We have 13 special event weekends. You can cover the expenses of buying a unit. You can't go overboard with it, he said though. Or they buy them for future retirement. While renting a condo can be cheaper than renting a hotel room, an owner can get a fairly large amount of rent for his unit, Norfolk said.
Good management is the key to whether an owner's rental plan is successful.
You need pictures at check in and immediate inspection on check out. Many owners lose all the money they could make on just repairs. But owners also have to be careful that the management they get isn't too expensive, he said. Some management companies, especially those that run condo-tels, charge as much as 30 to 35 percent of the rental rate. Concept 1 charges between 20 and 25 percent of the rental rate, Amon said.