with one of the most comfortable on the market. Don’t scrimp on an excellent mattress. It’s the #1 reason why guests tell me they came back. The vast majority of short-term rental owners out there use cheap, uncomfortable mattresses. Not many rental owners are willing to spend $1,500 to $2,000 on a mattress. It’s hard for them to see the bigger picture.

What I like to do is stay a night or two in the poshest 5 star hotels in the town you own in. See what features they have. See what you like and don’t like in those rooms. Also, see what kind of mattress they use there and in many cases, you can even advertise in your VRBO/Homeaway/etc. listing that you have the same mattresses as “X 5 star hotel”. Use what works and avoid what doesn’t when it comes to the 5 star hotel.

Take note of how many sq. feet their luxury suite is and compare it to your property. If you do it right, the hotel won’t really be able to compare to your set up.

Also, definitely try to have a washer/dryer in your place. Even if it’s a small place try to find room for it. It opens up a lot of possible rentals.

You will find the clientele for that kind of property are GREAT as they take excellent care of the place. The more affluent types are typically are older so I avoid the cheap backpacker types that can’t afford my places for the most part and NOT the clientele I’m looking for.

Also, when you stay at that 5 star hotel, chat up the concierge and ask him/her how much corporate travel they have and ask them what are the busiest companies. I’ve never had problems getting the name of companies that have a LOT of corporate travelers in town. If you are nice and tip well the concierge or front desk will typically give you that information.

Then you can send targeted mailings/brochures to the companies in town that constantly have corporate executives in town (obviously this wouldn’t apply if you’re a 100% vacation city) but even those cities typically have conferences, etc.

If you set it up right, the vast majority of people would rather stay in a bigger property that offers so much more. (full size fridge/freezer, local cell phone, unlimited calling locally as well as internationally, free wi-fi internet that is faster than hotel, printer, stove, kitchen, washer/dryer, etc).

And of course companies would like to pay less vs. expensive suites at hotels. You can think outside of the box a bit to make it more of a success. What you will find if you do it right is things can snowball fast. Word gets around, company exec talks to other company execs and you can find your place busy.

Also, for any of you corporate executives out there that travel over and over to the same city and your company picks up the bill, you might even want to think about buying your own place and then staying in your own place.

Many companies don’t care if you stay in a short-term rental vs. a hotel. To them they give you a maximum per diem accommodation credit per night. I’ve helped clients structure this before. Where I’ve helped clients buy a luxury pad and he stays in his own place and charges himself the maximum nightly rate.

NO rules are being broken and it’s allowed. He would have spent the money anyway in an expensive hotel suite that he normally stayed at. (His per diem was like $650/night as he was a C-suite executive). Well, let’s just say his place makes a GREAT return. He almost has the place completely paid off with his own “stays”. Also, the funny thing is he has colleagues that stay in it. He never mentioned that it’s his. All invoices are in the name of an LLC billing him.

Like I said..sometimes it’s great to think outside of the box on these rentals.

[FlyerInHi]

ER, I got my condo and following your advice. It’s keeping me busy.

The condo HOA does not allow short term rentals but I’ll try to work around it.

[earlyretirement]

[quote=FlyerInHi]ER, I got my condo and following your advice. It’s keeping me busy.

The condo HOA does not allow short term rentals but I’ll try to work around it.[/quote]

Oh yeah, that was one thing I was going to strongly advice that you check BEFORE you buy your properties. I always look at the HOA bylaws before buying to see what restrictions are in place.

Even if I’m not buying to do “short term rentals” I always am mindful what it is in case I want to convert it to a short-term rental in the future. Some places (like where I live now) have at least a 1 week minimum.

However, the thing is, unless your guests are being totally loud and not respecting the other neighbors, you typically won’t have any problems. What I’d recommend doing is saying they are “friends or family” when you authorize them to enter. And it’s a good idea under that situation to just be honest with the guests and tell them the building doesn’t like the idea of short-term rentals so tell them it’s best if anyone asks to say they are friends, etc.

Just because a building didn’t restrict the short term rentals before you bought doesn’t mean they could in the future. Rules can always be changed. I’ve bought in buildings that didn’t forbid it until a few years later and I had to deal with it after that. I had to shift from doing shorter term rentals to longer term rentals.

As long as the guests are very respectful, not throwing loud parties, etc. then most likely you won’t have any problems. Also, if you have pain in the ass neighbors that see the listing and want to make trouble they can. So in that case, it’s best not to be too specific in the listing with the actual building/location and just be more general in nature about it. And especially avoid photos of the outside of the building, etc.

