Limitless is a bold reminder of how vast life can truly be and an invitation into its expansiveness. With a contagious passion, authenticity, and integrity — Christina inspires and invigorates others to step out and take risks, whether it be personally or professionally, with fluidity and faith in the best outcome. She doesn't sugar coat, and she doesn't settle — and when she's around, neither will you. She coaches, champions, and challenges others so they can experience a limitless life full of abundance and purpose.
Remember my FIRST EVER Vacation Rental – Villa Bella Mermaid?
By keeping a close eye on the Real Estate Market, utilizing Creative Financing, and having faith that things happen for a reason, we are still reaping the benefits of that investment!
Like I mentioned in a previous blog post (Just In the Nick of Time) we used the capital gains from the sale of Villa Bella Mermaid to purchase a property neighboring one of our own that I’d had my eyes on for quite some time – just as our opportunity to use that 1031 Exchange was about to expire!
We did, in fact, have our work cut out for us. We have set a pretty high standard for ourselves on the quality and design elements of our investments, and we weren’t about to lower those now, especially since this is close to our home property and we plan to keep it forever. We decided to remodel almost everything – including tweaking the floor plan here and there – so this was no small task. In fact it ended up being a year-long project due to also splitting our time with our Main St space for MVR Vacation Rentals and installing an elevator in an 1880’s building…but that’s for another post.
We were planning on making this property another Vacation Rental, so it needed to be as visually appealing as it was comfortable and practical for people visiting our area. It’s surrounded by farm fields and has some of the most amazing sunrises and sunsets you can imagine! It’s been a labor of love and definitely a rollercoaster ride.
Once the bones were ready, we got to my favorite part – furnishing and decorating. I’d decided on the name “Sunrise Ridge” and wanted it to be as beautiful as the setting that inspired the name.
We could not be more pleased with the finished product, and are excited to finally be able to share this property with our guests! Make sure to check it on MVR Vacation Rentals, Inc. and book your stay here for your next trip to Wellsboro! You will LOVE IT!!! 🙂
As much as we would like to force things sometimes, the universe has other plans!
As much as we would like to force things sometimes, the universe has other plans!
Back in June I posted “So Long Villa Bella Mermaid” on my blog, about the sale of our very first vacation rental, down in Cape Coral, FL and its sale. I was so bittersweet because we did love that place, but for a variety of reasons we decided to cash in on the CRAZY market and sell it, as a turn-key vacation rental.
That purchase was literally the scariest investment that Jeremy and I had ever made. We were so unknowledgeable, and it was so far away. It was also the first time we had a decent chunk saved up for a 20% down payment!? That in itself was so gratifying because everything we had purchased up until that point had been creatively financed, whether it be using equity in our property or having the seller hold the down payment/mortgage (I teach you how to do this in my book “Vacation Rentals: The Ultimate Guide”). What made it scarier was that we were going to be relying on other people’s advice, management, and our faith that it would all work out. It had a huge mortgage payment, and the taxes were crazy, but we pushed forward and got one heck of an education anyhow!
After COVID as the world started to open back up, the FL real estate prices skyrocketed!!! I reached out to the agent that we had used to purchase the house to see what he thought it would be worth and if it would be worthwhile to sell. Boy, was I surprised when we could list it for over $150,000 more than we had paid for it 3 years prior! I was even more surprised when we got 3 offers on it within 24 hours of listing it…all $30,000-50,000 over asking price!? So that was it, we accepted one and decided to end that Chapter and start a new one.
Our original thought was to do a 1031 exchange and try to buy a chunk of land to hang on to. With a 1031 exchange, all your proceeds from your sale get held by a third-party intermediary until you close on a property, or if one isn’t found, you get your proceeds back but then must pay capital gains tax on the gain from the sale. People do 1031 exchanges because then you can offset your capital gains of that sale and kick the can down the road to another property, sometimes even decades down the road. This is a HUGE opportunity that most people don’t know about and one that I would like to do some trainings on in the future.
