Short Term Rental Advice (VRBO, AirBnB)

[Acard7]

The wife and I are counting the days. We could afford a lake house now but I want to make room for errors so we are going to pay off her car first. Our target is Lake of The Ozarks, popular to some, and some not so much. But it’s a goldmine when it comes to STR opportunity. We are wanting to wait to buy until the off-season, around Nov 2022-Feb 2023; but we could possibly buy this Summer (prices would be ridiculous though). I’ve talked to some about STR and I have some books coming to gain knowledge but I figured I would turn to the forum for even more advice.

So, anyone have short term rentals like VRBO/AirBnB?? Gimme your best advice!

 

[CanTex]

I don't VRBO/AirBnB my place but my next door neighbor does, below are a few of his gripes:

1. It is no longer "your" place, you need to remove personal effects between your visits and your guests.
2. The TV remotes will never be where you left them, and you may never find them again
3. Be prepared to have smaller things stolen or broken - ie. your favorite coffee mug, bbq tongs, salt and pepper shakers, kids toys
4. Some lenders / mortgage holders do not allow you to do short term rentals
5. Your neighbors will say they are ok with you having VRBO guests but would much rather you didn't!!!

 

[adrianp89]

In for info. We plan on buying our first STR property end of this year early next year. No attachments so not worried about it being "our" place. It will be a revenue generator first and vacation home second.

 

[OCMD]

Keep in mind the place will no longer be yours. No matter your vetting process, dirtballs will eventually infiltrate and mess up the place, either big time or small time. If you are good with this and have an adequate repair/reserve fund on hand to handle the issues/repairs when they arise, you will be fine. I bought my first beach house when I was 25 and rented it out to “friends” AND RELATIVES the first year of ownership. I swore I would never do that again, with the some of the relatives being the worst offenders. Not all visitors, but many. (And you think you know people. Ha, just rent to them and find out!) It’s just a lack of respect, but I still made money when I unloaded the place, bought a bigger and nicer place, and didn’t care if it sat empty for 5 months. A few years ago, I picked up a nice home near my daughter’s college, as a rental for her to stay in with her friends. I did not worry, as the kid would police her roommates. It worked out well, but I think having a drill sergeant on the premises helped. But I knew, based on experience, it would never be “my” house. 3 years later the kid graduated, the house has almost doubled in value, so I am stuck with it, as if you sell it to try and buy another, you are just going to overpay. So, it is now my house again, and we are upgrading a lot of stuff. Moving forward, a renter will never see it, but I tell you the prices they get during all the race weeks being a mile from the speedway I have a revenue generator if I ever want to turn it into a full time VRBO. I imagine the Ozarks is the same in the summer. Heck one week rental during the Daytona 500 would cover half the mortgage for the year. Bottom line if you are renting it out, that’s great. Make a lot of money but remember, it will no longer be YOUR nice place.

Just don't buy near Wendy and Marty Byrdes place, and avoid the Missouri Bell Casino!

 

[Bluewater272]

Subscribing for info, too. We recently sold our rental property (regular, not short-term), and would like to purchase an STR next time prices are reasonable again. Similar to others, will be a combination vacation spot/rental.

 

[RTCAT72]

My wife and I are attempting to STR are Southwest Michigan vacation home after eight years of ownership. I am new to the STR as my wife is also. We had rental property full-time for about 4 years that was a challenge at times but the majority of times we’re not too bad. There is a security deposit that we have on the Vrbo but I’m not sure if that would cover any major damages? You don’t want to scare off potential renters with your large security deposit. Any other information from a STR homeowner would also be appreciate. We are heading up there to clean out all our personal items and set up the property for a short term rental it’ll be sad to remove all personal items but if it could cover at least the taxes per year and some of the mortgage, possibly pay it off early that would help immensely. Hope all goes well with the STR if anyone is interested from the JB forum I will leave the VRBO listing number here. This property is about 2 1/2 hours from Chicago. Go Jump In The Lake LLC VRBO #2696988.

 

[ACRDSPORT14]

I don't VRBO/AirBnB my place but my next door neighbor does, below are a few of his gripes:

1. It is no longer "your" place, you need to remove personal effects between your visits and your guests.
2. The TV remotes will never be where you left them, and you may never find them again
3. Be prepared to have smaller things stolen or broken - ie. your favorite coffee mug, bbq tongs, salt and pepper shakers, kids toys
4. Some lenders / mortgage holders do not allow you to do short term rentals
5. Your neighbors will say they are ok with you having VRBO guests but would much rather you didn't!!!

I could care less what my neighbor's say, honestly. lol