You take a family vacation and rent the perfect place in the perfect little town and
begin to wonder whether you should buy a vacation property there. Here are some
things to investigate before you make the leap:
Acknowledge your long time financial goals. Is this a property to rent out
year-round? To rent out when your family isn’t using it? A place to retire to?
Investigate the location. Does it depend on seasonal tourists, or is it popular
all year? This will affect cash flow.
Work with a real estate agent who can investigate the local housing
regulations and arrange for property tours.
Figure out if the potential investment makes financial sense. Cash flow?
Operating Expenses? Net Income?
Consider using a property manager to handle the details like calling a
plumber if you need one, managing cleaning between guests, and spending
your time as a landlord.
