Welcome to the Flagstaff Meadows Retreat owners blog. I decided to start this blog to share my experience as a first time Vacation Rental owner/manager. Let’s start with my a little information about me. My name is Cory and I currently work as a Software Engineer for a medical device manufacture in Northern Arizona. I spent many years reading other blogs, home away community, and countless articles about the industry.
I started researching vacation rentals about 5 years ago. I liked the idea of having a second home with some income coming in but also having the ability to use it when it was empty. Originally I had planned to buy a small condo in Tucson, AZ near the University of Arizona to take advantage of the warm winters, gem show, and spring training. My wife however had other plans.
We ended up deciding to rent our current residence out and moving to another house. Anyone familiar with buying a second home at this point will realize that it is extremely difficult to buy a second home. Currently the requirement is you have to qualify for a new home loan while covering 100% of the current homes mortgage payments. There is a way around this requirement and that is to show 1-2 years of tax returns with a rental property. My wife and I are new to the rental world so this wasn’t an option for us.
Our plan is to rent a house near the school our kids will be going for 18 months until we can show rental income on our tax return. I’ve had many conversations regarding our decision. Most people think we’re crazy to rent our house and then rent someone else’s house. I have to agree from the outside it does sound like an odd decision.
Next on the list of blog entries will be furnishing and then advertising.