March 6th, 2010 → 2:29 pm @ mmatchev
Find the Right Vacation Property
Let’s start by eliminating the “don’t wanters,” those aspects of a vacation property that you don’t want, under any circumstances. First, you do not want to purchase a home where there are laws or restrictions prohibiting short-term or transient rentals. Check the local laws and neighborhood or complex rules. Condominium complexes are notorious for having exclusive in-house rental management companies which would prohibit you from renting by owner — if your objective is to cash flow on your property, I would stay away from these types of properties. Some municipalities have very strict guidelines as to when you can and cannot rent, some do not allow rentals at all. Properties on government owned land, such as Army Corp of Engineers, or state and nationally protected lands often carry very strict rules also. This is where a licensed local real estate agent would most likely be a valuable source for information.
