Passive income is a critical part to anyone’s financial success. In fact, it was once said, “If you don’t find a way to make money while you sleep, you’ll work until you die.” (Warren Buffett) So how can you start now?
Live wherever, whenever
Short term rentals (STRs) are a fantastic way to make money passively for many reasons, but one of the biggest reasons they have become so popular is due to one word: Flexibility. Want to travel more? Want to own multiple properties? Want to show up whenever you want? The unanimous answer to these questions is simply that STRs will get you there! Not only do STRs provide a for a more enjoyable lifestyle, but for an increased capacity for personal income as well.
Your income potential in Eagle-Vail
So you have decided you want the lifestyle, but don’t know where to begin? Eagle-Vail may be just the perfect fit for you! With an annual Average Daily Rate of $502, there is money to be made with any type of property that best fits your needs. If you’re looking for something small, a 1 bedroom in Eagle-Vail typically makes $27,319 per year. Want something bigger? Buy a 4 bedroom and gross $78,319 annually! These numbers are of course before a mortgage is factored in, but many homes in the area will make back their own monthly payment even without being rented full time. That means you can come at your favorite time of year with no worries.
The “passive” part
You have a house in mind and you’re ready to go. Where does the passive aspect come into play? If you choose to manage the rentals yourself it’s not quite so passive, but with management like Away Agents you won’t have to touch a thing. This means that once you have your property and it is ready to be listed (we also do that) its essentially turns into free income. If you are ready to get started, give us a call and we can go over everything with you!