It’s always good to have a Plan B, Plan C, etc., when investing in real estate. We realized that it is not the best time to sell “resort” properties right now, so we made the decision to take the Lakeland house off the active market (we will still sell it if someone wants it, though!). On to Plan B.
We listed the house on the HomeAway service, and immediately got bookings for nearly every weekend. In fact, YOU could stay there if you want to. Just follow the link to check out our listing! We are getting good reviews, and folks are leaving the house in great shape, so far.
Of course, this is a bit of work! Russell spent a lot of time setting up the listing, figuring out the costs, and determining what we need to have in the house. There are things you might not think of at first, such as cleaning expenses, the need to check up on the house every time it’s rented, etc., that make vacation rentals not the breeze you might imagine them to be.
Of course, the house looks fantastic, so it’s tempting for renters, and that’s good. What’s bad is that most of the furniture belongs to Carol and Russell, so they are hanging out in our Villa Park main house with not a lot of furnishings. We will address that issue soon!
Plan C for this house is booking it as a short-term furnished “executive” rental. That would rent the house out for months at a time and lessen the need to pay for cleaning and check up on the place.
Both these options mean we are not losing money by waiting to sell the house at a better time. It pays to be creative and keep a list of options in mind, because in today’s changing market, the plans for what we do with the properties we renovate may have to change. Sure, it’s a challenge, but some of us find dealing with challenges to be fun! We are that kind of team.