What Was It Like Owning Vacation Rentals During The Pandemic?
Nov 11, 2021Here's what's fuzzy. Do you remember COVID? Things were on lockdown for a little bit. What was that? March? April. Vacation rentals. We've brought St. George before you're talking about Florida. I thought those were going to get hammered. I was like, oh no, no, no one can go anywhere.
They're in trouble a couple of months later. They're killing it down there. I know for St. George; I can only imagine in other locations within the US same thing. You could get a huge curveball, whether it's COVID or something else that you can't foresee, or you don't know, they could either hurt or help your Airbnb or vacation rentals.
Steve Olson:
Yeah. You don't know what to do on those black Swan events.
Sherida Zenger:
I had just had a conversation with some friends, and they picked up two homes down in Scottsdale, Arizona, and they said they purchased him when the pandemic hit, and people were panicking because they were Airbnb and they were panicking thinking I'm not going to have any income.
He said, he picked these up rehabbed the heck out of them. And he said they're making $30,000 a month per. Just doing an Airbnb on it. He said we couldn't have gotten at a better time, but he said, now go try to find something. You're not going to find something because the prices have skyrocketed right now.
Steve Olson:
Cash is king when those Black Swan events do happen. That market, that vacation home panic was a lot shorter-lived than I thought it was going to be. I think it probably lasted a lot longer for hotels.
Given the nature of what a pandemic is during spring break of 2020, my family, you know, that was a bad time, but we got in the car, and we drove to Scottsdale and we stayed in an awesome Airbnb for like nothing. Right. And we've since looked at it, it's like six times more per night than what we paid for it in April of 2020.
That just illustrates a point of the kind of product you build may determine your exit for you.
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