With a 1031, you have 45 days from the day of closing to identify a “like-kind” property and then 180 days to close on it. If you haven’t found one within the 45 days, then you pay your small fee for that company to hold your money and then must pay Uncle Sam on the capital gains of the sale.
Our original plan didn’t work out with making an offer on the land that we wanted to purchase, so we decided to just be practical and take the proceeds, pay Uncle Sam, and then with the rest pay some things off – like, maybe fix up our barn and whatever other projects we wanted to start or add to. I called the 1031 company at that point and told her that we wanted to take our money out and not do the 1031 exchange. She explained that legally, we still must leave the money in the account at her company until the 45 days was up, and that they do this in case a property happens to pop up, because once it’s done you cannot do a 1031. So, we did…
Wouldn’t you know it, that just a few short days before the clock ran out, one of our neighboring properties with a house and 10 acres hit the market!?!? I literally sat down at my computer at the office, at the end of an overwhelming day, opened my computer, logged into our MLS system and there it was! I recognized it immediately and literally said out loud – “Oh crap, I think I have to buy a property!” One of my agents was sitting nearby and giggled and probably thought I was a crazy person, haha.
I immediately called the listing agent and before she even said hello, she said “I knew I would be hearing from you!” I was scrambling to get the words out, because I know in this market that places are literally going under contract within minutes of listing. I asked if anyone else had called or made an offer etc. She said that she had just clicked “Submit” to go live minutes before I called and that she had told her Broker that I would probably be calling – No sooner she said that to her Broker, I did!
Jeremy was working in a bad cell area, so I hoped that my call would go through. I called him and said, “I think we have to buy a property and do a 1031 after all!” He laughed at me, laid back as he usually is and said, “Oh boy!” I quickly explained which one and he said, “Do it!” Boy have times changed in our world…I rarely get a NO anymore…with buying property that is 😉
We made the offer, got it together and identified it just in the “Nick of Time” before our 45-day window had ended. We were able to use just enough for the escrow, down payment and closing costs and have the rest sent to us to do with it as we please. We will still have to pay some capital gains, but not nearly as much as we would have if we hadn’t purchased a property directly.
It’s funny how the universe (God or however you identify with it) seems to always be conspiring behind the scenes, when we so badly want to rush and force things. I am a total control freak because of the constant busyness and life’s chaos, but some things must happen on their own – you just must lean in and have faith. I will say it again and again – There is no “right time”, you must set the goal, put in the work and be consistent! There also is no such thing as a get rich quick scheme. It all takes time and if you are like me, you struggle with staying patient, but it is always worth it!
I hope that this inspires you to take chances, invest in real estate and get onto that road of abundance. If you haven’t purchased my course yet, click here to do so! I will personally teach you every step of the way from start to operations. I was scared too with our first one and almost didn’t follow through, but if we hadn’t we wouldn’t be able to make all of those memories with our family, have that additional income, tax write offs, a free place to stay and then eventual proceeds ($$$) from the sale of it to roll into having even more financial freedom and more income.
We have a long road of renovations, planning, furnishing etc, ahead and I want to share the journey of it from start to finish with you all. I will be sharing updated info and incite here on my blog, and on Instagram (@christinavandergrift) and FB (@MsChristinaVanDergrift) with the play by play.
Chris
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No challenge is unbeatable – you just need a fortified plan to get you through!
No challenge is unbeatable – you just need a fortified plan to get you through!
Whether it’s an impending downturn in the Real Estate Market, balancing work and personal life, marketing your business to stand out from the crowd, furnishing Vacation Rentals to meet all guests’ needs, or overcoming challenges in your journey to Live Limitless, I’ve got tips and tricks for you!
My High Performance Coaching is all about creating Focused Goals for yourself, and then creating the steps to make it happen. But do you realize how difficult it can be to break down your goals into something achievable?
