Lately I’ve been meeting more and more investors who are drawn to the lucrative vacation rental market here in Central Florida. It’s no secret that tourists flock to this area almost year round with an insatiable desire for nice vacation accommodations.
As a member of CFRI (Central Florida Realty Investors), I participated in a class to learn more about vacation rentals. I learned that condos, townhouses or single family homes can certainly provide nice, steady cash flow.
Just for kicks, I input some basic data about my personal home in Altamonte Springs on the website for AirBnB. I was pleasantly surprised that they estimated that I could earn over $33,000 a year AT 50% OCCUPANCY! Whoah! That makes me want to find a second investment property ASAP!
The money is very tempting! I met a single man who rents out his personal home, even though he has no secondary residence! He’ll sleep in his car if he has to! I wouldn’t advise that, but even if you have just one more property, you could make this work well for you.
I met a man who does just that as his sole source of income. He lives in one house and rents out the other. He manages all the bookings, cleans in between guests, handles any repairs, advertising, etc. Not a bad way to make a living!
You wouldn’t necessarily have to do it all yourself, like that man. You could hire property management or other professionals to handle the details. There are many websites to promote your property and handle bookings. The most well known ones that I know of are AirBnB (I used them to book a flat in Paris for my honeymoon!) and VRBO.com.
I personally would like to invest in something like this here in Florida and then also have a property in the mountains of Colorado somewhere. That would be the best of both worlds!
If you’d like to know more, please contact me for a pleasant, no obligation meeting to discuss your investment goals! You can reach me on my cell any time: 407-236-6559.