Updated almost 12 years ago on . Most recent reply
My First Vacation Rental
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!
Most Popular Reply
Congrats Micki! AirBnB is awesome, I use the site for my vacation rental in Las Vegas. It is a little more work but I make a ton of money compared to renting it out on an annual basis.
I think vacation rentals are at a start of a boom and there will be more competition in the near future. Get in now, get a ton of positive reviews and your vacation rental will be a cash cow for a long time!