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  • Cherie Mclaughlin

A Resource Guide for Starting Your Own Vacation Rental Business

If you have some money saved up and are looking for an investment opportunity, a vacation rental business may be a wise move. With online platforms like Airbnb connecting renters and landlords, it's easier than ever to run a rental. However, you will have to put in some effort if you want your business to thrive. Here are some resources to get you started.

Choose Your Property Wisely

Get a marketable piece of real estate using these resources.

● Research the best short-term rental markets, including beachside towns and urban hubs with tourist attractions.

Look for assets that make for a great vacation rental, like a family-friendly layout.

● Enlist the aid of a realtor who knows the local market to find a strong property.

Figure Out the Practicalities of Your Property Purchase

Take care of these administrative steps to simplify property buying.

● Schedule a home inspection to identify any possible flaws that could detract from the property's value, like a cracked foundation.

Use a title search company to make sure there aren't any liens or similar claims on the property before signing on the dotted line.

● Gather the documents you need for a home loan, like your pay stubs and tax returns.

Upgrade Your Property for Your Future Renters

These value-boosting upgrades will make your property more appealing.

● Prioritize renovations that boost value, like a double-sink bathroom.

● Add amenities renters will love, like a high-quality coffee machine.

Invest in landscaping to boost the home's curb appeal and the first impression it gives.

Decide How to Manage Your Property

Your vacation rental business is just that—a business. Here's how to run it wisely.

● Invest in software to help with management tasks like bookkeeping and booking.

● Create professional marketing materials. You can design a logo online quickly to brand all your ads.

Consider whether you want to hire a property management company for day-to-day admin.

A vacation rental requires an upfront investment of time, energy, and—of course—money. However, if you put in some initial effort, you should enjoy a good form of largely passive income going forward. With this resource guide, you're off on the right foot.

Thank you Cherie Mclaughlin from !

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