Quote:
Originally Posted by CasualEntrepreneur
Discovering the VDA rules helps since that would be a huge deciding factor in how you could rent out your property. Yet it seems that there are still investors actively looking to purchase pre-classified VDA to rent out. I wonder what they see...  |
Just a quick note:
VDA = visitor destination area, like a zoning category where vacation rentals are allowed.
TVR = transient vacation rental, the special permit needed to operate a vacation rental outside the VDA. The TVR # must appear in all advertising for the property and also posted outside the property I believe. And like I said, I think you still need a TVR permit inside the VDAs, just there's no problem receiving it. When people talk about TVRs, they are usually talking about all the issues and regulations around the ones outside the VDA.
The laws around issuing TVRs were vague, changed, loopholed, loosely enforced, and then changed again. I don't know the exact situation now and how existing TVR permits are grandfathered. It is possible some are transferable with a property and others are not, as conditions of issuance under different laws. Don't expect real-estate agents to know the details and laws that apply to any given property (same goes for building additional dwellings), it seems their ads always tout all the theoretical uses, not the actually legal ones.
Hank, welcome back and thanks for those numbers. The striking one is the 1.2 million current value. You can't purchase at that now and cover that mortgage with 83K gross and 35K net.
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