We've only had our Hawaii VRBO for about 3 years and it's been the best thing we've ever done. It was an accident of sorts but it's worked out beautifully. It's my niche. I love doing it. I love making people happy and yada yada yada.
We have a long term rental in southern California. it's been rented for 20 years and the last renter was there for 8 years and just moved out. Our dilemma is what to do with the property. I can tell you that even though I love being a VRBO owner, I hate being a long term rental landlord. We are trying to figure out what to do with the property. Here are the options: rent it out long term again , sell it and pay capital gains , sell it and do a 10-31 exchange , or......turn it into a VRBO . The prospect of a successful VRBO makes me happy however, we are not necessarily located in a "vacation destination". We are 40 minutes southeast of Disneyland. 45 minutes to the east of the beach. 1 hour northwest of Legoland. 1.5 hours from San Diego. 1.5 hours from Hollywood. We're just in a small town in southern California with no claim to fame.
We went to Normandy France once and stayed in the country at a VRBO. We had to drive an hour every day for anything that we did. We didn't mind because we were on vacation and it's fun to drive when your on vacation. So I'm wondering will people mind driving?
We have no regulations about short term rentals in our city as I've already checked. Our condo association requires a minimum of 30 day rentals. Would people rent for a 30 day minimum like they do in Palm Springs? Oh and we're 2 hours from Palm Springs.
I've thought about investing the $499 with VRBO to advertise to see if I get any bites. But I have no pictures because it's not furnished yet. I would only be able to put in pictures of the town and the condo complex and explain to people how it's being prepared and perhaps direct them to my other rental so they can see what type of owner I am and what my guests have to say about me and the way I run things. I would offer a pretty good discount to get people to rent blindly from me for 30 days, or at least I would block off 30 days and rent for a minimum of 15 days.
Any thoughts on how one would go about feeling out the market? No one else in my area is doing this. Actually, I did find one gal on Airbnb that is in my condo complex and she is not abiding by the rules by renting out 3/4 day minimums. It seems to be working for her but I can't do it that way. I refuse to get in trouble by the law or get my neighbors mad. I'm just not sure how to go about testing the waters. Any insight would be greatly appreciated. Thank you.