Niche Vacation Rentals - Medical Marijuana & You
To begin, I'd like to thank you for your time and interest in the topic of Marijuana and Vacation Rentals. Though a lengthy introduction, I felt it would be best to give everyone a solid base to ask questions and begin a solid discussion. Please feel free to provide feedback below, ask questions and contribute to a positive interaction. If you would prefer, feel free to ask any questions via PM if you're uncomfortable with the topic. For many years, the fear of the topic of Marijuana had prevented me from approaching others, don't let this be the case for you!
In Colorado, although the state has passed Amendment 64 in regards to legal marijuana (on a state level), there is no legal place to consume it besides the comfort of your own home. A market that remains widely untapped.
Some local Cannabis Clubs have begun to spring up in order to fill the need for a place Renters and other non-homeowners can safely consume their medication (Yes, it is medicine and the US government holds patent 6630507 that even says so). However, because we are all so "wholesome" and "family-oriented", these clubs are continuously under attack for doing just what they are meant to do. Keeping them out of Rental Properties and out of the public.
It is my belief that everyone has the right to make the decision to allow or not allow something that is still Federally illegal on their property. If you do not want it in your home, it is recommended that you add a clause to your Lease & Rental Agreement documents, as well as ensure you ask the question verbally to any applicant of your property if they smoke it. Do your due diligence and from there, take the necessary actions against those that violate your terms. No one can fault you for holding onto your own values and rules if you still don't accept Marijuana in your home.
Personally, as a medical patient, military veteran, and after being involved in 2 severe car accidents, the ability to accomplish more each day because of the benefits marijuana gives me a great sense of motivation to be successful. The "legal" prescriptions available to treat my Degenerative Disk Disease and Spondylolisthesis would leave me unable to get out of bed, sick to my stomach, and even worsen my pain. After coming to a better understanding of the plant, it's become apparent the things we've learned about Marijuana isn't correct. Since waking up this morning, among getting ready for the day, I've read through 10 BP forums & 2 Blogs to refresh my knowledge and learn more, updated my vacation rental listings online and I'm only a couple hours into my morning. This was all done after medicating with marijuana and being fully aware of what I need to accomplish today. Maybe it's just me, but my medication provides me with an elevated interest in learning and expanding my investment knowledge with great focus. After this post, I'll continue to research additional REI methods, techniques, and suggestions for improvements in my investing path.
As an investor myself, I've chosen to fill a Niche in the Vacation Rental market by providing the "Marijuana Refugees" a safe place to relax during their stay in Colorado Springs. Upon closing on my first 4 bed 2 bath home using the VA home loan, I've invested in furnishing my home for vacationers to enjoy and have had some success. The biggest challenge so far has been winter reservations slowing down to a crawl.
To date, I've hosted both non-smoking and smoking groups of travelers. Part of my house rules includes a 21 y/o age limit. Guests are limited to smoking their Cannabis in the Kitchen area only (tiled area, in case of spillage) & with the window open (weather permitting). The non-smoking guests were all very respectful of my home and my choice, and even were interested in discussing the topic. The feedback from my guests has been very positive and I'm happy to host them during their stay.
Since hosting via Airbnb, I've been researching the other local listings for comparison and discovered that most local Hosts don't mind their guests using marijuana, however they will be typically limited to smoking in the outdoor areas of the property.
Like Tobacco, it's very understandable to enforce an outdoor smoking rule. The smell of marijuana is amplified when smoked and some people are truly offended by it. Some furnishings can absorb the smell and it can be a pain to eliminate, but not impossible.
With the recent expansion of marijuana into concentrate form (Aka. Dabs, shatter, wax, etc), the smell isn't as intense. By extracting the plant's cannabinoids into a more pure form, the smell of weed is significantly reduced to such a manner that most don't even notice in a crowded room. They have begun to become so stealthy, they look just like the little vape pens you purchase at the gas station for your nicotine fix. It's likely you've even been next to someone smoking it and didn't even know it!
Alright folks, truly I appreciate you reading through such a long post. Please comment any questions you may have or just throw in your own personal experience. Would love to hear your opinions and views on this topic.