So, I’ve been asked quite a few times about purchasing a property with the intent to rent it out for short term rentals. The question has come from both people wanting to purchase a property for extra income and people wanting a slice of paradise that pays for itself instead of bearing the weight of two mortgages.

With this in mind, I have decided to compile a few posts dishing out all the knowledge we have gained on the subject over the past six years. I wish I could do it in one, but that would be a novel. For this post, I’ll start with the basics to help get you started on your property hunt.

1. The vacation rental market is just like any other market, location, location, location! For this one, you need to answer this question first, “What is the main attraction in the area you are thinking of purchasing a property?” . Is it the city? The Beach? The mountains? Skiing? Finding themselves in lotus position during a silent retreat into the woods? Or the location could become the property itself. Can you create an exclusive getaway that is unlike any other? Private, off the grid? Use this to your advantage, location can mean a variety of things.
2. One bedrooms will rent first. At least in the area we have owned property. More specifically, one bedroom with bunks, because then you attract single travelers, couples, and couples with children. Clearly you can do this with two bedrooms (we now have a two bedroom) but a lot of people have the mind set that downsizing to a one bedroom equals paying less for their place to stay.
3. Find a place that is unique or dressed to impress! Seriously. There are entirely too many options for people to choose from these days. The market is competitive, “good enough” is no longer an option (unless you want to have the cheapest rental on the block). If you can’t be in the best location, you need to find a place that can offer a unique and fun experience for your guests. Even if you are in the best location. One of the most popular places on airbnb is a tree house located in someone’s backyard in Atlanta. The place is booked over a year in advance, solid. In other words, this tree house is so impressive, people are willing to brave the bugs and heat of hotlanta to even stay there during the summer….so be creative.

These are just a few of the stepping stones that can get your creativity turning, or to have in mind as you excitedly dream big while pricing out places on Zillow, Trulia, or Realtor.com. For the next post, I’ll dive more into numbers so you can get a realistic idea of what the expeneses are of owning a second property. To check out our property, follow us in insta @thepartinplace or visit it on airbnb by clicking the image below.