This book is designed for prospective investors looking to buy a house for the purpose of running a vacation rental business, also known as a short term rental business (STR). This may be done to cover the expenses of a second home, earn cash, or both. Most of the existing resources available go into great detail about setting up your vacation rental business, and there is an entire existing body of knowledge related to buying a traditional investment property, but very little has been written on how to buy an investment property for the purposes of running it as a vacation rental business.
Perhaps this is because many people short term rent a home they already own; whether originally bought as a personal vacation home, a primary residence, or left to the owner through some other means, like a relocation, will, or divorce. While these individuals may find this book useful in making their space a unique welcoming and user-friendly vacation rental, effectively advertising it, or determining the strategies and margins required in order to make it profitable, this book is not aimed directly at these individuals, although they may find many of the strategies still apply to them.
This book is primarily written for investors still deciding
(a) what and where their asset will be
(b) how to make it their own
(c) how much they can pay for it, and
(d) how much guests will pay for the privilege of renting with them.
Many people rent out a house they already own… and yes, they have some of the hard work already done, but those individuals are at a disadvantage because they did not purchase with a singular goal in mind: buying a profitable asset for the specific purpose of operating a vacation rental. Working with that goal in mind is the only way to maximize your business’s success and profitability from the first month.