Vacation Rentals: The Ultimate Guide

Have you ever wondered what all of the buzz is about with vacation rentals, aka Airbnb’s? Or have you stayed in one and thought, “Wow, I could so make our garage into one!” or “Maybe I should buy a house and do this?” And then… the thought stopped there, because you had all sorts of wild and wooly ideas of where it would be or how you would decorate it and you got so overwhelmed that you didn’t know where to start? So, like most other dreams, you put it somewhere in the back of your mind for another day. That day still has not come – until now! I have been there! Many times, with various ideas and dreams. How about this: have you ever wanted to make more money? Or create more long-term wealth, or any wealth for that matter? Free vacations anyone!? According to an article about global vacation rental statistics at ipropertymanagement.com the projected vacation rental revenue for 2019 was $87.09 billion!!! That does not include any hotel or motel stays – just homes, cabins, cottages, apartments and any other random structure that has been converted into a vacation rental. So why not you? Wouldn’t you like to have a piece of that huge pie? It is expected to continually grow annually, surpassing the annual global revenue for hotels very soon. That same article explains that millennials currently make up 40% of the global travelers and travel more than any other age group. They are predicted to spend $1.4 trillion on travel each year as of 2020 and are more likely to choose a vacation rental than a traditional hotel. It could not be a better time for you to explore this new idea and learn how you can create exceptional spaces for memories to be made, make some extra money and potentially build equity in the meantime! When I started down the vacation rental path, it baffled me that there was not a single go-to manual to explain the process. I had to figure it out over and over again myself from scratch each time. There were short little lists or blog posts that I would find online, but I didn’t get any real information from or steps to take. They were so vague that I regretted wasting my time even reading them. Between the launch of my third and fourth vacation rentals though, I decided – enough is enough! I am going to write a book and create a course to teach people how easy it really is, and to show them how they can make a ton of money doing it, too! Not to mention that fact that it is just so gratifying to have and operate them and create a space for other people to make lifetime memories in. It has become a huge passion and focus of mine over the last few years. I have been in/selling real estate for over 15 years (as a broker/owner at my company), and I’ve had investment properties myself for about 8 years. I have been extremely successful at all real estate ends, but I’ve realized it is so much more rewarding and fun to have vacation rentals! And they are much more lucrative than traditional rentals, and you don’t have to chase people down for rent money or evict anyone. You can make a lot of extra money on the side or it could even replace your current income and become your main gig – if done right! I want you to know and keep in mind though – when I started buying homes myself, I was 22 years old and single with little money, but a #hustler when it came to my work ethic. I got my real estate license when I was 19 and learned early on in my career that there are two types of people in this world: 1. The ones that had invested in real estate early and often were pretty well off and established, not having to kill themselves as they got older. 2. The ones that didn’t and still lived paycheck to paycheck with no nest egg or equity to speak of. Those that kicked themselves for not buying real estate earlier in their life when it was cheaper. These people also tended to not take risks and stuck to their 9-5 job security, and not getting out of their comfort zone. (My family, on both sides, belongs in this example.) I made my decision during those early years that I wanted to belong to the first category, and I was willing to put in whatever work or self-education that was necessary to make that happen. That is also when I came up with my own mottos to live by: Live Life Out of Your Comfort Zone, Life is What You Make It, and Make It Happen! You will see these common threads in everything that I do! So here goes! Here is the first-ever, easy-to-read guide with all of my trial and errors, what to do and what not to do, that also features the “must-haves” and basically a cheat sheet to figure it all out so that anyone on any budget in any area can make it happen! Big or small, this guide will help you decide if owning and operating a vacation rental is for you, where to start, and the order to go in to get it rolling. Beginning with my first rental, I will walk you through my experiences in the industry, through what it looks like managing yourself vs. using a property manager, and going live. I will also teach you how to price it, what you need to provide for amenities, and save you a lot of work, money and time along the way. I do believe that anyone can do this with any budget and am so excited to be on this journey with you. I will break it down into small tangible pieces so that anyone at any level of experience can understand the process and how to make it happen.