How I’m Quietly Turning 4 Rental Properties into a Passive Income Goldmine While Crushing My 9-5 Grind
Mike:
Actually, yeah, you should. And I know you are big into the STR space and that’s the one that really kind of taught me the lessons more than anything just because there is so many little, I have to pay the utilities there versus my long-term rentals. I have to pay maintenance for not just the cleaning but also the hot tub and stuff. And the thing that kind of made that apparent to me was we bought a house that needed a good amount of renovation as well as the furnishing. It didn’t have a tub to begin with, it didn’t have an exterior space, so we kind of piecemealed that and every month my owner’s statement because of the different maintenance changes would be different. This is your cleaning fee in February and then come March we added the hot tub. So now there’s a different thing there and I noticed like, oh well this is getting to be quite a bit if we do X amount per month for just the hot tub maintenance and we ended up pivoting going directly to the cleaner versus keeping it in-house. So that is one thing that I very slightly manage on my own, but it’s again, once you have the system set up, whether it’s be them connected to your schedule or your bookings or what have you, it’s a little bit of front end work that saves you a lot of time on the backend and usually will save you money as well.
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