At one point in our life we have all reached the point where we say, “I need a vacation!” It has been a challenging time for so many people not being able to travel. I can hear the song playing in my mind, I want to fly away, I just want to get away! I believe the travel industry will surge again. Planes, trains and ships will be taking people to their favorite destinations. People will want to travel and understand how it is important to slow down and enjoy time with friends and family.
Everyone loves taking a vacation and there is nothing like having the conveniences of home when you are on the road. You do not have to pack as many clothes when you have a full size laundry washer and dryer right in your vacation unit. This is so much more convenient then going to the laundry room at the hotel and spending hours of fun watching your clothes so no one else takes your dirty laundry. Also, to have a full size kitchen it is nice to be able to make an occasional quick breakfast, lunch, dinner or even a late night snack. For many families, it is so cost effective rather than always going to a restaurant everyday on their trip.
Years ago, I use to live in Chicago and enjoyed traveling to Florida. We were spending a few weeks each year in Florida and I looked at the numbers we were spending for a basic hotel room. If I had a hotel room with a mini-refrigerator I was so grateful. Over time, I realized the benefit of having short term vacation rentals. As one unit would fill up for the year with rental reservations and then again for the next year, we realized it was time to add another vacation rental unit.
Often guests, would want to come back year after year and even refer your rental to their friends and family. You can meet people from all over the world and help them create memories that will last a lifetime. Vacation rentals can be a fun and profitable business as long as you continue to market your rental units. Good advice I have heard in the past, is to always to exceed your customer’s expectations. This will bring them back year after year.
We had a diversified investment portfolio of regular rental properties. I also look at the numbers to determine what to offer and if a deal would provide the return we were looking for with an investment. In real estate, a concern is always risk vs. the return. Running the numbers, I realized I was getting more rent in a one week 7 day rental from a vacation rental than we would actually receiving for a month of rent if it was a regular rental. I was excited when I realized that the numbers reflected a way to potentially make more money with short term rentals for the year than if we had kept the unit as a regular long term rental.
As you consider various type of investments in real estate, make sure you understand the potential risks with each type of investment. Choose to do what you will enjoy. I really enjoy short term vacation rentals and we were so glad we added these to our investment portfolio. Life is too short to do things each day you don’t really enjoy doing. If you do not like your current situation, give me a call and let’s talk about real estate and my coaching program. Live life in the moment with no regrets! Believe and Achieve! – Joe
ABOUT: Joe Jurek is a Real Estate Investor, Author, Public Speaker and Business Consultant. Joe has worked with hundreds of people throughout the country and provides real estate coaching and business consulting to new and experienced real estate investors alike. Want to learn more about working with Joe? Contact Joe today!
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