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106. Following the Journey from Idea to Income Property (Part 2), with Shannon Leyh

Mar 25, 2021

 

In Part One of this interview with Shannon Leyh, we heard how she wanted to get into the short-term rental game and purchased a rental in Snowshoe, West Virginia. Thanks to some recording magic, you don't have to wait months to hear how that story ends — we have the answers for you right now!

First things first: She closed on the property she had been looking at. Only, it took much longer than she originally anticipated. Her original goal was to have the property closed by the end of 2020, but she didn't follow her own advice of working with a local lender. They ended up hitting delays, she switched to a local lender and started the process over, and she didn't end up closing until February 5th.

Shannon's first key takeaway once the property was hers: Stay at your own property. They caught so many things that they would never have otherwise, such as the knives' quality, the number of dishes, how comfortable the furniture was. It also helped her realize what she wanted to add (Crock-Pot in a skiing resort is a must!) Here's what she decided to buy for her property:

  • Mattresses
  • Decor
  • Bedding
  • Curtains
  • TVs

Overall, while the process hit some bumps, it did end up going well. And while there is still a lot to do, Shannon is getting guests, and she's getting a feel for what it's like to run a short-term rental. For anyone out there nervous about taking those first steps, Shannon is proof that someone starting with no more than a twinkle in their eye can become a host!

 

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