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 investors David 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!
0:00 Intro 5:27 Step 4: Choosing Your Vacation Rental Property 18:49 Mitigating Your Investing Fears 20:16 Step 5: Establishing Your Investment Timeline 27:56 *Bonus* Step 6: Divvying Up Partner Responsibilities 33:57 Bookkeeping 36:07 Setting Up The Property 40:25 Working with Investors 45:18 Ready to Get Into the Short-Term Rental Game?
