My First Vacation Rental

[Micki M.]

Three years ago I was a newbie real estate broker working on commercial leases. Now I have my own growing brokerage and a fresh perspective where I see my broker job as my "day job" which I eventually want to quit so I can be a full time real estate investor.

I bought my first condo (primary residence) last Feb, and next week I close on condo #2 (new primary residence). My first condo is now a short term furnished rental. Why do that, you ask? It's a small studio in an ugly building in the great Cap Hill neighborhood in Denver. But it is unique, the only unit on the 4th floor - I call it the "penthouse" with a giant deck, mountain views, and a parking spot. They couldn't give this place away last year due to financing restrictions on the building. I can get $900/mo with a regular lease, but I'm getting $1450/mo by Airbnb'ing it to travel nurses. I haven't even closed on my new place and it's booked for the next five months. That's going to pay both my mortgages and cash flow $250/mo. It's like I'm getting the new condo for free!

Next stop, a true vacation rental someplace warm!

[Micki M.]

Thanks for all the love everyone!

@Jeremy Baker I am not using a property manager since I only have one unit, and with multi-month stays as my strategy turnover is manageable. I do pay a service to clean. Any properties out of state I will want to be fully managed. Hawaii is top of the list. I'm hoping to come shop in Jan/Feb.

@Keith Courtney Thanks for speaking up. Florida is on my list, I will connect on BP and keep in touch. Local market knowledge is definitely key!

@Susan Gillespie I use Airbnb because originally I was renting my primary place out while I was out of town (which helps pay for travel!), and actually my HOA has a 60 day minimum. But because I want to rent to travel nurses or similar tenants and have less turnover I only do multi-month stays. It's not as much income as daily rental rates but a lot less work and so far a better vacancy rate. I will be investigating other services/marketing, I'm currently reading through Matt Landeau's VR Marketing info and applying things little by little.