His HELOC Strategy Made STR Investing Easy (Smart Money Move!) | Jim McGowan

Can You Build a Thriving Short-Term Rental Business While Working Full-Time? In this episode, we sit down with Jim McGowan, a seasoned sales professional who has successfully built a profitable short-term rental portfolio—all while maintaining his full-time job! Jim takes us through his journey, from an early misstep in fractional ownership to fully owning and managing two stunning vacation rentals in Bartlett, New Hampshire: Summit Vista, a condo with breathtaking views, and Lift House, a sought-after ski-in/ski-out property. How did Jim make it happen? He breaks down his financing strategy, including how he leveraged a home equity line of credit (HELOC) to secure a prime property with a quick cash offer. He also shares the advantages and flexibility of this approach for aspiring investors. Tune in now to learn how you can start or grow your own short-term rental business without quitting your day job! Things we discussed in this episode: Jim's experience with fractional ownership and the limitations it presented. The decision to transition to full property ownership and the benefits it provided. The purchase of Summit Vista and the importance of the property's unique selling point (best view in New Hampshire). The acquisition of Lift House, a ski-in/ski-out property, and the use of a HELOC to finance it. The advantages of a HELOC, including the ability to make cash offers, flexible rates, and the opportunity to pay down the principal. The importance of providing excellent customer service and being responsive to guests. The strategy of focusing on what makes a property stand out in a competitive market. The impact of the COVID-19 pandemic on Jim's primary sales job and the role of the short-term rental income. The benefits of sharing the properties with friends and family, while still maintaining profitability. Jim's advice for new and aspiring short-term rental hosts, emphasizing the need to do the right thing and create a memorable experience for guests. . Get in touch with Jim: Facebook - https://www.facebook.com/summitvistanh Instagram - https://www.instagram.com/summitvistanh/ Airbnb - https://www.airbnb.com/rooms/893469325980802315 https://www.airbnb.com/rooms/1039058125690946596 #SmartStayShow #realestate #realestateinvestor #realestateagent #RealEstateInvesting #Airbnb #Vrbo #HardMoneyLending #BurrMethod #DebtServiceCoverageRatio #AirDNAData #EquityTapping #MarketDifferentiation #GuestExperience #ShortTermRentalManagement #RentalIncomeOptimization Follow Us! Join Jason Muth of Prideaway Stays and Straightforward Short-Term Rentals and Real Estate Attorney / Broker Rory Gill for the first episode of SmartStay Show! Following and subscribing to SmartStay Show not only ensures that you'll get instant updates whenever we release a new episode, but it also helps us reach more people who could benefit from the valuable content that we provide. SmartStay Show Website and on Instagram and YouTube Prideaway Stays Website and on Facebook and LinkedIn Straightforward Short-Term Rentals Website and on Instagram Attorney Rory Gill on LinkedIn Jason Muth on LinkedIn Hospitality.FM SmartStay Show is part of Hospitality.FM, a podcast network dedicated to bringing the best hospitality-focused podcasts to those in and around the industry, from Food + Beverage, Guest Experience, Diversity & Inclusion, Tech, Operations, Hotels, Vacation Rentals, Real Estate Law, and so much more!