Julia Spencer used to invest in long-term rental homes, but decided to switch over to short-term rentals a few years ago. She shares with Jason what she has learned over the years while self-managing the properties she owns, and gives some tips on how to avoid pitfalls that she experienced. The fears of an all consuming time commitment, never being able to go on a vacation, and having your home destroyed by guests are explored, and we find out the true income potential of short-term rentals.
[2:43] Julia has about 30 listings for her 7 homes
[6:56] Julia’s portfolio prior to starting short-term rentals
[9:40] The importance of the review system in the short-term rental market
[12:45] Julia started her short-term rental career by moving out of her own house and renting it out, and got rid of some of her long-term rental homes
[16:37] Short-term rentals and problems with neighbors
[21:10] Red flags (and green flags) for properties you’re considering for short-term rentals
[25:38] What team members do you need in order to self-manage?
[31:11] Whether Julia has ever looked into using (or used) a property manager
[34:28] How Julia streamlines her operations
[38:08] A real life example of what kind of profits Julia makes on her properties