1.

The Right Investment Home

The home must have:

• Core elements - good location, sound structure , maximum number of bedrooms and bathrooms, pool, etc.).

• Low enough purchase price to allow for typically needed renovations (see step 2) and to generate a profit. Tip: At a minimum, you will need cash for the deposit on your loan, closing costs, and any renovations/upgrades needed.

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The best tools to use when determining which vacation home will be the best investment for you are pro forma statements. These reports highlight your total investment costs, all projected rental income and expenses, and a forecast of profit. Email us, and we can create them for you.

2.

The Right Home Décor and Amenities

To maximize the rental income, the investment home must be a memorable fusion of modern comfort and fun. Each room and space must be designed to cater to vacationers of all ages through the use of colors, themes, and more. The most popular amenities that inspire the most rentals are themed kids’ bedrooms and movie theatres and game rooms that include 3D design elements and theming that take you to another place.

3.

The Right Property Manager for Good Reviews

Exceptional reviews by vacation home guests are critical for the success of your investment home as they boost rentals. The two main contributing factors of a review of your investment home are: 1- upkeep (including preventive maintenance and cleanliness) and, 2- customer service. And each of these are the responsibility of your property manager, so it’s imperative that your hire the best property manager for doing a great job in these two areas.

4.

The Right Marketing

Maximizing short-term rentals requires big exposure on all of the major vacation rental websites like HomeAway/VRBO and FlipKey/Tripadvisor to name a few.

To achieve this level of exposure, investors have 4 options to choose from to implement the short-term rental marketing of their investment home:

1. Property Manager: ~20-25% of rental income

2. 3rd Party Marketing Firm: ~10-20% of rental income

3. Pro Agent Group: 10% of rental income

4. Self-Market: $0