REPOST FROM: https://www.startupproperty.co/blog/real-estate-disruptors-rentalpreneur
REAL ESTATE DISRUPTORS: Rentalpreneur
A disruptive real estate investor creatively disrupting the AirBnb scene
This week on the blog we talk to Rachel Prince, a Real Estate broker and Rentalpreneur. Using the Air Bnb model, Rachel helps people solve their short-term rental problems. Let’s get to know her a bit more, shall we?First and Foremost, please introduce yourself:
When did you start investing in real estate?
How big is your team? Or are you a one-man band?
What part of town do you invest in? 🌎
So, Rachel, how did you get into real estate?
It started back in 2008. I sold my condo and made a $40,000 profit. I knew I had a good eye for properties, but at the time I squandered all the money on foolish things! Which I now regret.
What is your current investment strategy and what are you currently working on?
My niche is definitely short-term rentals. I help my clients identify and convert their properties into short-term rentals on platforms like Airbnb. I also help them find and invest in new properties. Right now, I’m working on two out of three conversions for a client in Durham, North Carolina.
I recently moved to Indianapolis, Indiana and bought a property which is cash flowing very well. I really want to develop this Indianapolis market. So, I’m still building connections. I’ve put together some deals here and I’m trying to find the right investors to partner with.
What made you gravitate towards the Airbnb model and short-term rental concept?
Shortly after I sold my condo, I moved to Arizona and spent a year at a meditation yoga retreat. In 2011, I began making a documentary film about professional athletes who had setbacks but wanted to get back into the game.
Ironically, I got sick with rheumatoid arthritis while I was making the documentary. I couldn’t work because I was completely immobilized. Things got so bad that I had to apply for food stamps. I started hosting guests through Airbnb in my spare bedroom to bring in some income. It was a really tough time but this Airbnb thing turned my life around. I was able to earn $26,000 my first year, which paid for my holistic health care and got me out of debt.
So, within 2 years I literally went from being bedridden and struggling to pay rent to a 100% complete recovery and a successful career. From that point on, I was hooked on Airbnb real estate investments.
That’s amazing! What motivated you the most during that time?
I think everyone has different levels of tenacity and perseverance in their lives. For me personally, what motivated me was that I didn’t want to be in pain. I thought, here I am with a setback trying to get back in the game, just like the athletes in my documentary.
How did you come up with the Rentalpreneur concept?
I needed a platform, so I chose Airbnb real estate investments as that platform. From there I developed online courses for real estate investors who were interested in long-term appreciation and short-term cash flow. In other words, the “rentalpreneur.”
I began teaching on property conversions using the Airbnb model. Rentalpreneur teaches investors how to cash flow as opposed to here’s what you don’t have and here’s what you need.
Who fits into this Rentalpreneur investor category? And what do you look for in a potential Airbnb property?
The people that I work with are real estate investors trying to make their way in the world with maybe less than a dozen properties to start with. I like to work with people who are involved in the day to day process of owning an Airbnb property.
I have a system in my brain of what I look for in potential properties and I also teach that in my online course. However, when it comes down to it, I’m naturally just a really good shopper! I know what I like and I know what’s good. So, I’m able to find good deals, just like I did back in 2005 when I sold my condo. I’m able to score some prospects based only on a gut feeling, and then plug in the numbers to show my investors.
What was the biggest challenge you’ve had to overcome?
My health issues have been the biggest obstacles I have faced because when I didn’t feel well I just wanted to give up life altogether. Fortunately, I am really persistent and never gave up on myself. I always have Faith and believe we are meant to have fun in this life. I feel like the fun is just beginning!!
Goals & Advice
What has been your accomplishments since starting Rentalpreneur?
I love teaching and coaching investors about converting properties into the Airbnb model through my online course. There is some hand holding, but mostly coaching, mentoring and guidance. The investors who take the course find clarity on how they want to invest. I teach that you can have it all and you can also invest in Airbnb properties.
What are your future goals for Rentalpreneur?
I think the Airbnb concept extends well beyond short-term rentals. There is a wandering, “let’s have fun” culture or lifestyle attached to it. I want to continue to develop and personalize my coaching programs that keep up with the Airbnb evolution.
Has anything been particularly helpful or advantageous in your investing experience?
It has been extremely helpful continuing to learn from other experts and be around like-minded investors. This has been critical for my continued growth and that of my clients. I have found I do not need to know everything about investing yet, but when I take the time to learn a specific subject well, I can readily solve core problems for my clients while also having the resources to refer out. Plus I am super passionate about Airbnb real estate investing, so that helps.
What is your number ☝🏼 piece of advice you would give to a first-time real estate investor?
DO NOT SELL UNLESS YOU TOTALLY HAVE TO! Whatever you do, keep your property. Have someone manage it for you if you must, but let it cash flow for you. Keep the income coming in so that when you do retire, you know the property will continue to generate income and appreciate in value.
Where Can We Find You?
Rachel, thank you so much for taking the time to talk with us. Your testimony is exactly why we showcase these real estate investing stories! Where can we go to learn more about Rentalpreneur and your online courses?
That’s all for this week! Thanks so much to Rachel for telling us her story this week!
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Until next time, stay disruptive!
This blog post is strictly an interview with Rachel Prince the Rentalpreneur, and we have no professional affiliate with them. While we encourage our readers to learn from fellow members in our community, please know that Startup Property is not responsible for any personal or professional purchases or business transactions that happen between yourself and the interviewee of this blog post.