Achieving Early Retirement through Airbnb|Zeona McIntyre - a podcast by Cody of Fly to FI and Justin aka Saving Sherpa
from 2019-07-30T07:00:16
In today's episode, Cody and Justin are joined by Zeona McIntyre who is an absolute boss with Air BnB rentals.
Her story starts by getting a degree she'd never use and $50k in student debt.
Fast forward to 2011 and a roommates exit opened her eyes to the possibility of Air BnB.Today she owns six homes and manages over 20 more that are all making huge profits on Air BnB.
Listen and follow along with the summary below and make sure to check out the links at the bottom of the page.Episode SummaryShe grew up in a family that wasn’t good with money and included moments on food stampsFinance was always an interest to her and she started digging deeper into studying it around 18 She actually grew up in MauiThere was always a deep interest with her in entrepreneurship and hustlingHer dad didn’t believe in college but she ended up going even though she admits she didn’t use her degree and a lot of people go into debt for it with no benefit When she graduated she came out with $50k in debt after getting a fashion marketing associates degree in Los AngelesShe realized her degree was pointing her towards a corporate environment that wasn’t appealing to herAfter college she bounced around fun jobs like being a tour guideShe was able to save money even with these fun jobsWith the tour guide jobs, they were living on the road so she didn’t have housing costsDuring this time she was trying to pay student debt but only the minimum After 10 years she realized she had barely lowered her student debt at all because of interestShe moved to Boulder in 2011 to become a massage therapist and discovered Air BnBBecause she already had experience with Couch Surfing, it felt comfortable to herShe had a two bedroom apartment she was renting but had furnished it all herselfAfter a roommate left, she decided to just Air BnB out the extra roomIt wasn’t steadily rented, but enough to cover the rentAfter it started being successful, she rented another apartmentYes, she was renting two, two bedroom apartments for Air BnB!At a point she started cleaning the places herself which allowed her to quit her $12/hour jobWe talk about how to give your Air BnB a unique touch to make it more desirableShe feels like Air BnB is way more interesting and profitable than long term rentalsHer first real introduction to financial independence also came in 2011 via Mr. Money MustacheShe was 25 and wanted to retire by 30When she started the focus was just on the large nest eggIt eventually pivoted to a cash flow mindset when she saw the success of Air BnBShe became cash flow FI at age 28 and began buying homesNow she owns 6 homes and manages over 20 properties at age 33It’s important to remember that anyone can try thisAll you need is a couch or a backyard with a tent to get startedRemember though things like towels and sheets!Then we talk about managing other people’s Air BnB vs posting your own placeRates range from 20-40% (Much higher than long term rentals)
Key TakeawaysWeird Works: Who would ever think to rent a second apartment just to put on Air BnB? It sounds weird but it's high profit and low risk!
Build Habits: Zeona didn't have much money at first but she started good habits even if it was just $50. That allowed her to handle her money when she actually had a lot of excess coming in.
Mix Business and Pleasure: Zeona has found a way to travel and support her business. By owning Air BnB's across the country, she can visit them to check up and get a vacation at the same time.
Call to ActionLook around your house or maybe a family members house and if you have a room or space that goes unused, pop it on Air BnB. Just get started!
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Further podcasts by Cody of Fly to FI and Justin aka Saving Sherpa