In part II of our series on short-term investment properties we discuss the costs to factor in before deciding on an investment property. Your first step is to talk with your lender to determine rates on a non-owner occupied property. Calculate your expenses, including the following: principal payment, insurance (include your furnishings), taxes, property management, improvement costs (+ furnishings), maintenance (1-2.5% income annually), utilities, internet/cable, cleaning fees, lawn care, pool/hot tub upkeep, snow removal, and booking service fees. Matt works up a hypothetical example and how the numbers pan out. Jessica talks to us about remodeling and furnishing your property including why you might want to tailor to your target guests.

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