VRS145 – How to Invest Wisely in Vacation Rental Property with Erica Muller

Buying a vacation home has become far less of an emotional journey for many new owners, and more of a carefully balanced investment. With the rise in popularity of vacation rentals, the plan to rent out a second home when it is not in family use has become part of the overall purchase strategy for investors.

There’s a lot to consider before taking the plunge into vacation rental investment though. Location, regulations, licensing implications, the ability to source property management, seasonal variations in demand and tourism demographics are just some of the factors that can impact a decision to buy.

And that is where the first choice becomes all-important – finding the right realtor. Get that part wrong and even the most savvy investor could find himself in a financially damaging situation.

Orlando vacation rental realty expert, Erica Muller, joins me to discuss the changes that have taken place in the real estate market in the two and a half years since she last joined me on the show.

Erica shares:

  • How custom developments are shaking up the VR market in Orlando
  • How to choose an effective realtor when buying or selling
  • Why some owners are finding it difficult to sell
  • The surprising inclusions needed to be competitive when selling a vacation home
  • What buyers need to look for in a vacation home
  • Why thorough research into niche markets can be a valuable time investment
  • The questions to ask a property management company
  • What you need to have in place even before you start looking
  • Some tips for independent owners going it alone in marketing and management

Erica is giving away two great downloads:

The Evaluation Spreadsheet – this allows you to select a property based on a variety of criteria and will help to find the best neighbourhood to get the highest ROI

10 Questions to Ask A Property Managerchoosing the right manager is key to rental success but there are a lot of pitfalls if the choice isn’t sound. Use these questions to aid the selection process.

Links to sites mentioned in this episode:

The Flamingo Group

Airdna

Where you can find Erica:

thepinkflamingo.info

Website

@realestatefl

Twitter

https://www.facebook.com/ThePinkFlamingoFlorida/

Facebook

https://www.linkedin.com/in/ericamuller

LinkedIN

http://www.youtube.com/user/ThePinkFlamingoFL

YouTube

  • Gary Troy Miller

    I’ve worked with Erica in the past and she is fantastic! She always over delivers and is always there to answer questions and address concerns. The software is very helpful and easy to use once you know where to find the data.
    The Florida vacation rental market is very competitive and with a high USD and management fees knowing everything before you buy is so important. Erica knows the market, what works what does not and the gives you a competitive edge.
    My question to Erica: As more boomers are retiring here in Canada and looking to spend their winters in Florida, What areas other than Orlando would you recommend for vacation rental investment properties? Disney and the theme parks are a big draw for vacationers but what about the large market of people that go to Florida and just want to relax and avoid the parks?
    Thanks in advance.

  • Fantastic podcast! I’ve forwarded links to my real estate buddies and posted the link on our local FB page of Airbnb hosts. We have postponed selling a vacation rental and this will help when we get activated again. Really good information here, we appreciate it!