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Vacation Rental Business Plan | How To Make Money with Your Home

Vacation Rental Business Plan | How To Make Money with Your Home


– Do you dream of having a vacation home that somebody else actually pays for? Yes, it can be done, and stay tuned because I even got a free business plan to help get you started. If you are looking for
ways to buck the system and create multiple streams of income so you can actually live
the life you want your way, then subscribe to my channel. I put out new videos every Wednesday, so make sure you hit
that notification bell, so you will be notified every
time a new video comes out. (upbeat music) Hey, guys, I’m Heather, and I am here to help you ditch corporate life and create your own
freedom-based business, so you can get on with the
life that you wanna live. And today, I am going to
show you how to create a vacation rental business plan, so you can turn your home or your second home into a stream of income. And you know what, I’ve
done it several times, so I know it works. So, the first thing that needs to happen is that you need to explore for yourself, and with your partner if you have one, if turning your home
into a vacation rental is something that you actually want to do. And it’s something that you should really put some thought into because, number one, you are opening up your home to strangers; and number two, there’s
a whole process involved. It is not work free, but
it is certainly a great way to actually create
another stream of income. Now, there are a couple of
different ways you can do this. Now, if you want to do this
with your existing home and not purchase a second home, or if you don’t have a second home, then you can simply rent
out one of your spare rooms, or even a couch, on Airbnb. And it’s pretty simple to do that. You just go into Airbnb,
and you create an account, and you enter the information they need. And there you have it, your house, or part of your house,
is actually for rent. They do a great job screening people. You can also screen people yourself. My daughter and son-in-law have done this, and they feel very, very
comfortable doing it. So, that’s the very first and easiest way that you can turn part of your current home into a stream of income. Now, the other way to use
your existing home is, you can house swap. There are fantastic websites today to help you through this process. They are open to people
all over the world. One of them is called HomeExchange. Another one is called Homestay. And there really are
several others out there, so go ahead and explore those and see what you think about
those various websites. Now, the beautiful thing
about doing this is, you keep your home, and then, when you wanna go travel somewhere, let’s say you wanna go to Switzerland or Italy or the beach in Mexico, you simply search their database, and you look for houses
that you wanna swap with, and they will connect you with
the owners of those homes. So, it is a great way to keep your house, swap it out with other people, and go see other parts
of the world for free. So, how many of you have actually stayed in Airbnbs or VRBOs and
thought to yourself, wow, I could actually do this
with my house and make money? If that’s you, type yes
in the comments below. Okay, so, moving on to if you actually want to purchase a second
home as a vacation home, or maybe you already have one, there are ways that you can monetize that as a vacation home. And it works great, I have done this, and I have done it many times. We had a house in Costa
Rica, we have cabin, and we put these up on VRBO, which is Vacation Rentals By Owner. It is now merged with HomeAway. And that is the largest site that handles these types of vacation rentals. And it’s actually really
easy, and it works so well. If you have a vacation home, and you’re ready to have somebody
else start paying for it, then look on VRBO, I will put
a link to these sites below, and check out the area
that you’re interested in. Like I said, we did a place in Costa Rica. So, it worked out so well,
we flew out to Costa Rica, fell in love with it, of course, who doesn’t love Costa Rica, and found a house, and
fell in love with it. And we ran the numbers and decided, based on what the homes were renting for, we could actually purchase the house, rent it out for half the time, and then have our own Costa Rica house that we could fly to any time we wanted and any time it wasn’t rented. And it completely paid for the house. That’s pretty amazing, really. Now, there are definitely
some important things for you to consider
when you’re considering purchasing a home as a vacation rental. You do need to do your homework, you do need to go through the analysis. What you’re going to wanna look for is, number one, if you have a mortgage, how much is that going to be; number two, are you going
to manage it yourself, or are you going to
have a property manager? I’ve done it both ways. Our Costa Rica house, we had
to have a property manager because I could not be there on-site. But we also have a cabin locally near us, it’s only 90 minutes from where I live, and I manage that personally by myself. But you do need to calculate those fees for property management if you’re going to need a property manager. Another thing to consider is how often are you really going to get to your vacation property to actually enjoy it. Now, we loved our Costa Rica house, but the truth is, with our
schedules and family obligations, we could not go very often,
so we ended up selling it and purchasing something else
that worked out just as well. Now, you really want to spend some time analyzing whether this is a
good option for you personally. You do need to sit down and think are you willing to put
in the time that it takes to make sure that your
place is up to date, fully stocked, always clean. When things break, you do need to make sure
that they get fixed. So, now that we’ve gone
through the process of helping you determine whether having a vacation rental is right for you and a couple of different
ways to get it done, you really do need to take the
time to analyze the numbers. That is the number one thing that is going to make the difference
between whether your vacation rental is successful or not. So, lucky for you, I created
a very basic business plan. It’ll help you get started. I have a link to it below,
so just click on that. You will get this delivered
directly to your email. And that will help you
put the numbers together, so you personally can decide
if it’s right for you. So, if this video has helped you determine if having a vacation
rental is right for you and the basics of how to get started, please give it a thumbs up and subscribe to my channel
for more videos like this. And if you’re ready to buck the system and create multiple streams of income, so you can ditch corporate and start a freedom-based business, then go ahead and type
#BuckIt below in the comments. Sometimes, you gotta buck the system to get the results you want. Again, my name is Heather,
and I am very excited to be on this journey with
you to your path to freedom. (upbeat music)

Comments (30)

  1. Where do you dream of having a vacation home?

  2. Great tips! I never even thought of renting a room!

  3. I love AirBnB! The one thing holding me back from renting out my own home is that we have kids. Do you have any thoughts on this?

  4. Awesome ideas! I would love to have a vacation home on Sanibel Island, FL 🙂

  5. Great tips! I would love to do this one day!

  6. i have never done this yet ! But it is a great idea!

  7. these are amazing tips

  8. This is a great idea. Thank you for sharing!

  9. Thank you for sharing

  10. I would love to own a vacation property.

  11. We are wanting to buy a vacation home in the Florida Panhandle! Great video! Thanks for sharing!

  12. I have always wanted to buy a beach house and rent it out to cover a large part of the costs!

  13. buck the system baby! The path to freedom is a great path! ~Elizabeth

  14. Great video and what a great idea. Thank you for sharing.

  15. Yesss this is totally my dream! I'd love a beach house, or even a lake house, that I could rent out to people as well. Great video, thanks for sharing the ideas on how to make the dream a reality!

  16. great video ! love it and as someone with rental properties, i love that you are sharing this knowledge too!!

  17. What a wonderful video. Very good quality. Not just visually beautiful video but this is an interesting topic. However, I would be afraid to rent my own home to strangers. Is your experience good?

  18. This is a great! Thank you for sharing 💜

  19. Fiji, Bali, Thailand

  20. Great video! We absolutely love having a vacation home – it really is the best of both worlds…a vacation home AND an income stream.

  21. Thanks for the great points about current home into a steam of income and house swap !!! I like your personality heather !! keep it up.

  22. Fascinating topic. Thanks for sharing.

  23. LOVEEE such a valuable video!

  24. Hey, great advice, delivered in great style. Kudos on the graphics, camera moves and frame resizing too!

  25. I had never heard of this! So cool!

  26. Great tips! There are so many creative ways to make money these days! Cheers!

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