Finance your vacation rental investment with a hard money loan
Whether you’re new to the real estate investment scene or a seasoned pro, if you’re thinking of purchasing a vacation rental property in Washington there are some important things to to consider in your search. Check out the following steps to buying a vacation rental property, and you’ll be on your way to a successful venture.
4 Steps to Purchasing a Vacation Rental Property
Where to Buy?
Accessible, “drive-to” destinations are safer investment bets through economic upswings and downturns than those that require flying a long distance. It’s also smart to focus your property search on communities that are friendly to short–term rentals rather than those that impose strict regulations.
When to Buy?
Maximize your ROI by timing your purchase according to the ebbs and flows of the vacation season.
You’ll want to buy, close and prep your property, depending on it’s location, in enough time to make it available to vacationers headed for the slopes of Washington’s Crystal Mountain during the winter months or the beaches of the Pacific coast in warmer weather. Close a minimum of two to four months in advance of rental season for either market to accommodate for making property repairs, and listing and booking your property.
What to Buy?
Put yourself in your prospective renters’ shoes. Where do you prefer to go to unwind? The beach, a lake, the mountains. These are the locations most likely to ensure an actively booked property – and a return on your investment. Views, nearby amenities and attractions, and accessibility (or lack–there–of depending on your preferred renter) should all be taken into consideration for the best possible rental purchase.
How to Buy?
You now need a solid handle on the costs of buying and maintaining your ideal vacation rental property, from purchase price to insurance to taxes, furnishing to upkeep to maintenance. The more financially prepared you are to meet expenses and the better appointed your property is to meet renters’ expectations as a welcoming vacation destination, the more successful you’ll be.
Invest in a Vacation Rental with a Hard Money Loan
The most successful investors are those who are financially prepared. A hard money loan can help fund your vacation rental property acquisition when conventional finance or credit issues arise. Talk to our Gregory M. Russell team today about our hard money lender services. We have over 30 years’ experience providing fast cash loans to property investors throughout Washington. 1-888-477-0444.