103 | The Long Short: Renting Short & Long Term | with Julie Gates

Should you be focused on short-term or long-term rentals?

Julie Gates is a real estate investor, and while she enjoys the complex world of short-term rentals, she specializes in stays of 30 days or more. She’s been in the long-term rental industry for a while now, renting out a guest home on her property, but making Airbnb a part of her business allowed her to grow tremendously — to over 30 properties owned and managed.

Eventually, Julie transitioned her business to focus on what she calls “long shorts.” What that means is that she approaches it similarly to a short-term rental — she’s not looking to lease out her property and become a landlord — but she does focus on stays of 30 days or more.

There are a few considerations when it comes to this: Some counties don’t allow short-term rentals but a stay of more than 30 days does not count as a short-term stay. It also pushes you into a long-term rental tax rate. There are also concerns with how to keep vacancy up, but Julie assures that this isn’t a problem. She goes over all of this as well as where she finds her guests, booking for businesses, and more.

Resources:

• sidwashere.com
• #STRShareSunday: @bigbluehaven

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