But maybe you’re not ready to drop a few million on a multifamily mansion. Even so, you can still make a phenomenal return in the short-term rental space, you just need to know how to do so. Back in episode 578, David and Rob walked through the first three steps in their short-term rental success strategy. Steps like finding a short-term rental market, choosing your location, and defining your strategy.
In this part two episode, David and Rob walk through the more granular steps to getting your vacation rental up and running. Steps like what property type works best for which investors, understanding your timeline so you can build wealth while obtaining financial freedom, and divvying up work between you and your partners (or investors). Follow all five (six) steps in this episode, and you’ll be on your way to cashing in the profits from your vacation venture!
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Show notes at: https://www.biggerpockets.com/show579?utm_source=youtube&utm_medium=description&utm_campaign=none
5:27 Step 4: Choosing Your Vacation Rental Property
18:49 Mitigating Your Investing Fears
20:16 Step 5: Establishing Your Investment Timeline
27:56 *Bonus* Step 6: Divvying Up Partner Responsibilities
36:07 Setting Up The Property
40:25 Working with Investors
45:18 Ready to Get Into the Short-Term Rental Game?