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What you’ll learn in just 17 minutes from today’s episode:
  • Discover about driving distance properties and what makes them COVID 19 threat resistant 
  • Find out which properties provide Avery the highest ROI and efficiency 
  • Learn how to invest in Airbnb, and have everyone do it for you while you manage remotely without costing you 20% to 40% of your gross 
Resources/Links:

Summary: 

Avery Carl bought her first rental property at age 26 on a 37,000 salary. Through strategically investing in short-term rental properties in mature vacation rental markets, she was a millionaire by 31. She now owns a portfolio of 24 properties and is the CEO and founder of the Short Term Shop, a real estate team that helps investors acquire short term rental properties in the most recession-resistant markets, and trains them on the methods that led her out of the corporate rat-race and into financial freedom. 
 
In this episode, Avery shares about the very reason she focuses on the short-term rental properties and how this portfolio survived pandemic’s repercussions. She also talks about investment properties you can take part in depending on the price and ROI range that works for you and how to manage short-term rental properties remotely without losing almost half of your gross profit to expenses. 

Topics Covered: 

01:43 – How is COVID 19 affecting her short-term rentals portfolio 

05:58 – What got her into short-term rentals and what made her focus on this strategy 

09:32 – What types of properties are set up for her short-term rentals 

10:02 – What price points can investors look into  

12:27 – How are her properties grossing in income on a comparison of standard rental versus short-term rentals 

13:15 – Net income you get after all the expenses, management fees including mortgage  

13:39 – Mistakes people in the early stage of short-term rentals commit 

14:48 – Does she work with foreign investors 

Key Takeaways: 

“We have seen a boom in the drivable vacation rental market because people are busting to get out of the house, but they don’t want to get on a plane.” – Avery Carl 

“And they don’t want to go somewhere like Disney, or even just a big metro area where they’re going to be around a lot of people. They’re all driving to the vacation areas that they can get to in their cars. We’re actually seeing higher prices per night than we ever have, even on holidays.” – Avery Carl 

“The regional drivable markets have bounced back in full force, the metro markets Nashville, still struggling a little bit down the road. The bigger cities where there’s still a lot of lockdowns struggling as well.” – Avery Carl 

In the Smokies, condos don’t really work. The tourists want to stay in cabins, they want the mountain experience whereas if you go down to Florida, condos are totally okay. People love condos on the beach. You kind of have to pay attention and do some research on what’s expected.” – Avery Carl 

“With single-family, it’s not really a one-size-fits-all, which is a really good thing about this investment strategy is that nobody is priced out. There’s not a lot of barriers to entry, like say with multifamily. Newbies or really experienced investors can find a price range and ROI range that works for them.” – Avery Carl  

“If you’re self-managing, two people can gross the same exact thing and have wildly different nets, just depending on how they manage. But with a mortgage, you should be able to net roughly 40% of your gross in your first year. As you get better reviews, you’ll be able to raise your prices and you can do better than that. But to start you’re looking at right around 40%.” – Avery Carl   

“Analysis paralysis is the worst thing that any investor of any type can do to themselves.”  – Avery Carl 

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