When speaking with groups of people, the majority are going to say that they would like to create more wealth, abundance, and ease in their lives. But what does that really mean? How much wealth do you want to create? How do you want to create that wealth? What in your daily life that is causing you stress or getting in the way can you eliminate or make less of an inconvenience? How do you pivot, when it doesn’t go as planned?
This is why you need a coach to help you create your own individual plan, what steps that you should take first and I can help you to break down your goals into smaller, achievable steps – a coach also helps you create timelines, offers accountability and calls you out when you make excuses.
Interested in Living Limitless? Make sure to check out my coaching offerings where we can work through your goals together here.
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It’s almost as if it was all on purpose when in reality it’s dreaming big, writing it down, taking chances, facing your fears, educating yourself, leaning in and not listening to the naysayers that have NOT been there themselves.
It’s almost as if it was all on purpose when in reality it’s dreaming big, writing it down, taking chances, facing your fears, educating yourself, leaning in and not listening to the naysayers that have NOT been there themselves.
My favorite part of business ventures is the marketing – designing promotional materials, branding and decorating office spaces, whatever can get my creative juices flowing!
The Black Swan was an old cafe in Mansfield, just 15 minutes from our hometown. It was in pretty rough shape – but we were up for the challenge to update the building and bring it back to life!
At the beginning of this project, we were remodeling and then leasing the space to a clothing boutique. We wanted to make sure the building could be versatile but still have it’s own beauty. With our Vacation Rentals, this part of the process takes much longer with furnishing and decoration decisions to be made as well, but here we were simply creating a sleek, beautiful space that would meet our tenant’s needs.
Our tenant did so well that they decided to buy a larger space of their own so we were back to square one with the Mansfield building. I knew in my gut that the right thing would work out and listed it as we approached her moving date.
Right around this time I was approached by a local Settlement Company looking to be acquired. It was a tempting opportunity either way, but the timing could not have been better! Our first tenant would be moving out right around the time the deal would be closing, and this was a potential new market for us to grow into. We already own Six West Settlements in Wellsboro (which was another dream of mine that I had created in 2017) and didn’t want to have the new company continue to be direct competition, as it had already been.
We decided immediately upon hearing about the offer that it would be a perfect fit for our Mansfield building! We decided to go for a new look and new location, but the same company name. I was excited to utilize this space in the re-branding of the company, as well as furnish and decorate our new office (and so were the boys)!
Serve-U Settlement is officially open for business at 13 W. Wellsboro St. Mansfield, PA and we could not be more excited! The finished result is always worth it when we’ve put our blood, sweat, and tears so fully into the projects.
And guess what – we’re not done! I’ve already given some sneak peeks of our Main St. Wellsboro Remodel for MVR Vacation Rentals, Inc, and there’s more on the way!
If you love the remodeling process as much as I do, make sure to subscribe to my newsletter and below to my blog to get the updates on our renovations first!!
Living a Limitless Life and being authentic to yourself is not an option; it’s an obligation – and as a High Performance Coach, I am here to give you the support (and sometimes the kick in the butt) you need to make it happen.
As you may know, I am a Serial Entrepreneur. Once or twice a year, I sit down with each of my agents and employees and make sure to talk about any concerns either side may have but mostly we talk about the future. We make goals of course for the work we are doing together, but also for the individual. If my team isn’t feeling accomplished and like they are getting the most out of their lives and their jobs, how can we continue to do more and better together, right?
So throughout this process, I didn’t realize that I was coaching people. But I had been – and leading a team! I realized that was the most gratifying thing that I do, and I wanted to do it on a much bigger level.
I decided to take a course with Brendon Burchard, author of High Performance Habits, and explore this type of coaching. I am now officially certified as a High Performance Coach and am adding my own style to it!
The process is pretty simple, but the importance of a coach and someone to help you set your goals and find attainable steps to achieving them as well as hold you accountable for doing so is priceless.
I have always believed that we are our own limits, so why not Live Limitless instead? I am on a mission to inspire and excite you to live an abundant and free life, packed with passion and purpose. Join me on this amazing journey!
