OWNER: Lynn Cattrysse
VACATION HOME: Cocoa Beach Vacation Rental
LOCATION: Cocoa Beach, Florida
HOMEAWAY OWNER SINCE: 2007
LYNN’S STORY: Ten years ago, the book “Rich Dad Poor Dad” by Robert Kiyosaki was published. The book was a nationwide phenomenon and stressed the importance of financial independence through investing, real estate and owning businesses. It wasn’t a coincidence that Lynn and her husband decided to purchase their first vacation rental a year later in 2001.
When it came to location, the Cattrysses wanted something within reasonable distance to the Kennedy Space Center in Florida. No, they weren’t trying to build a small business catering to space-enthusiasts; their reason for buying a second home was their daughter would soon be starting at a co-op, which meant working half time at the Kennedy Space Center and going to school the other half.
It made sense to Lynn to buy a second home. She could let her daughter use it half the year and earn additional income by renting to travelers the other half of the time when her daughter was back in school. Ultimately, Lynn and her husband decided to purchase a condo in Cocoa Beach, Florida.
Lynn first began renting her home in 2001. She resided in Minnesota and in the beginning, relied upon locals in Florida to market her home. With little traffic to her property, Lynn began researching how she could increase demand for her property. She came across Christine Karpinski’s book, How to Rent Vacation Properties by Owner, and attended one of her seminars. Shortly after, Lynn began marketing her vacation rental herself and listed the property on HomeAway.com in 2007.
In 2008, Lynn rented her home 70 percent of the time with only 15 vacant nights from December to July. Her bookings increased in 2008 and she now covers her mortgage and condo association fees by renting her home to travelers year-round.