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Are you curious about how to get started with investment properties and turn them into successful rental opportunities? This topic is close to my heart as it’s something we’ve been doing for a while now, and it’s been so fun and a profitable journey for my family, so I’m excited to share our story with you
I’m sharing exactly how we got started, where we bought our properties, and what it has done for our family.
How to get started
So, to get started on this story, we lived in a pretty small house that only had about 800 square feet of usable space. After having Miles, our oldest, we decided to move to a bigger house. Since we had so much equity in the first house, we were able to use that as our down payment.
Over the years, as our equity grew we borrowed against that equity and decided we were going to get an investment property.
Choosing the right location
Deciding on the location was really important for us. We looked all over the place and originally decided to buy in New Jersey, which is where both my husband and I are from. However, with the cost, it wasn’t worth it.
So, we ended up choosing a condo in Steamboat Springs, Colorado, which is about a 4-hour drive from where we live. It was our first rental investment. It was beautiful and right in the mountains. Since we like to go up and ski, we spruced it up to make it comfortable for when we stayed, but also good enough for renters. When we got it, the goal was to cover our mortgage.
Managing the Investment Property
One of the things we found was that it was pretty tough to manage the property from 4 hours away. If something went wrong, we couldn’t simply drive there and take care of it, so we hired a local cleaning service that was close to the condo. We paid them weekly and they took care of any of the issues the renters had.
How to maximize your rental potential
To help optimize the income from the condo, we used Airbnb to reach a wide range of potential guests to stay at our home. Along with this, we used AirDNA, which is a website that shows the hottest spots in the world to own an Airbnb, as well as nightly rental prices. From there, we were able to learn how much a unit in the condo would be per night, the total expenses, and what the profit could be. All of this data helped us set our prices.
Expanding our investment property portfolio
We ended up selling that property a few years back and profited $250K. We bought a new condo that was closer to us in Vail, Colorado. It’s absolutely beautiful and the chairlift to the mountain is literally right out the back door. It’s much more expensive than our first property, but we knew we could have a higher nightly rate with this place. We have had it for 3 seasons and it has not only covered our mortgage, but we have made a profit from it.
The benefits of owning an investment property
It has truly been one of the best investments for our family. Not only have we seen a return on our investment, but we’ve made some incredible memories when we’ve stayed there. It’s been a pretty awesome adventure so far!
I understand that being a landlord isn’t for everyone, but if you are interested and have any questions about our experience, I would love to chat over on Instagram @jennimaroney. I’m not a financial advisor or a realtor, but I’m always happy to share what it’s been like for us.
In This Episode, We Chat About
- How to get started with an investment property
- Choosing the right location
- Maintaining the investment property
- The benefits of owning an investment property
Work with Jenni:
- Apply for The Next Level Mastermind
- Course Sales Accelerator: jennimaroney.com/csa
- Sales Page Template (including copy): https://courses.jennimaroney.com/showit-sales-page/
- ThriveCart: https://jennimaroney–checkout.thrivecart.com/thrivecart-standard-account/
- Looking for more? Connect with me on Instagram @jennimaroney or check out my website www.jennimaroney.com
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