Today I spent a bit of time working on some odds and ends in order to move closer to my short term vacation rental dreams.
The first item on my agenda was to make an appointment with the builder I am leaning towards hiring in order to get a better idea of the cost to build my cabin. I'm still waiting for a call back from him so I can set up a time to drive down to Kentucky next week.
I also did some work necessary in order to make sure I have the financing I will need in order to pay for the build. Boring stuff, but absolutely necessary. I'm looking into a home equity line of credit, as well as a construction loan.
This afternoon I had a net meeting with Scott from Red River Gorge Getaways. This is the property management company that Sky Ridge Retreats recommends, and these are the folks who will allow me to actually make this whole vacation rental idea happen. When I first started thinking about taking the leap of building a vacation rental, I wondered how on earth I would have the time to do everything that one needs to do in order to have a successful rental property. That's when I learned about Red River Gorge Getaways and property management companies as a whole. THEY. DO. ALL. THE. WORK! I get to do all the fun stuff, and they make sure my investment is properly cared for and consistently making me money. Genius!
My job is to make sure the cabin is thoughtfully designed and built. I ensure the property has all the necessary items (fire extinguisher, smoke detectors, trash bins, etc). I pay the bills - the mortgage, utilities, HOA fees, and insurance.
The property management company advertises and markets my cabin, helps me set pricing, and manages the screening and selection of renters. They collect the rental fees, provide me with an accounting statement outlining income and expenses, and disperse funds on a monthly basis. They maintain, repair, and provide necessary upkeep of my cabin, including disposable items such as soap, toilet paper, light bulbs, and trash bags. They clean my cabin after every guest and ensure the cabin is guest-ready before each check-in. Emergency repairs? Trouble calls in the middle of the night? Safety issues? They handle it! Key codes for entry to the gated community and the cabin itself is handled by the management company too. They even take care of customer feedback and provide me with a check-list of necessary items my cabin needs to have that I might not have thought of myself (mattress covers, toilet plungers, bedside lamps with charging ports, hair dryer, coat rack, guestbook).
Sounds expensive, right? Actually, it's surprisingly affordable. Red River Gorge Getaways takes care of everything for a very reasonable percent of the gross income with a maximum fee based on the number of bedrooms the cabin has. Plus they are offering a five year freeze on their fees AND up to a $5,000 credit towards the cost of your lot if you sign a contract. Yes please! Sign me up!
It was great to meet Scott from Red River Gorge Getaways via a video call and show him my ideas for my cabin. He had some great ideas to help improve my design, as well as some advice on different types of water heaters, heating and cooling units, and structural elements. I appreciate that he was willing to invest some of his time to ensure my cabin will be built properly and be a good investment for me. He wants my short term vacation rental to be successful for everyone involved. Hopefully, this will save me time and money in the long run.
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