Staying on the Right Side of Short-Term Rental Laws with Erin Spradlin

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Staying on the Right Side of Short-Term Rental Laws with Erin Spradlin

Erin Spradlin – the co-owner of Erin and James Real Estate, founder of Denver Women Invest that is a monthly investing group for women, short-term rental investor, and specialist in helping homebuyers purchase short-term rentals in several Colorado markets, with a special emphasis on using that strategy in using house-hacking, talks to Neil Henderson and Brittany Henderson, the hosts of The Road to Family Freedom podcast. Erin Spradlin talks about medium-term rentals, the short-term rental market in Denver, working with property management companies, and her group Denver Women Invest.

Post-Interview Analysis 

  • Key Lessons Learned: Women typically control many of the household buying decisions. But there is a disconnect because they don’t always make the same investments. Carve out a niche. Manage your expectations when it comes to property managers.
  • How did they acquire their knowledge or what knowledge did they need to acquire? Gain knowledge of the local laws. Don’t do things illegally.
  • How much money did it take to get started? They put about $32,000 down that they borrowed from a heloc.
  • How much time does it take now? The real estate side is a full-time job for her.
  • Could they do this strategy from anywhere in the world? Not really, because it is a hands-on full-time job.

Episode Highlights:

  • Interested in investing in self-storage? Schedule a video chat with Neil Henderson at roadtofamilyfreedom.com/selfstoragecall
  • Neil Henderson introduces Erin Spradlin.
  • What was the ‘a-ha moment’ that got her interested in real estate?  
  • What were the costs that they paid for their first property?    
  • Were they telling the landlord about their rentals?   
  • They used their HELOC for their down payment and to furnish their first property.   
  • Do they use a property management company?   
  • How does she define a medium-term rental? 
  • What tips does she have for finding property management for a short-term rental?   
  • Erin talks about the local standards for short-term rental laws in Denver.    
  • Can you rent out individual rooms in Denver?  
  • Does she have success in doing medium-term rentals with efficiency apartments? 
  • What is her process for sizing up properties and how does she find them?  
  • How did her partnership agreements unfold?  
  • You have to prove to lenders that you have been highly leveraged for the last two years. 
  • What have been the biggest frustrations and highlights for Erin being a host and short-term rental owner? 
  • How did she go about getting educated when she first started with short-term rentals?  
  • Erin Spradlin talks about her Denver Women Invest group. 
  • What is she doing differently to handle changes caused by the COVID-19 pandemic? 
  • Neil Henderson and Brittany Henderson talk about how Las Vegas has been impacted by COVID-19.

Books and Resources Mentioned:

About the author, Neil

Neil Henderson is the co-host of The Road to Family Freedom, a self-storage investor, and avowed proponent of short-term rental house hacking. He founded The Road to Family Freedom to guide busy parents to financial freedom through passive real estate investing.

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