Second Homes & Vacation Rentals with Tia Lilly
Have you ever wondered about the intricate balance between enjoying a vacation home with your family and maximizing its potential as a profitable rental property?
In this enlightening episode of the Passive Wealth Strategy Show, host Taylor chats with Tia Lilly, a seasoned real estate expert specializing in waterfront properties in Cape Cod. They delve into the nuances of owning a vacation rental, managing it as a secondary home, and the financial and personal considerations involved. The conversation uncovers the hidden complexities and joys of vacation property ownership, offering invaluable insights for anyone considering this unique form of investment.
Over the course of Tia’s 17-year career as a realtor, she has had the pleasure of working with numerous buyers in search of their dream waterfront homes, which has not only enhanced her local knowledge but also solidified her reputation as a waterfront specialist. Tia is known for facilitating record-high sales of waterfront property in Cape Cod, but it’s her dedicated, service-oriented approach to business that sets her and her business apart. She emphasizes equal care and attention for all, and strives to maintain relationships with past clients. Tia has worked tirelessly to bring Property Cape Cod to where it is today: a small boutique firm that remains steadfast to its service-oriented values.
(00:00-05:00) Introduction to Vacation Rentals
- Understanding the appeal and challenges of owning a vacation rental.
- The importance of location in rental property success.
- The balance between personal use and rental income generation.
(05:01-10:00) Maximizing Rental Returns
- Strategies for selecting the right property for high rental yield.
- Seasonal considerations in maximizing rental income.
- Managing tenant quality and avoiding property damage.
(10:01-15:00) Impact of Market Trends on Rentals
- The effect of COVID-19 on the vacation rental market.
- Importance of choosing a profitable location.
- Insights on the changing dynamics in vacation rental demand.
(15:01-20:00) Navigating Regulatory and Insurance Issues
- Dealing with regulatory challenges and community perspectives.
- Understanding the role of platforms like Airbnb in the market.
- Insurance considerations for waterfront properties.
(20:01-24:00) Personal and Financial Considerations
- Deciding between a pure second home vs. a vacation rental.
- Balancing personal enjoyment with financial returns.
- The significance of long-term planning and investment protection.
Quotes:
“Live life, enjoy it… It’s great to make money and have wealth, but you want that balance.” – Tia Lilly
“There are opportunities there for the Cape to own a home and just enjoy it with your family and let the appreciation work for you.” – Tia Lilly
Connect with Tia:
Website: https://propertycapecod.com/
Apply to Invest with Taylor at www.investwithtaylor.com
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About our Guest
TIA LILLY
Over the course of Tia’s 17-year career as a realtor, she has had the pleasure of working with numerous buyers in search of their dream waterfront homes, which has not only enhanced her local knowledge but also solidified her reputation as a waterfront specialist. Tia is known for facilitating record-high sales of waterfront property in Cape Cod, but it’s her dedicated, service-oriented approach to business that sets her and her business apart. She emphasizes equal care and attention for all, and strives to maintain relationships with past clients. Tia has worked tirelessly to bring Property Cape Cod to where it is today: a small boutique firm that remains steadfast to its service-oriented values.
