384: The “Luxury” Rental Property That Brings in $150K/Year of Pure Profit w/Veronica Garreton

Making six figures from one rental property is every investor’s dream, but to achieve this, you need to choose the right investing market, buy the right property, and create luxurious “moments” that other rentals don’t offer. Today’s guest is going to show you the ropes of luxury real estate investing! Welcome back to the Real Estate Rookie podcast! When Veronica Garreton decided to try her hand at short-term rentals, she went straight for the big fish—a $750,000 rental property in Joshua Tree, California. At the time, it was the area’s most expensive property listed for sale, and in year one, the rental barely broke even. Using her background in architecture, however, Veronica identified creative value-adds that would attract more guests and allow her to charge her ideal nightly rate. The very next year, she pocketed a whopping $150,000 in pure profit! Whether you own a basic rental or a “luxury” property, there is plenty of wisdom to glean from today’s episode. Veronica talks about analyzing deals, using the power of influencer marketing to get more bookings, and the small touches ANY property owner can make to enhance the guest experience! In This Episode We Cover: How Veronica pocketed $150,000 in profit from a single rental (in one year!) Enhancing your guest experience with simple but effective property additions How to transform your rental property into a “luxury” stay Raising your bottom line and standing out with luxury rentals How to get MORE bookings for your rental with influencer marketing The “rule of three” Veronica uses to analyze luxury short-term rentals And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Apply to Be a Guest on the “Real Estate Rookie” Podcast How to Start an Airbnb Business in a Brand New Market Should You Convert Your Rental Property Into An Airbnb? 6 Factors to Consider Protecting Your Future in Short-Term Rentals: It Starts By Providing a Powerful Guest Experience Connect with Veronica Veronica's BiggerPockets Profile Veronica's Instagram Portfolio Check out more resources from this show on https://www.biggerpockets.com/blog/rookie-384 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices