| There are two management components to [tag]investment property[/tag] that every investor must take into mind. First is the investor track. Secondly there is a management company track. Under the investor track, the individual [tag]investor[/tag] has certain responsibilities, such as providing the furnishings, keeping the property in generally good order (painting, carpet, decking, etc.). The [tag]property management group[/tag] is the one that joins the investor to keep the property in daily working order for all the visitors that will pay to stay at the home. |
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When investing in vacation rentals, keep in mind it’s as if you’re setting up your own little hotel. The rental not only includes the dwelling, but also all the stuff — furniture, linens, kitchen utensils, and items needed on a daily basis. It also includes the niceties, i.e., DVD players, hot tubs, bicycles, gas grills, etc. In residential investing, you only have to make one renter happy all year. In [tag]vacation rentals[/tag], depending on the length of the season, you could have dozens you have to satisfy in hopes that they will want to come back again and again. Thus, don’t be cheap. Cooking wares from the local dollar store will not last long. After the first few uses, they’ll look like what they are cheap.