Jack Murphy kicks off his weekly TV program River Talk with an introduction to a new book for vacation rental home owners and prospective buyers called “Making Money on Your Vacation Rental Home”.
Howard Jones discusses the motivations that prompted him to write “Making Money on Your Vacation Rental Home” based on his experience owning rental homes in the mountains and at the beach.
The major reason most people decide to self manage their vacation rental homes is that the potential exists to double net income! No rental commission, higher occupancy, lower expenses and repeat renters and tax advantages all combine to make this possible.
Certain factors are critical to rental success, such as understanding the target market, the location and condition of the home, reliable guest access and vacation amenities. That’s why they are called “key”! Know these factors before you buy or, if you already own a vacation rental home, maximize these factors to ensure rental success!
With the right preparation most vacation rental homes may be self managed. Regardless of whether your home is inland or on the coast, small or large, in the US or elsewhere around the world, self management may offer the solution that you are looking for.
As a licensed real estate broker and a CPA, Howard has a broad perspective on vacation rental homes from internet marketing to investment potential to tax avoidance strategies. Knowing your options can save you thousands of dollars!
Did you know that you can transfer assets invested in things such as farmland or buildings into a vacation rental home while deferring all taxes? How about eliminating taxes altogether on the sale of your vacation rental home? Understand your options!
Self managing your vacation rental home can be your own little internet based business! And, with the right planning, you don’t have to sacrifice the personal use of your home. You control your home usage!
Knowing the full range of deductible expenses can help you to save thousands of dollars in taxes. Howard offers a guide on the wide variety of legal deductions you are allowed for vacation rental homes, including travel costs, paying family members, expenses of a home office, etc.
Preparing a vacation rental home for guests involves planning access to the home, arranging for services, anticipating guest needs, providing for ample storage and establishing well thought out amenities that will bring your guests back.