I am writing this from an adorable home I purchased a year ago and turned into a short term vacation rental. I am waiting for the plumber to finish hooking up a new water line and a carpenter to arrive to fix the front door. Hopefully everyone will be out with time to spare so I can do a good touch-up cleaning. The heavy duty sanitization cleaning I optimistically did before the contractors muddy boots arrived at 7 am this morning. This is just a day in the life of a short term rental owner. Hence this blog post and the fact that I am blocked in the driveway with no foreseeable way out.
My words of wisdom to anyone considering a successful run at a short term rental investment is expect to be hands on. For some, like me, that is preferable to a long term rental property. I prefer to able to check on my investment between guests and make sure it shines in all its glory, something I shouldn’t do with my stocks and can only occasionally do with year to year tenants.
Coddling my investment brings me happiness and joy 99% of the time. I enjoy reading the entries in the guest journal, 5-Star Reviews and making someone’s day when they arrive for vacation, student medical rotations, a job interview or medical treatment. I don’t have to put a basket of munchies on the table for the students or stock the pantry with tea, saltines and Gator Ade for the cancer patient, but doing so is part of the experience as much for me as it is for them.
As with other investments, this one won’t likely cash out until I do. I cover my monthly expenses while my guests indirectly pay off my mortgage. Anything extra goes to hospitality supplies, home improvements and the tax man or woman or gender neutral authority …you get the idea. Since my mortgage will likely be around as long as I am, you really have to enjoy the daily grind.
Hence, a short term rental investment isn’t going to be every investors cup of tea. And, I am here to tell you that acknowledging that on the front end is much better than later on trying to overcome mediocre reviews.
When investing in real property, know your lane and you’ll do fantastic. You can try switching lanes and see if you get more enjoyment with the new one, like I did. But, just as you cannot drive in every lane at the same time, I firmly believe you are either a hands off or hands on landlord by your very nature. While some tasks can be out-sourced, hospitality is an art. Are you an artist? Or, are you an engineer? Either way, our team has the investment property for you!