Buying and Managing Short-Term and Vacation Rentals

Learn about buying and managing short term rentals in this discussion with Scott Sutherland. After turning their primary residence into an occasional short-term rental, Scott and his wife Sally have purchased several other properties to rent to vacationers and corporate travelers.

In this discussion, Scott discusses:

  • short term rentals vs. long term rentals
  • advantages and disadvantages of owning and buying a short term rental
  • buying the houses and evaluating the cost vs. the potential rental income
  • how rent your own home as a short term rental
  • the pros and cons of AirBnB vs. Homeaway vs. VRBO
  • Getting permits in the city of Austin for short term rentals
  • Hotel taxes
  • Expenses for short term rental
  • Insurance needed for your short term rental, even if you’re using your primary residence
  • What to stock in your short term rental
  • How to manage keys and greeting your guests
  • Check-in/Check-Out Procedures
  • Taking/Returning/Managing Deposits

————–
This discussion was recorded as part of our Central Austin Real Estate Meetup. https://www.facebook.com/groups/616101995182672/

  • Kevin Kalantari

    Great video. Especially on an emerging topic. My biggest question is for his Financial Summary – I didn’t see mortgage on there, even though he def included it in his op expenses. I saw interest, but not principle. Am I missing something?

    Thanks,
    Kevin

    • Great question! I think it’s either one of the line items or rolled up into another expense. Let me circle back with Scott and ask him.

      • Scott Sutherland

        Thanks for the question Kevin. I pulled the expenses directly from our tax returns. Since the principal portion of the mortgage pays down the loan and creates equity, I don’t include it as an expense.

        • Kevin Kalantari

          Ah yes, debt pay down. I’m tracking now.

          Thanks for the quick replies. I really like what you’re doing Lynn. I’m definitely a fan, and will keep checking back on your blog/projects. 🙂

    • Thanks, Kevin. I’m glad you’re enjoying it!