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

Engineered Wealth Podcast

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.

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