You can build wealth with short-term rental investing quite easily. All you need is a great location, a solid property, a good strategy, some phenomenal cleaners…wait maybe it isn't all that easy. But it’s certainly doable if you’re willing to put in the time, effort, and work to make your vacation rental stand out from the rest. This is exactly what investorsDavid Greene and Rob Abasolo are doing with their current partnership—buying luxury homes and turning them into once-in-a-lifetime getaways for wealthy vacationers.
But maybe you’re not ready to drop a few million on a multifamily mansion. Even so, you can still make a phenomenal return in the short-term rental space, you just need to know how to do so. Back in episode 578, David and Rob walked through the first three steps in their short-term rental success strategy. Steps like finding a short-term rental market, choosing your location, and defining your strategy.
In this part two episode, David and Rob walk through the more granular steps to getting your vacation rental up and running. Steps like what property type works best for which investors, understanding your timeline so you can build wealth while obtaining financial freedom, and divvying up work between you and your partners (or investors). Follow all five (six) steps in this episode, and you’ll be on your way to cashing in the profits from your vacation venture!
In This Episode We Cover:
The four main types of short-term rental properties and the benefits of each
How to mitigate your investing fears so you and your partners can move with confidence
Understanding not only your cash flow goals, but your long-term equity goals as well
Laying out clear roles and responsibilities for each partner in the investment
How to cautiously bring in outside investors on your vacation rental deals
And So Much More!
Links from the Show
BiggerPockets Youtube Channel
BiggerPockets Rent Estimator
BiggerPockets Forums
BiggerPockets Talent Search
BiggerPockets Rental Property Calculator
BiggerPockets Pro Membership
Airbnb
BiggerPockets Events
AirDNA
Invest With David Greene
BiggerPockets Podcast 578: The Secret Sauce Behind Short-Term Rental Success (Part 1) w/Rob Abasolo
Robuilt YouTube Channel: This is exactly how much your property will make on Airbnb
Check the full show notes here: https://www.biggerpockets.com/blog/real-estate-show-579
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