| Imagine taking that trip to Maui every year | | | | required to make unplanned trips to deal with |
| without having to pay for an expensive condo | | | | landlord/tenant issues. |
| rental. Maybe even set aside a few extra weeks | | | | Affordability: You have that nest egg set aside |
| for an extended holiday and have someone else | | | | that will take care of the deposit, but what about |
| pay the rent. Purchasing a vacation rental may | | | | those off-seasons where the property may not |
| give you this option, or the ability to travel | | | | be rented. Like any home, you will experience |
| whenever you choose using the income from the | | | | emergency repairs or unexpected expenditures. |
| rentals to subsidize or pay off your mortgage. | | | | Ensure that you can afford this piece of property; |
| Not to mention, that you are diversifying your | | | | after all, you want to be able to sleep at night. |
| investment portfolio by adding a new piece of real | | | | Due diligence: Make certain you are working with a |
| estate. | | | | reputable realtor who can guide you through the |
| Sounds great, doesn't it? In reality, this is a big | | | | various laws in the area you are investing in, but |
| step; make certain you know all the facts before | | | | you should also have some prior knowledge. |
| signing on the dotted line. | | | | Especially for "across the border" purchases, |
| Don't let emotions get in the way: Purchasing a | | | | research the area so that you understand the |
| vacation property is often an emotional buy. | | | | implications of this acquisition, including the |
| You're having a great time on holidays, a million | | | | immigration policies regarding the length of time |
| miles from reality, and suddenly this attractive | | | | you are allowed to visit and how often. |
| deal is put in front of you and it seems like a | | | | Talking to other renters can provide invaluable, |
| great idea. Most times, it is, but sometimes people | | | | "don't let this happen to you" information, as well |
| will get home, look at each other and say, "What | | | | as tips on property management companies, |
| did we do?" | | | | cleaning help and anything associated with your |
| Commitment: Understand that this isn't someplace | | | | rental. Before purchasing, I went through some of |
| you can visit and then forget about for another | | | | the online vacation rental sites, such as |
| year. A vacation property is an active business | | | | a1vacations.com, and searched for other rentals in |
| that will require your loving care to flourish; and | | | | the same location. I noted the owner's email or |
| whether you decide to employ a property | | | | phone numbers and contacted them. They were |
| management company or choose to self-manage, | | | | extremely helpful and quite happy to share their |
| a certain amount of commitment and attention is | | | | stories. |
| essential. | | | | So you've done your research and you're certain |
| Locations: If this is a property that you intend to | | | | this is something you really want. Congratulations - |
| use, make certain the location is someplace you | | | | enjoy your new property! For the next steps, |
| want to return to, year after year. Also, if it's a | | | | read on to Part II - The Highs & Lows of |
| plane trip away, realize also, that you may be | | | | Self-Management. |