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Is Short-Term Rental Truly Passive Income?

short term rental tips Sep 28, 2023
Hand holding house


Can you really achieve passive income through short-term rentals? 


As a seasoned player in this game, I'm here to share my thoughts and experiences.


The Side Hustle Route

This is the more common path for those just starting their STR journey. You might be juggling it alongside a full-time job, and that's perfectly fine. 


However, it's essential to understand that this approach is operationally intensive. You're the linchpin in the wheel, coordinating with cleaners, communicating with guests, and promptly addressing any minor issues that arise.


Imagine stitching together a patchwork quilt of various technologies to address these day-to-day challenges. 


While functional, this setup isn't without its hiccups. Integrating disparate systems often results in inefficiencies and more work on your plate.


The Business Builder Route

This route, the one I embarked upon, views STR as more than just a side gig. It's a full-fledged business endeavor. To succeed in this realm, you must be strategic about your technology stack, ensuring it's designed for scalability and global operability. 


Think of it as setting up a well-oiled machine that can run even when you're not at the helm.


This strategic approach allows you to manage properties in different countries, spanning various time zones, with ease. 


It's all about putting the right pieces in place to make your business grow and thrive.

When I began my journey into STR, I opted for this path. Let me share how that decision transformed my life.


From Investment Banking to STR Success

I should preface this transformational journey by mentioning that I spent a solid decade in the world of investment banking. 


Fast forward 6 years, and I now manage a portfolio of 26 properties sprawled across Philadelphia and Tennessee, all while residing in the bustling heart of New York City. 


What's more, I've achieved a workweek that boasts a mere five hours of actual business management.


While I can't claim to have reached the elusive 100% passive income promised land with STR, I've come pretty darn close. 




So, is short-term rental genuinely a source of passive income? Well, it depends on the route you choose. 


Whether you opt for the side hustle or business builder route, remember that success in STR, like any venture, is shaped by your approach and commitment.


As for me, I may not have achieved absolute 100% passive income, but I've come remarkably close, and that's a testament to the power of STR when you treat it as a genuine business opportunity. 


The choice is yours. Are you ready to embark on this exciting journey and make STR work for you? It's a world of possibilities; all you have to do is choose your path.


So, my fellow STR enthusiasts, I leave you with this: Will you treat it as a side hustle or embrace it as a real business? 


The decision is yours, and it's a choice that could redefine your financial future.



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