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Purchasing Vacation Rentals with Future Bookings

Mark Whitaker Spring Hill, FL

March 8, 2019

I am in the process of looking at some vacation rental condos that are all actively being rented. I have been a long-time vacation rental consumer and am ready to dive into the ownership side. I have information from the realtor on one of them so far that shows bookings pretty solid through October of this year. I believe it is being managed by the on-site management company. My question is, how are future bookings typically handled? The realtor said they typically go to the seller. As a buyer, I'm not too excited about that since that would be 6 months that wouldn't have either the use of or the rental income from. Is it wrong to ask that the rental income go to the buyer?

Comments

regina b. Brownsburg, IN

Mar 10 2019, 07:03 PM

Income would always go to the buyer after the closing date.

Dave B. Phoenix, AZ

Mar 11 2019, 12:18 PM

Actually the rental income goes to the buyer at time of close unless that was clearly disclosed. Why would anyone in their right mind give away future earnings (even if booked) to the seller once they have closed. As a buyer if that were true you could legally not accept any of the bookings and the seller would now have to pay back every nickle they had received You can use that as a negotiating tool when closing on your property. Make sure it is in writing...

Matt M. , CA

Mar 19 2019, 07:27 PM

Once you close escrow and own the property all bookings after that date would go to the new owner (if I understand your question correctly) hopefully that helps, make sure that you work with a real estate agent familiar with such transactions as most agents are bums.

Matt Malouf

Author-Adventurepreneur

Mark P. Kent, WA

Mar 09 2019, 05:51 AM

What do you mean "go with the seller?" Are you implying collected funds for future, post closing, bookings are kept by the seller? That's insane...in Washington anyway. What if they cancel? I see you're in Florida, I'm sure Erica can clarify FL practices.

Mark W. Spring Hill, FL

Mar 09 2019, 07:13 PM

Yes, they are saying that future collected funds post closing would go to seller. I think it's insane too!

Mark W. Spring Hill, FL

Mar 11 2019, 02:03 AM

Thanks Regina. Erica, do you agree?

Mark W. Spring Hill, FL

Mar 11 2019, 12:26 PM

Thanks Dave. I appreciate the input and advice.

Donna F. Destin, FL

Apr 25 2019, 02:24 AM

Future bookings should go to buyer from closing onward. You need an agent who understands vacation rental property.

Matt M. , CA

Nov 20 2019, 05:54 PM

Once you are the legal owner all booking profits (and expenses) go to you. Just have to make sure that your escrow company can handle the transaction accurately.

Matt Malouf

Author-Adventurepreneur

Skynest . Hyderabad, TG

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