What I’ve found is it’s typically just one pain in the ass neighbor that is envious of the money being made. The vast majority of other neighbors don’t mind it at all. I’ve even had to hire lawyers before to continue to be able to do them in some buildings.

If you have a doorman in the building a good tip is to tip! Generally in many of the condos/apartments that I own, I’ve found that the doorman really control everything. You keep them happy and they keep you happy. I typically tell my tenants it’s a good idea to tip the doorman after their stay. And I also do as well as buying them a birthday present and Christmas present. They LOVE the guests because they are always getting tipped so naturally when someone asks them, they tell them that the owner and his guests are VERY respectful people. LOL.

Also, another idea especially if you won’t live there is it’s a good idea to buy your immediate neighbors a nice bottle of wine with an introductory letter introducing yourself and telling them why you chose to buy in that area. You can mention your love of your area and “second home” and also a chance for “extended family and friends” to use it.

Basically it sets an immediate expectation that there will be people using it. I’ve found a letter and wine helps VERY MUCH. You can also tell a bit about yourself and your family. It personalizes you and turns you into a human instead of just Joe Q. Landlord.

In a high-rise building with multiple tenants on the same floor I’ll typically send the letter/gift to everyone on the floor. If it’s an older building with only a few apartments per floor, I’ll send it to everyone in the building.

Also, make sure you check with your city to see if there is any short-term rental taxes or registration that you need to apply for. Some cities like Santa Fe have short-term rental permits that you have to apply for as well as applicable taxes. (Example shown here: http://www.santafenm.gov/index.aspx?NID=1229 ) The wisest thing if you are running this like a serious business is to make sure you are up to date on everything and in compliance with the city.

Just my 2 cents of things that I’ve found REALLY helped over the past decade renting out short-term.

PS – FlyerinHI, something I forgot to mention is I would strongly recommend buying a nice label maker like this one – http://www.amazon.com/Brother-Connectable-Labeling-System-PT2730/dp/B0047T7JMW

They are GREAT if you own a short-term rental property. It’s always a great idea to label everything. You can create sharp and professional looking labels and put them on everything. For example, although you have a detailed welcome guide explaining everything, you can put the network name and password label on top of the wi-fi router.

On ALL the telephones (cellphone, local line, etc) I label and have the phone number on each phone. This makes it VERY easy for people. With all the technology out there I often times have remote controls for the TV, DirecTV, DVD player, Apple TV, etc. I label all of these remote controls and on the back you can put which input to select on the TV so they understand everything quickly.

People wouldn’t think things like this are a big deal but you’d be surprised how much guests appreciate it. It’s things like this that separates a good short-term rental from a GREAT short-term rental.

[cvmom]

ER, you are a pro. I have only ever been on the receiving end of short-term rentals, but I definitely want to stay in one of your properties! Very impressive. I can see why you have been as successful as you have in life, you certainly deserve it.

[earlyretirement]

[quote=cvmom]ER, you are a pro. I have only ever been on the receiving end of short-term rentals, but I definitely want to stay in one of your properties! Very impressive. I can see why you have been as successful as you have in life, you certainly deserve it.[/quote]

Thanks so much for the really nice comments cvmim! I appreciate it.

As others mentioned, it’s a LOT of hard work and really you have to put a value on your time. But if you set it up properly, willing to make the investments and separate your rental property from all the other “junk” out there you should do very well.

My friends always razz me about sharing so much information with potential “competition” but my theory is that the more people that take this seriously, the more interest and market it will create. The short-term vacation rental market has exploded over the past decade and I’m very thrilled to be a part of that explosive growth.

I LOVE seeing other people successful doing the same thing. And the greatest sense of achievement is when guests tell me things like “I’ve never had a better vacation, never stayed in a nicer more organized property, etc”. Also I love, “your apartment looks just like the photos”. If you do it right, you should hear those things all the time.

The thing is it takes time and money to do it properly but absolutely there is a lot of money to be made if you set it up properly from the beginning.

[joec]

I think like many people near the top of their game, ER doesn’t mind sharing the information because at the end of the day, it IS a lot of work and he’s pretty clear about that. Most people won’t have the time, desire, finances, and experience to learn from scratch to get there so even with all the info, a lot of people wouldn’t bother to play/compete for the same properties, etc…This is true I think for many fields and areas of work and career.

Glad you’re sharing so much info and like people described by me above, I’m one who doesn’tt have the capital, time, desire to get in the game. Maybe I’ll just buy some REITs instead. 🙂

Thanks for all the info though!

[Author]

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