With One-On-One or Group Coaching options, there are endless possibilities on how you can start your journey to Living Limitless! Apply now to get started!
Variety in your investment portfolio is a must! But how do you decide what that variety should be?
Variety in your investment portfolio is a must! But how do you decide what that variety should be?
There is such a difference in income with traditional rentals compared to vacation rentals. I’ll use one of our current Vacation Rentals, Cabin on the Flats, as an example. If I was to rent this out as a traditional rental, I could probably get around a thousand dollars a month for it. It’s not very big; it’s about 1200 square feet, three-bedroom, two-bath.
So using round numbers, we’ll stick with a thousand bucks a month. So that’s twelve thousand dollars a year gross rent, that’s before any taxes, any insurance, any mortgage or anything. Or any maintenance or God forbid something breaks in it throughout the year.
$12,000 a year whittled down after all of that potentially might not leave us with very much. If this is your first time investing, traditional rentals might be your route, just like it was my route, and you get your foot in the door, and you can eventually upsize, modify and change your portfolio, and that’s great.
But for us, this very same property, same 1200 square feet, same utility costs potentially and same maintenance and all the same expenses, taxes, insurance and mortgage as a vacation rental, we could make five thousand dollars a month, which is sixty thousand dollars a year, which leaves a lot more additional income left over at the end of the year.
So for us, this is an eye-opening opportunity of traditional rentals compared to vacation rentals. Every market and every area is going to be different, and depending on how seasonal it is or how expensive it is to get into that vacation rental property market, that all changes and varies, but it can be life-changing money. Then you have great success. There’s always the possibility to add another one or two, or who knows. Or you can upsize them and have a nicer one, somewhere where you want to vacation to.
It’s okay to start small, you could be that same person like I was when I was 22 and buy the cheap house that needs some work, and then gradually you can upsize it, or you can sell it even. The safe thing about real estate is generally as long as you don’t get in over your head from the get-go, you do build equity and God willing, it’ll appreciate and, depending on the market, maybe more than you expect.
With vacation rentals, literally, it could be something as small as an extra bedroom that you have, that could be you starting small to build revenue and equity, and then take that additional income and maybe then buy a property that you can convert into either a traditional rental or a vacation rental.
Ultimately, there is no wrong answer. It all depends on your tolerance for risk and the specifics on whatever property you are looking at. But if you want to Live Limitless, Real Estate Investing in both of these directions is your key to abundance and wealth.
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It is important to check in with your vacation rentals from time to time to see what does need some attention. I know you will lose revenue from a few nights here and there, but like the gutters above it is better than waiting till there is a BIG problem or a bad review.
Autumn Is Here – Time to Check in on those Safety Items & Prep for Winter!
It’s that that time of the year again already. It is one of my favorite seasons, especially at the Sky-High Chalet! The views of the leaves changing for many miles, the crisp evenings and the warm days. We may even have a night here or there to go and use ourselves. It is a great time of the year at all of our vacation rentals for different reasons, but I talk about the Chalet a lot because it is the closest to our home.
This week, we started our fall cleanup outside, with trimming the shrubs and perennials back and raking any leaves or debris from the yard. It is also a great time of the year to clean your gutters! I know it’s a pain, but well worth taking the time to do it rather than having ice dam up and leak into your home this winter.
The summer is the busy season here, so we also have been going through and swapping out any worn items, like throw blankets, pillows, bedding, towels etc, for new fresh ones. We are making plans with our housekeepers about scheduling time for a deep clean and also to replace any worn carpets and touch minor dings up around the place.
It is important to check in with your vacation rentals from time to time to see what does need some attention. I know you will lose revenue from a few nights here and there, but like the gutters above it is better than waiting till there is a BIG problem or a bad review. There will be wear and tear in your properties, even if you ask folks to take their shoes off inside, so annually I would recommend doing the little fixes.
In Florida the off season was summer, so that would be when we would drain the pool and do a good once over, along with any repairs to hot tub, docks, AC maintenance and of course any interior things that needed attention.
