Short Term Rental Growth

[Tyler Lingel]

Hi I currently own 2 short term rentals and am building a 3rd in the Adirondack Mountains. My wife and I manage the properties easily while both having full time jobs. We were approached by a friend who is considering purchasing a property near the ones we already own and wants me to be a 50/50 partner. He would fronting all money for down payment and start up costs and it is a person I am comfortable being partners with. The catch is the property comes with 2 homes and 9 single room rental units so it would grow our portfolio by almost 5x.

My question is are my wife and I getting in over our heads if we consider going in on this deal? Right now our thought process is she would quit her 9-5 to manage this new property as well as our other 3 properties full time. I do earn enough to support us in a worst case scenario.

Thank you in advance!

[Jeremy Holden]

If your wife wants to retain her job, it could be a good idea to hire a virtual assistant to manage many of the day-to-day activities that will come with the added units. Might be a good middle ground!