6 Ways to up Your Chances of Securing a Vacation Rental Property

Today, let’s talk about the six ways you can improve your chances when searching for a vacation rental property.

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Today I’ll be covering the six ways to up your chances of buying your first vacation rental home. 

1. Find an agent with a lot of experience and a history of success. Purchasing a vacation rental home is likely not the time to entrust your transaction to a new agent. This kind of purchase is a major investment, so it’s important that you work with a full-time, dedicated agent. 
2. Work closely with a local lender. When you work with a lender for this kind of purchase, it’s important that they understand the vacation rental market. Also, I definitely recommend working with someone local. Once you’ve begun working with this lender, get a pre-approval letter. In our fast-paced market, this pre-approval letter will help set you ahead of the competition. 
3. Consider a fixer-upper. This can be a great option for those who don’t have the means or aren’t interested in working in a higher price range. The use of a rehab loan can make the transition into this investment much smoother. 
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Transitioning neighborhoods present a great opportunity for investors.

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4. Consider a property in a transitioning neighborhood. To illustrate why this is a good idea, I’d like to give you a key example. Years ago, Salvo had a very eclectic mix of homes. Then, all of a sudden, beautiful properties began popping up all around in that area. Transitioning neighborhoods present a great opportunity for investors, since they allow you to make a less expensive purchase and then capitalize on later improvements. 
5. Reconsider your budget. If you’re able to do so, going slightly above your current price bracket could really open up your options.
6. Talk to your lender about how to earn extra leverage. When you work with a lender who has experience in the vacation rental market, they will be able to provide key insight on how you can gain more leverage. 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.