Ep. 21 | How to Turn Your Short-Term Rental Investment into a Profitable Business with Chantal Duame

Chantal Duame is a short-term rental investor and co-owner of Good Neighbor Realty, a boutique real estate brokerage that specializes in short-term rental investments. Chantal grosses multiple six figures passively from her short-term rental investments and has helped over 60 investors purchase short-term rentals in Colorado just last year.

In this conversation, Chantal Duame discusses the pros and cons of transitioning from traditional income to self-employed income through the use of short-term rentals. she advises clients on how to purchase and launch a successful short-term rental business, pointing out that there is a lot more work involved than simply buying a house. She also shares the potential for oversaturation in the short-term rental market, and whether or not regulation is a good idea.

[00:01 - 10:57] Opening Segment

• Introducing Chantal to the show
• Brief background and career
• short-term rental investor and co-owner of Good Neighbors Realty

[10:57 - 24:54] Short Term Rentals

• Short-term rentals vs. buying a house
• Non-professional real estate investors can get into the space by purchasing a brokerage and helping clients purchase short-term rental properties
• Revenue from short-term rentals can be earned between 15% and 20% of the sale price
• Municipalities are struggling to balance the need for residential housing with the increasing popularity of short-term rentals
• The two schools of thought on regulating short-term rentals
  • Those who feel that it will correct itself
  • Those who feel that it needs to be regulated
• Utilizing AirDNA Short-term rentals analytics
  • Gain insight into a property's competition by looking at their listings, reviews, and calendar

[24:55 - 41:36] Making Money through Short Term Rentals

• There are massive companies backing you when it comes to short-term rentals
• Maintaining peace and order in your Airbnb
• How hands-off is a short-term rental?
• The tax benefits of short-term rentals
• The importance of consulting a CPA and learning about the tax implications
• Avoiding apartments and instead buying or leasing a property that qualifies as a commercial asset such as a hotel

Quotes:

"When oversaturation happens from a short-term rental perspective, then the return from a short-term rental investment starts to diminish as well." - Chantal Duame

“Short-term rental really comes down to proximity and quality of design, as well as furniture and style.” - Chantal Duame

Connect with Chantal through LinkedIn, Instagram, Facebook, or visit www.TheGoodNeighbors.com. 

Connect with Joseph on LinkedIn, Facebook, Twitter, and Instagram   

Download resources and join our private investor group at www.engineeringpassiveincome.com 

LEAVE A REVIEW + and SHARE this episode with other professionals who want to learn how to generate passive income, grow their wealth, and get their time back. Listen to previous episodes on Spotify, Apple Podcasts, or Buzzsprout.