You may think to host your first short term rental you need a great house in an a beautiful and scenic.
Short term rentals can be located anywhere that people are transient.
Homes located near airports, large businesses or hospitals, and even in the middle of subdivisions can make great homes for Airbnb hosting.
Transcript:
Chris Bounds 02:25
Yeah. Awesome. What are some of the biggest learning moments. I totally wish I knew that before turning this on the short term?
Vee Le 02:37
Well, I think that a lot of time. One of your guests mentioned earlier, like short term rentals existed way before Airbnb, right? We all hear this Airbnb thing, we think, okay, gotta be like a destinations. It’s got to be something fun. But there’s so many other reasons why people come and book, but stay.
For this home in particular, is near downtown, and it’s near the medical center. The biggest eye opener for me was, they could be anywhere.They don’t have to be in anything specific. It could be your normal neighborhood. Like we have one in spring right now that perform exceptionally well.
Chris Bounds 03:26
You don’t know, like spring is-it’s not known as a vacation area. It’s just it’s a community. It’s a community in the north side of Houston. That’s, I mean-the I don’t want insulted by saying there’s nothing special about it. But from a destination standpoint, like you don’t say,” Hey, I’m going to vacation in spring, Texas.”
Vee Le 03:43
Correct. This one is about 10-15 minutes from the airport. For people who don’t know, spring area, this is north of Houston. This one is Alpha Cypresswood. That neighborhood up there. It’s getting people book a week at a time.
It does stay fairly book and this one probably would have gotten 1500 a month. On a long term, one year lease. Last month, I think we just send the owner, we made them 4300 I would say.
Chris Bounds 04:29
This is when you’re managing for another investor?
Vee Le 04:32
Correct. Okay. I was so fascinated by how well we were doing. I said let’s why not, you know, because it’s a lot of work. Whatever love you have for hospitality, it can go away pretty quickly too.
Chris Bounds 04:51
Which I always say like this is not a passive investment. Financial freedom, in the sense that you can make a lot of money and they can pull you away from something maybe you don’t enjoy doing. Like your daytime job. In that sense, huge opportunity.
It’s not passive though, because it is a lot of work. It seems like you went that extra step to, hey, if I’m going to build this out this whole management system, I might as well at least build it out to way the management side is profitable. I’ll just manage other people’s shoe. Is that right?
Vee Le 05:27
I started this with the intent of, I don’t want to be involved in the day to day stuff. And that’s not my strength, I don’t enjoy it, I want to be running a business. I start, I focus a lot of time in building this as a business, with a team and place to run the day to day operations. And my strength is to build relationships with people like you, right to grow to help other investor who wants to maximize their earning on their second home.
And that’s how it got started. I separate it as a management business. And I have my holding entity, obviously, to hold the rental. I mean, if I can, why not? Why not capture on both sides of it and help other people? You know, in my, my pursuit of my own desire?
Chris Bounds 06:20Yeah, capitalism at its finest.