138. Buying with the End in Mind

We are all about starting fast without overthinking things. You don’t have to have everything dialed in and figured out before you dive into your first short-term rental property. But one thing you should have some idea of at the very beginning, is the end. That is, what do you do with that property once your STR journey is over? You never know where life is going to take you, so it’s smart to have these things in mind as things change over time. 

There are many reasons why you may want to sell your short-term rental investment. Maybe you’re tired of going out to that location, your creativity is spent on that particular property, it’s no longer meeting your expenses, or the market has changed. Maybe it’s a seller’s market and time to cash out, or maybe your life has simply changed. Whatever the reason, it’s important that you don’t get stuck with your property if you ever run into that kind of situation.

We’re going to explore what you need to know when you buy so that you can plan out a successful exit strategy. You don’t have to have it all figured out before you begin, but you want to think about what you can do if circumstances change – because change is the one thing that is always constant.

Resources:

• Visit thanksforvisiting.me/workshop to watch our Hosting Business Mastery Method workshop!
• #STRShareSunday: @black.barn.ranch