His HELOC Strategy Made STR Investing Easy (Smart Money Move!) - with Jim McGowan

Can You Build a Thriving Short-Term Rental Business While Working Full-Time?

In this episode, we sit down with Jim McGowan, a seasoned sales professional who has successfully built a profitable short-term rental portfolio—all while maintaining his full-time job!

Jim takes us through his journey, from an early misstep in fractional ownership to fully owning and managing two stunning vacation rentals in Bartlett, New Hampshire: Summit Vista, a condo with breathtaking views, and Lift House, a sought-after ski-in/ski-out property.

How did Jim make it happen? He breaks down his financing strategy, including how he leveraged a home equity line of credit (HELOC) to secure a prime property with a quick cash offer. He also shares the advantages and flexibility of this approach for aspiring investors.

Tune in now to learn how you can start or grow your own short-term rental business without quitting your day job!

Things we discussed in this episode:

• Jim's experience with fractional ownership and the limitations it presented.
• The decision to transition to full property ownership and the benefits it provided.
• The purchase of Summit Vista and the importance of the property's unique selling point (best view in New Hampshire).
• The acquisition of Lift House, a ski-in/ski-out property, and the use of a HELOC to finance it.
• The advantages of a HELOC, including the ability to make cash offers, flexible rates, and the opportunity to pay down the principal.
• The importance of providing excellent customer service and being responsive to guests.
• The strategy of focusing on what makes a property stand out in a competitive market.
• The impact of the COVID-19 pandemic on Jim's primary sales job and the role of the short-term rental income.
• The benefits of sharing the properties with friends and family, while still maintaining profitability.
• Jim's advice for new and aspiring short-term rental hosts, emphasizing the need to do the right thing and create a memorable experience for guests.

Get in touch with Jim:

• Facebook -   / summitvistanh  
• Instagram -   / summitvistanh  
• Airbnb - https://www.airbnb.com/rooms/89346932...
• https://www.airbnb.com/rooms/10390581...
  
  

➢ Subscribe:    / @smartstayshow  

• 0:00:00 Fractional Ownership Mistakes
• 0:03:29 Transitioning to Full Property Ownership
• 0:07:13 Navigating the Pandemic's Impact on Income
• 0:09:39 Securing the Summit Vista Property
• 0:12:46 Acquiring the Lift House Property
• 0:15:51 The Benefits of Short-Term Rentals
• 0:20:00 Financing Strategies: Using a HELOC
• 0:24:19 Instant Booking Pros and Cons
• 0:28:03 Differentiating Your Property in a Competitive Market
• 0:32:02 Providing Excellent Customer Service