Short Term Vs. Long Term Rentals

Short-term rentals have always been a popular investment, but in recent years, they have become even more popular as vacation rental alternatives to hotel chains. But before you invest in a short-term rental, there are a few things you should consider.

One thing to keep in mind is that short-term rentals often require more repairs and maintenance than long-term rentals. This is because tenants generally don't treat short-term rentals as their own homes the way long-term tenants do. Additionally, short-term rentals always need someone available 24/7 to deal with any guest needs that may arise. Of course, you could hire a property management company to take care of these things, but that would take away from your profits and typically costs 10%-30% of rents.

Another consideration is that while short-term rentals usually have a higher return on investment than long-term rentals, they also come with higher vacancy rates, advertising costs, cleaning costs, and maintenance costs. On the other hand, owning a vacation property that you can enjoy yourself may be worth the extra work.

Ultimately, there is no one-size-fits-all approach to real estate investing. Consider what works for you and make the best choice for your goals.

Let’s discuss you and see which investment model you are better suited for.

Tips For A Buyer of A Fixer Upper

Tips for a Buyer of a Fixer-Upper

Over the last few years weekend warriors have been delighted to find an abundance of television shows devoted to fixing up homes. More specifically, they show viewers how to take a fixer upper and turn it from an ugly duckling to a special property that they can call home. It sounds so easy but before you grab a sledge hammer and head out to buy that cheap bank- owned building on the corner, there are things to consider.

First and foremost, how handy are you really? Fixer-uppers can vary from cosmetic paint and carpet, maybe changing a countertop or fixtures; then there are fixers which have electrical problems and slab leaks. It’s important to understand what you are capable of handling – either yourself or supervisory level.

Tips for a Buyer of a Fixer-Upper

• Do Your Research – Don’t assume anything. Check for local ordinances and zones to make sure the plans you have for the property are truly available to you.     

• Hire a Professional – Regardless of your level of “handiness” you need professional help. Start with a professional home inspection and understand the true condition of the home.

• Know Your Limits – A great deal is only a deal if you can take on the project. Be honest with yourself. If you need to, hire a General Contractor to handle the renovation.

Fixer-uppers can be great investments. These properties can be converted to beautiful homes or flipped for quick profit, but either way, handled well these ugly ducklings will live up to the best episode of HGTV.