An updated guide for second-home owners

This updated “Vacation Properties” second edition of the 2004 original is a solid and comprehensive piece of work that fully justifies its lengthy subtitle: “The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment.”

Christine Hrib Karpinski, who with her books, seminars, media appearances and website (howtorentbyowner.com) is regarded as an authority on vacation homes, says 50% of this volume is new or revised material from the original.

That claim, combined with the sheer density of information between its covers, makes this pretty much the definitive book on vacation rentals and a good value for the money.

The author first paints the big picture, looking at the ins and outs of buying, financing and insuring vacation homes.

“Insurance is by far the most common concern of vacation rental property owners today,” she writes, responding with perhaps the most detailed and valuable chapter in the book. “As soon as you mention the mere words ‘vacation rental home’ you’ll find it difficult to come across an insurance agent who will give you the time of day, much less write an insurance policy.”

Karpinski says the main reason for this reluctance is catastrophes -- hurricanes, tornadoes, floods and wild fires -- have piled up billions of dollars in claims. She notes that vacation homes are often in high risk areas while insurance companies sense additional risk with homes that may sometimes be empty, at other times occupied by strangers.

Drawing on personal experience as a vacation property owner, Karpinski burrows into a number of key topics with such thoroughness that she raises, and then deftly answers, questions most potential buyers would never think to ask.

“You must be an actively involved owner!” Karpinski tells readers, adding that self-management is the only way to maximize vacation property income. “Cut out the middleman and you win.”

There are chapters on how and where to best advertise your property, how to screen renters, how much to charge, how to keep track of reservations, payments and deposits, how to handle keys, and how to find reliable cleaning and maintenance staff.

Karpinski looks at the pros and cons of renting to family and friends; she encourages pets (at a price) but very firmly discourages smokers; she loves families with small children but is much less fond of any renters under age 25.

She warns not to buy a fixer-upper (long distance repairs just don’t work), discusses potential tax advantages and scatters useful lists throughout the book.

The author offers tips on furnishing a vacation rental -- don’t use it as a dumping ground for old stuff from your home -- talks about fire, theft and other safety issues, and ponders wireless connections, hot tubs (yes and yes) and other optional extras.

Karpinski is a detail junkie who leaves little to chance.

The book is not without its blemishes, however, starting with a rather unfortunate foreword by Broderick Perkins, editor and owner of DeadlineNews.com, whose contribution here is so outdated it’s just laughable. Perkins quotes sources dating to no later than 2004. The real estate market and economy he describes is unrecognizable today.

It’s a mystery how this piece ever found its way into the “revised” edition, and it diminishes the book’s credibility.

It’s also confusing to read Karpinski one minute touting vacation home investment for the long haul and the next breathlessly recounting the fat profits made by sellers after four years, two years and, in one case, just two hours.

Surprisingly, author Karpinski mostly seems stuck in the same time warp as Perkins, making little or no concession to the struggling housing market, soaring gas prices, jittery stocks, the credit crunch or threats of recession. The third edition, whenever it appears, will probably need a reality check.

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How to Rent Vacation Properties by Owner

The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment

Christine Hrib Karpinski

Kinney Pollack Press: 350 pp., $26