The biggest things that we are checking on this time of the year for our Northern Properties are:
Heating system servicing
Fill and propane/oil tanks
Chimneys cleaned
Check smoke detectors and replace batteries
Service or replace fire extinguishers
Double check on plowing/snow removal plans
Clean gutters/flower beds
Put away patio furniture or cover if not using during winter months
Cover or put away BBQ grills if not using during winter months
Do a deep clean of interior
Replace any damaged or broken items (for example, all of my wine glasses at one of my rentals are mix matched now, so I am replacing with a new set)
You also want to check in from time to time to your Welcome Book, so that you don’t run out of space in it for guests to share their experiences in it
Make sure paths to enter properties are well lit
All of these things are essential to keep your vacation rental running at top notch. The goal always is to offer a product in excellence, so that you get great reviews, make more money and keep them coming back!
Doesn’t that always seem to be the truth with all things in life? Whether it be your first home, kid, heartbreak, business, investment property…the list goes on and on. Why is that?
Doesn’t that always seem to be the truth with all things in life? Whether it be your first home, kid, heartbreak, business, investment property…the list goes on and on. Why is that?
“The first step is always the hardest” (proverb) says that beginning a project is the hardest part; it gets easier once you have already started.
From my experience it is because you have to invent the wheel, work the kinks out as you go, try to stay motivated, and face a LOT of unknowns, all while not knowing if you will have to go it alone, or if you will have help along the way. It can feel like stepping off of a cliff and having faith that there is ground underneath that next step.
I feel like I talk a lot fear in my writing and day to day, but that is because there always will be those fears and doubts. I face them every single day! It is then up to me to decide if I take that next step anyway, sink or swim…
When I decided that we should move forward and purchase our first rental, I was BEYOND scared. First of all, I had to talk Jeremy into it. He was totally against it at first and didn’t want to have to deal with the possible headaches, expense and “aggravation” since we were already both busy with our careers already, an 8-year-old (my stepson Luke) and a 6-month-old (Jaxon) at that point in 2012. We already had my previous home rented out and that was enough for him.
At this point I was a realtor and considered an Independent Contractor, so basically my income was commission-only. For those that are not familiar with how that works, when we sell a house we get our portion of the commission, and no taxes are taken out. We get our check and then we are supposed to be smart and set aside some for taxes and live off of the rest. That sounds great, but that also means that you do not have the opportunity for a 401(k) or a typical retirement plan for when you get older and want to collect and not work quite so hard. Since I had no future retirement fund or actual goal, my goal was use equity in any investment properties to upsize and eventually sell them someday to put money into the bank, or build a new house or whatever.
For those of you who know me or my stories, you know that I don’t take NO for an answer and that I am not afraid to do some persuading. This was one of those times. I always tell people that if I had taken the first “no” from Jeremy, I would have never gotten into rentals, had my son Jefferson, gotten chickens or a pool, and the list goes on… so, I didn’t settle for a “no” this time either (it makes me laugh typing this because I tell him this all the time).
I told him my top reasons for why I thought we should buy it. The main ones were:
I did not have a retirement plan and someday, when this was bought and paid for, whatever the value is, we could sell it for and get all of the money.
If it was completely paid for, with a little work monthly, it would be straight monthly income to add to whatever else we had.
There are a ton of tax advantages with owning real estate investments like depreciation and tax write-offs, just to name a couple, and I know that no one wants to pay more taxes than they have to (always consult with a tax professional to see yours).
The icing on the cake for me, as scary as it was to think of going into debt and fearing I could not find a tenant, was that the price point was low and affordable if God forbid, I couldn’t find a tenant.
I could ask for a seller’s assist to pay our closing costs if we bought it.
After a lot of persuading, he was in! He was scared to death, but he was on board. Between you and I, as you get into owning rentals and vacation rentals, the fear of buying the first one is much worse than any after, especially as you gain confidence in how it all works, and keeping them full with income flowing in.
