QOTW: What was your Short-Term Rental homerun?

[Alicia Marks]

There are more than a few of us dreaming of earning passive income from the beach, but how can that beach house or unique property work for you? 

Check out the new BiggerPockets book by Avery Carl "Short-Term Rental, Long-Term Wealth"

You can purchase it here: https://store.biggerpockets.co...

Let's help out all of our members by sharing your best short-term rental property purchase to date! What made it so great? Location? How did your rental strategy evolve? What could you pass on to those interested in investing in this asset class? I'm so excited to hear about your homeruns!

[Monte Young]

I live in a beach community and through the years I had continuously walked by a shingle-sided house with a great ocean view.  The husband had passed away and the wife bought a new house and the beach house had sat for five years and started to deteriorate.  I found out from a neighbor that the place was going to be for sale and I approached the seller.  She named a price that was quite good and I bought it by selling another property that I had owned as a long-term rental through my self-directed 401K.  I spent the summer renovating the house which needed a lot of work.  I moved a renter in for several months and then June of 2021 launched it as an Airbnb.  It worked out very well with my best month in August with over 10K in revenue.  I have great management and an extreme attention to detail. I own it in my 401K so the income is tax-free until it's taken out.  A good view, a unique home, a great quiet location, and a competitive price are critical.  The biggest challenge is cleaning, we have gone through lots of cleaners to find some that are as picky as we are for our guests. I have already made more in the few months I have had the Airbnb going than I would have in a full year with the long-term rental.  Location, quality, price point, and the best team are the keys.