Renting out a second home can be a source of income in a tight economy, but the competition is increasing, says Christine Karpinski, author of How to Rent Vacation Properties by Owner.
Management companies charge between 30 percent and 40 percent, but many renters have success advertising on VRBO.com or Homeaway.com and handing the details themselves, according to Karpinski.
Owners say they don’t make a ton of money renting out their second home, but breaking even is a realistic goal.
In this economy, you may have the greatest chance of success if the home is located less than two hours from a city, Karpinski says.
Source: Star-Tribune, John Ewoldt (09/09/08)
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