We were able to reap all of the rewards of owning a traditional rental, from tax write offs, tenants paying down our mortgage while gaining equity, and appreciation as the value went up over time. So that $120,000 house would eventually be paid for it we kept it for the long haul with whatever rent we had coming in to be straight income, eventually. And then we could sell it and use that money for whatever we would choose to. That isn’t what we ended doing and for those that have read my book Vacation Rentals: The Ultimate Guide, you know part of this story and have figured out that I am talking about our Central Avenue home, which was featured in my book, both Chapters 9 & Chapter 11.
I highlight this part of the story in hopes that My Resources allow you to ease MOST of those fears when it comes to investing in real estate and vacation rentals. Whether it be my VRA course, my bookor coaching, let me ease your mind and show you that the ground is there, when you take that next first step!!!
This story doesn’t end here. This definitely is a “To Be Continued…” stayed tuned for the rest of the story and pictures, from house fire to public humiliation and then ultimately being able to reflect on the big picture and see why things worked out the way they did and why we have transitioned most into vacation rentals or sold our traditional rentals. It has all offered so much equity, experience and abundance for our family and we are so grateful that we took that first step. And ***side note, Jeremy is a LOT easier to convince now!
Here is our first rental, 65 Central Ave, Wellsboro. Please stay tuned for the “rest of the story”. And make sure you sign up below to connect and be in the “know”.
Chris
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Life happens and is always happening…we can make excuses for why it isn’t the “right” time or we can just lean in and figure it out.
Boy isn’t that the truth! Life happens and is always happening…we can make excuses for why it isn’t the “right” time or we can just lean in and figure it out. One of my favorite authors, Grant Cardone, says it best “Commit and figure it out later.” I have been doing that my entire life, and learned it from my mom, but didn’t realize that it was a thing – and a rare thing at that.
So many of us are afraid to fail, of being disappointed or embarrassed if it doesn’t work out, or for loss – money, time, effort.But what if it doesn’t fail and actually works! Imagine how different life would be! And it would help build confidence to try more and grow more. I don’t think there is such a thing as failure unless something shady was done along the way. If you were honest and had integrity and put your heart and soul into anything, even if it doesn’t turn out how you would like for it to, you still learn along the way and can use that experience to problem solve in the future.
I can think back to so many times in my life when I had an opportunity to dive in and take a chance, whether it be on a property, a business or even a relationship and yes, for a split second I would have my doubts about the timing of it. If it felt right in my gut, I was always a definite yes to whatever it was. That yes may take days of digesting, but it would always come. Pit in your stomach = bad. Butterflies = good.
One prime example is a quick excerpt from my book “Vacation Rentals: The Ultimate Guide” and it was when we had the opportunity to purchase the chalet property. Jeremy had recently lost his job, we had recently had a house fire at one of our rentals, we were elbows deep into the planning and construction of our car wash and didn’t know where we would come up with the money to purchase it from. Needless to say, we were extremely scared about the future and all the chances and risks we were facing and taking on, but there is always a way to figure it out, if you want it bad enough, and that is what I do best!
‘Later in the week he let me know that he could have his brother, who still lived nearby, open it up for us. He also said that he and his wife were thinking of selling it for $275,000. So, if I got Jeremy on board and we were able to secure financing, I would need to come up with $55,000 plus closing costs, worst case scenario (unless I could get it for less). Where the heck was I going to get that from!? At that point my husband’s position as Construction Superintendent at a gas company had been eliminated a couple months before, we had just had a house fire at one of our rentals from the tenant’s trash catching on fire, and we were about to break ground on building a brand-new car wash – all while somehow living off of my income indefinitely. We had traditional home rentals and the Florida vacation rental, but we were not living high on the hog off of the investments. What I do best, however, is knowing how to work hard, think out of the box, and get out of my comfort zone to make things happen, as long as whatever it takes is legal of course ;).’
