Why Short Term Rentals
In real estate there are literally 1000% ways to make money. The key is finding something and sticking to it.
Did we want short term rentals from day one? Absolutely not! The idea sounded terrible to me - dealing with guests? Hard pass. Yet, here we are growing our short term rental empire. What changed? Our mindset. We realized that short term rentals cash flowed harder than other types of real estate. Why did that matter to us? Because our goal was to generate rapid cash flow that can be redeployed into more investment opportunities to build more wealth. Why do we need it so fast? Because we wanted out of our jobs and were serious about taking action! We realized by sticking with building our “short term rental bridge” versus buying 1 short term rental, 1 long term rental, a piece of land, a hotel, etc. we are mitigating our risk because we are sticking to ONE asset class. We are learning everything about this asset class literally eating, breathing, and sleeping about short term rentals. It doesn’t matter as much as what you pick as you actually pick something and go ALL IN!
When you pick your bridge, commit to it. Turn off notifications for other real estate and stop the “shiny penny” syndrome. If you focus on one asset class in its entirety and put all your effort into building that bridge then once that bridge is sustained you can move on to your next investing platform. Do we plan on sticking with short term rentals forever? 1000% NO! But, since we know our goals we have a plan and here it is: buy short term rentals till we hit our goal of our net cash flow number per month. Once we hit that number we are transitioning into a second asset class to start building bridge #2 while bridge #1 is sustained. Don’t keep all your eggs in one basket for the future, but starting that way will make you an expert in that field. Long term visions should include diversifying your portfolio whether it’s multiple asset classes, stocks, gold, buying businesses, money under the mattress, etc.
I’ll leave you with this: Are you not sure what to pick? For example, do you hear Joe stating he makes all his money from self-storage? Or Kim who only buys multifamily? Or that crazy Megan who owns all those short term rentals? You’ll hear this EVERY day. The key is not to jump ship the moment you hear the next best thing. “But Megan…what if I don’t know where to start?” Listen to 3-5 podcasts or read a real estate investing book. Pick an asset class that sounds interesting and give it your ENTIRE attention for 6 months. Learn everything you can about it by podcasts, meetups, reading books, and find a mentor on THAT topic. And don’t forget to TAKE ACTION! See what you can make of it during that time and commit to it, yourself, your spouse, your dog, whoever will listen. At the end of the 6 months ideally you will own one or multiple properties. And if you don’t? Well I guarantee you have a lot more education and focus from the 6 months of learning and it will only make you better for the next asset class.
