How to Transition from Long-Term to Short-Term Rentals with Clint Harris
Clint Harris – Real Estate investor for over a decade with his wife, starting with long-term single-family home investing but have since transitioned into short-term rentals, including their own house on the beach. Clint Harris discusses micro-listings, using an FHA loan, past choices he would do differently now, acquiring data, and what he is doing in the short-term rental space.
Post-Interview Analysis
- Key Lessons Learned: They looked into the reviews and what the best renters were doing in the short-term rental space in his area. He is working to scale the business by creating in-house operations.
- How did they acquire their knowledge or what knowledge did they need to acquire? He read books and really used mentorship.
- How much money did it take to get started? They were all in on the property for $390,000 and came to the table initially with $60,000 including the down payment and expenses.
- How much time does it take now? Once everything is set up but once it is up and running it is around 30 minutes a week.
- Could they do this strategy from anywhere in the world? He is able to do this from anywhere.
Episode Highlights:
- Schedule a video chat with Neil Henderson at roadtofamilyfreedom.com/connect
- Clint Harris started his real estate investing with a house hack of a duplex in Columbia, South Carolina.
- Why did he stop building up his long-term single-family home portfolio?
- He used an FHA loan with about $5000-$7000 down and some remodeling.
- Were there any decisions he would have done differently?
- Was he buying properties at market value?
- What are some things he has learned?
- There are way more ways to learn from other people’s mistakes than there were 10 years ago.
- Short-term rentals are very market-specific so Clint did a lot of research.
- How did he acquire his data for the top-listed item purchases for things like mattresses?
- What are Clint’s thoughts on micro-listings?
- Does AirBnB do automatic micro-listings?
- What are Clint ‘s growth current goals?
- Has he thought about doing any co-hostings?
- Clint wants to build his real estate portfolio in a way that he can do it from anywhere in the world.
- What are the differences in expenses for long-term rentals and short-term rentals?
- Working
- What does he find as the most frustrating element of his investment work?
- What was the key piece of knowledge that made him successful?
- Clint Harris has a book on short-term rentals.
- Does he have any advice for anyone getting into this space as a parent?
Books and Resources Mentioned:
- The Road to Family Freedom: roadtofamilyfreedom.com
- Clint Harris: Facebook
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.