Now you just need renring figure out whether or not you can afford it. How much money does it take to housds a second home and how much money will you earn from it? Then you can decide if vacation rental ownership is right for you. As I mentioned yesterday we purchased our rental home near the height of the housing market. The down payment came from a bunch of stocks and mutual funds that my husband and I had been holding onto for years. A large chunk ho from company stock that would now be worthless. Most people think that you can earn enough money in rental income to cover the cost of the mortgage. While this might be the case in warmer vacation spots where you can rent year round, it is certainly not the norm in a place like the Outer Banks of North Carolina. Owning a rental property in the Outer Banks may be a worthy investment, but keep in mind the rental season is limited by seasonal temperatures.