One of the topics that we get asked about most is short-term rentals like Airbnb. My answer is always this: short-term rentals can be profitable, but it’s important to be strategic! From rental markets to policies and procedures, there are a lot of moving parts. Today’s guest, Avery Carl has been incredibly successful in the world of short-term rentals.
On this episode of Investing in Real Estate, you’ll hear Avery’s story of using short-term rental profits to build a sustainable buy and hold portfolio. Avery is sharing her best tips and tricks on how to be successful in the short-term rental space.
On this episode you’ll learn:
- How Avery became a real estate investor.
- What to look for in a short-term rental market.
- How COVID-19 has affected the short-term rental industry.
- And much more!
How Avery Became a Real Estate Investor
In 2013, Avery moved from New York City to Nashville. While her real estate agent was pushing for her to purchase a home in a hip, upcoming area, that’s not what Avery wanted for her primary residence. Avery and her husband decided to purchase a home in that neighborhood—but with the intent to use it as a rental property. She quickly realized that the investment was profitable, so she decided to scale and build her portfolio. Over the next few years, she purchased short-term rental properties in the Smoky Mountains area. Today, Avery owns 30 total properties, six of which are short-term rentals.
What to Look for in a Short-Term Rental Market
Avery explains that there’s definitely a strategy to finding the right market. Don’t go into your neighborhood expecting to find a profitable short-term rental. Instead, aim for one of the following markets.
- A metro area like Nashville or NYC that has a multitude of industries.
- A market like Hawaii or Colorado that attracts tourists year-round
- Regional markets like Gatlinburg, TN or Destin, FL that are within an 8-hour driving distance for most visitors. This specific type of market has proven to be recession-resistant in many scenarios.
How COVID-19 Has Affected the Short-Term Rental Industry
At the beginning of the pandemic, Avery was able to successfully market her short-term properties. For example, she would advertise the properties as places to quarantine or to work from home. Because of this, her business was able to operate throughout March and April. In May, when many places began to open back up, she actually noticed a boom in business. Many people were dying to get away from home, but didn’t want to hop on a flight or stay in a busy hotel.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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