When I say vacation property, I really mean owning a short stay investment property. So that includes cottages, and I’m going to throw AirBNB in there as well.
The big advantage, I guess, of owning those properties is you can use them when they’re not being occupied. A lot of people buy cottages as investments because what they do is they’ll stay in it for a month and they’ll rent it out for another month or two months, depending on the area.
When looking to get started in real estate investing, you want to make sure that you put together the right power team.
And what I mean by a power team is the people that are going to help you in your acquisition and management of your investments … of your properties.
There are several people that I always tell new investors to go out and find.
There are many different property types when looking to invest in real estate.
The first one is single-family homes.
There are pros and cons to investing in single-family homes. And you can get different styles, different shapes. The typical one is a two, three-bedroom, one, two-bath homes, whether it has a finished basement or not. Those properties are easy to invest in because they are the most inexpensive
When starting out in real estate investing, you should have your high-level vision, mission, and goals thought out very carefully. A lot of people get started in real estate investing with no idea what they want to do.
Well, that will depend, and it’s different for everybody. Well maybe not everybody, but it’s certainly different for different people. And by that I mean, what is it that you’re looking to accomplish? So, this comes back to setting up your long-term goals, your short-term goals, and understanding what it is you are trying to achieve.