So, we did, we figured it out! And thank God we did, because you would not be reading this right now if we hadn’t. We trimmed the fat off our finances, worked around the clock, and got creative with coming up with the money. We could have easily said – “This isn’t the right time.” THERE IS NEVER A RIGHT TIME. That property has been such a blessing to us financially, its been an education, and has opened hundreds of doors in our lives that would have never been opened if we hadn’t.
I hope that this blog post helps you both personally and professionally. It translates across all avenues in life. I talked about fear in a recent podcast episode with Rachel Jenks on the Brand Boss Show. We are more afraid of the feeling of fear itself, than actually doing whatever it may be. What is the worst that could happen? Most of the time it’s all in our heads and that can hold us back from some pretty amazing moments and chapters of our lives.
I would love to connect with you below or on social!
There are so many amazing destinations to choose from for a vacation rental! Florida tends to be the most popular state for them overall, but that doesn’t necessarily mean that it is the most profitable!
There are so many amazing destinations to choose from for a vacation rental! Florida tends to be the most popular state for them overall, but that doesn’t necessarily mean that it is the most profitable!
Don’t get me wrong, I LOVE Florida! That is why we owned one there (our very first one) but realized over time that we could buy other properties, at sometimes half of the price and make double the money! Yes, double the money or more even, with half of the expense, from the initial down payment to monthly overhead to keep. For example, our Florida property was a $430k property when we purchased it and did have an in-ground pool, canal access and was in great condition, but only grossed between $30k-$40k/year. That doesn’t leave much left over at year’s end for a net income (which is partially why we sold it, and mostly because the prices went up so high).
I do think that beach area vacation rentals are a great buy but would highly recommend that you are sure of your projections, especially in very seasonal areas, so that you are not in over your head. So many folks in the beach areas use them primarily as second homes, and if that is the case, that is awesome because any extra income is just icing on top. If that is the sole reason that you are buying one there, do your due diligence and possibly try to find an area that has year-round vacationers so that you can sustain the annual steady flow of guests. I also do know that there are properties that are VERY profitable and that make a ton of money, but for newbies, those properties may not be attainable, depending on your finances and willingness to take risk.
Our Florida home had a steady flow year-round, but the nightly rate was dramatically different. Winter months, we could charge $300+ a night, while in the “off-season” summer months we were down into the $100’s/night. That is a HUGE difference when it comes to the monthly breakdown. The summer was also tough because of it being so warm and the electric bill being so high from the air conditioning. I LOVE the beach and do plan on an ocean front property someday, but for those starting out, it’s ok if that isn’t for you!
The mountains on the other hand offer an entirely different angle of potential expense, income, and seasons. They can be very “seasonal” also, especially if it’s in an area that doesn’t offer winter sports like skiing, snowmobiling, or isn’t close to attractions. Our properties in more rural, mountainous areas have blown the others out of the water. The area and average list price of the properties still do play a factor into it all of course. In our area for an example, you can pay anywhere from $200k-$400k for a great mountain home/cabin with seclusion and possible views and expect for it to gross anywhere from $45k-$90k/year depending on amenities, location, views, access etc. The same goes for our cabin in Gatlinburg, Tn. Both areas offer year-round opportunities for guests and a steadier flow of monthly income.
Now to circle back around, I am not saying that you must do either to start. You can start very small and wherever you are (if they are allowed there) and scale up over time. I do offer a module in my Vacation Rental Academy Course that teaches you how to find the perfect property, so if you haven’t taken that yet, please make sure that you do! It will offer you valuable insight regardless of what area you happen to choose, from location, to features, attractions, and so much more. Make sure that it is affordable and that the projections will be profitable, so that it can be a long-term fun investment! My course will give you all of the tips from how to buy, where to buy, how to furnish, market, customer service, how to find a property manager, and how to grow it so that you can have more eventually!
For more tips and insight on all things vacation rentals, motivation, and abundance, make sure to continue to follow my blog, and connect with me on Instagram (@christinavandergrift) and FB (@MsChristinaVanDergrift).
Chris
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