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She and I chatted at length about our travels in that region, swapping notes about our favorite off-the-beaten-path coves and beaches.It’s the same type of conversation that I’d have with a random traveler at a hostel or a cafe …The greatest adventures of my life usually begin with that phrase.
You can read about them here, here, here, here and here.) As soon as “I wonder if …” popped into my mind, my knee-jerk reaction was to focus on the drawbacks of managing a vacation rental business. This way, I can measure vacancy and turnover across the span of several seasons. I’ll furnish the apartment on a $2,000 budget – paying myself for my labor. ) Here’s what happened next: I’m shocked at how much stuff – lots and lots of stuff – is needed to furnish an apartment.
Yeah, there’s the obvious furniture: And after all of this, after 5 solid days of carefully thinking through every possibility, my first few guests began requesting items that I still hadn’t considered, such as a plunger and toilet brush.
But that said, a business is a business, and it needs to turn a profit. First, let’s set an income goal: Price on a One-Year Lease: $1,100/mo (Less vacancy projection for long-term rental: $100/mo) Benchmark for Comparison: $1,000/month Vacation Rental Additional Expenses: $100/mo utilities (including electricity, gas, cable, internet) $40/mo consumer disposables (refilling the sponges, soap, shampoo, etc.) $160/mo management (8 hrs/month at $20/hr) $250/mo sales and occupancy tax (rough ballpark) Projected minimum revenue needed to break-even: $1,550/mo.
In other words – unless we hit that base rate, it’s more sensible to rent this unit to a long-term tenant on a one-year lease. But as you can see, these are all estimated numbers.
The best way to execute that is to automate, by creating checklists and procedures that I can give to anyone who steps in to fill my shoes while I’m traveling. 🙂 After all this, what lessons or conclusions have I learned?
When I create an FAQ page, I’m automatically giving my guests one fewer reason to call me. Like seriously, when/why/how did we as a society get to the point in which we need so much CRAP to maintain our existence?
But can we just take a moment to reflect on the sheer volume of possessions that we need in order to have a functioning home? It’s not something you think about, until you have to buy all of this junk at the same time.
It’s kinda astounding, when you step back and think about it. Running a vacation rental business is different than simply offering a rental property.
I had long suspected this to be true, but the experience of going through the motions really brought that lesson home.
When you invest in rental properties, you’re offering a commodity.