Introduction:
In the world of vacation rentals, there’s more than just properties and bookings – there are stories, experiences, and memories that drive it all. Today, I’d like to share my personal journey in this exciting industry that led me to establish DayAway Vacation Rentals.
Early Beginnings:
My journey into vacation rentals started with a deep love for travel and exploring new places. I’ve always been fascinated by the idea of creating memorable experiences for people and truly believe travel not only resets your mind but allows you to see the world from other people’s perspective. With a career in the commercial real estate industry, I realized that vacation rental management offered a unique opportunity to combine my love for real estate investing/management and hospitality.
The Learning Curve:
In 2020 I purchased a duplex in Minneapolis, Minnesota with the idea of “house-hacking”, along with implementing the “BRRRR” method.
“House-hacking” is a strategy of generating rental income from renting out part of your primary residence. In my case, I would be living in the upper unit of the duplex (2 bed/1 bath) and renting out the lower unit (4 bed/2 bath). The goal of “house-hacking” was to purchase a property with as little money down as possible (FHA loan – 3.5% down) and then use the rent from the lower unit to cover part or all of my housing costs (mortgage/insurance/taxes).
The “BRRRR” method, coined by Brandon Turner in 2017, is a real estate strategy of buying, rehabbing, renting, and refinancing. The goal is to force appreciation by renovating real estate, creating a passive income stream at a higher rental rate (since the property was updated) and doing a cash-out refinance to convert a portion of your equity into cash. That cash could then be used to buy another property.
In the summer of 2022, I moved out of the duplex and rented out both units on a long-term (annual) basis, which provided modest cash flow. A goal of mine has always been owning my own busines and I knew it would be real estate related. I took a look around me and noticed I was staying at short-term rentals (Airbnb/Vrbo) nearly every vacation and had friends/family that operated these. I dove head-first into learning every aspect about the vacation rental industry. I had so many questions and was curious how to get started, so I did my research and found a successful short-term rental entrepreneur to learn from. I invested in his 3-month course which provided me with the tools, resources and confidence to turn this dream into a reality.
After completing the course, I decided to put the information into practice and convert the upper unit of my duplex to a short-term rental. I’ve encountered challenges and valuable lessons that shaped my approach to property management. From understanding the importance of attention to detail, to building a trusted team of cleaning and maintenance crews, to learning the art of effective communication- every experience was a stepping stone toward where I am today.
The Birth of DayAway Vacation Rentals:
DayAway Vacation Rentals was established in the spring of 2023 and was created not only as a business venture, but to share the joys of vacationing with others. DayAway Vacation Rentals offers vacation rental owners a completely hands-off model, focusing on listing optimization, dedicated customer support, short-term rental data research, top-tier security technology, all while maximizing returns for investors. We will also provide guests a 5-star experience, guaranteeing cleanliness, security, communication and competitive pricing, which is outlined in our rental agreements.
What Sets Us Apart:
Through my journey, I’ve come to understand that the success of a vacation rental isn’t just about the property itself but also the care and dedication put into its management. At DayAway, we bring a personal touch, local expertise, and a commitment to excellence that sets us apart from the rest. Our dedication, integrity, and innovation ensures that every day with us is a DayAway from the ordinary.
Our Shared Adventure:
As we continue to grow and serve property owners and travelers, I invite you to be a part of our shared adventure. Whether you’re a property owner seeking trusted management or a traveler in search of a perfect getaway, know that at DayAway Vacation Rentals, we’re not just a management company; we’re your partners in creating lasting memories.
Conclusion:
Thank you for joining me on this journey through my experiences in the vacation rental industry. I’m excited about what the future holds and look forward to sharing more stories, insights, and exciting developments with you. If you have any questions or want to connect, please don’t hesitate to reach out. Here’s to more unforgettable vacations and successful property management together!
