Recently I posted on Instagram about how I make money from short-term rentals that I don’t actually own and so many of you wanted to know more! I received a lot of great questions as comments and DMs and figured it would be helpful to make a post where I answer all of your questions in one place. Below are the questions I received the most:
What is a short-term rental?
A short-term rental is a furnished living space made available to rent for short periods of time. These spaces can be rented from a few days up to a few weeks or even a month. Short-term rentals are commonly known as vacation homes and can be considered an alternative to a hotel.
How do I find short-term rentals?
You can find potential short-term rentals on websites like Zillow and apartments.com. In some cities, homeowners can also rent out a vacant room, a “structure” in their backyard, or something as small as a renovated Airstream trailer. Using tools like airDNA is helpful with determining the profitability of the location.
Are short-term rentals a lease?
Your business will be subleasing properties that you do or do not own to tenants on a short-term basis.
Are short-term rentals considered passive income?
These rentals can be considered passive income but they’re more so an investment. You will be putting in the work to find properties in areas with high demand that will make you a profit. You will also be managing these properties or developing a system for them to be managed on their own. This income is earned income that you worked hard for!
Do short-term rentals have to be vacation homes?
No! Many people have this idea that short-term rentals are only vacation homes but this isn’t true! There is a wide variety of people who travel or need to stay in short-term rentals for different reasons. As a short-term renter, you can cater to people who are away on business or even those whose homes are undergoing renovations. The possibilities are endless!
How do I start a short-term rental business?
I will be hosting a masterclass this week to show you exactly how I have made over $100k in the last 90 days and secured over 25 rental properties. In this virtual masterclass I will give you the exact steps I have taken and help you even secure your first unit during the class! You could have your first unit before this time next week!