To Rent or Vacation Rent? That Is The Question...

kanonfodr · #1 05-01-2009, 03:46 PM

Checking up on my competition on Bikini-land, AK Oahu, Hawaii, I delved into the vacation rentals section of Craigslist for the first time and an idea hit me. First, some background.

I own my townhouse in Mililani, Hi; a nice little 2bd/2bath joint residing in probably one of the nicest/safest neighborhoods on the island. When not deployed to some sucking dustbowl, I rent the extra bedroom to a friend of mine but alas he will eventually be leaving to greener pastures after we return from our current sandbox visit. So of course, I plan to rent my room out again when he leaves.

But do y'all think it would be a good sell as a vacation rental? Mililani is smack dab in the middle of the island, great for somebody like myself that can be found clubbing in Honolulu one night, snorkling the north shore the next morning, shopping in Waikele that afternoon, then scuba diving the whole day afterwards.

I can see a lot of positives in the deal, including being able to make more money per month if I keep my room rented fairly regularly (say half of any given month), not being stuck with somebody I truly hate for several months, and possibly getting laid quite regularly (if I rent to the right vacationers

).

What do you guys think? Sound like a good plan, or syhould I just can it and rent the regular way?

Peace,
Greg

MakiSupaStar · #2 05-01-2009, 04:21 PM

I say go for vacation rent, although, I'd definitely pass on it. I hit North Shore every couple of years or so to surf, and I've always looked for stuff closer to the water. Not everyone that goes to Hawaii is looking for the same thing.

IconBasser · #3 05-01-2009, 04:25 PM

keep in mind that you'll have to pay for renovations every few months. I've seen some rental homes, and they ALWAYS end up trashed after a while.

kanonfodr · #4 05-01-2009, 07:58 PM

Well, the first reply from my property manager, and I quote, "it could be a deep, dark end." It's definitely novel, though, IMO. Anybody else got thoughts?

Peace,
Greg

Ericman197 · #5 05-02-2009, 04:17 AM

There's money in it, but also a lot of houses. We rent vacation properties through an agency that takes care of all the dirty work (advertising, cleaning, repairs, billing etc.) but they take a 25% cut, on top of fees. If you're renting it out yourself, you'll have to be available in case things go wrong. But there's potential to make a lot of money this way.