Erin Spradlin – the co-owner of Erin and James Real Estate, founder of Denver Women Invest that is a monthly investing group for women, short-term rental investor, and specialist in helping homebuyers purchase short-term rentals in several Colorado markets, with a special emphasis on using that strategy in using house-hacking, talks to Neil Henderson and Brittany Henderson, the hosts of The Road to Family Freedom podcast. Erin Spradlin talks about medium-term rentals, the short-term rental market in Denver, working with property management companies, and her group Denver Women Invest.
- Key Lessons Learned: Women typically control many of the household buying decisions. But there is a disconnect because they don’t always make the same investments. Carve out a niche. Manage your expectations when it comes to property managers.
- How did they acquire their knowledge or what knowledge did they need to acquire? Gain knowledge of the local laws. Don’t do things illegally.
- How much money did it take to get started? They put about $32,000 down that they borrowed from a heloc.
- How much time does it take now? The real estate side is a full-time job for her.
- Could they do this strategy from anywhere in the world? Not really, because it is a hands-on full-time job.
- Interested in investing in self-storage? Schedule a video chat with Neil Henderson at roadtofamilyfreedom.com/selfstoragecall
- Neil Henderson introduces Erin Spradlin.
- What was the ‘a-ha moment’ that got her interested in real estate?
- What were the costs that they paid for their first property?
- Were they telling the landlord about their rentals?
- They used their HELOC for their down payment and to furnish their first property.
- Do they use a property management company?
- How does she define a medium-term rental?
- What tips does she have for finding property management for a short-term rental?
- Erin talks about the local standards for short-term rental laws in Denver.
- Can you rent out individual rooms in Denver?
- Does she have success in doing medium-term rentals with efficiency apartments?
- What is her process for sizing up properties and how does she find them?
- How did her partnership agreements unfold?
- You have to prove to lenders that you have been highly leveraged for the last two years.
- What have been the biggest frustrations and highlights for Erin being a host and short-term rental owner?
- How did she go about getting educated when she first started with short-term rentals?
- Erin Spradlin talks about her Denver Women Invest group.
- What is she doing differently to handle changes caused by the COVID-19 pandemic?
- Neil Henderson and Brittany Henderson talk about how Las Vegas has been impacted by COVID-19.
Books and Resources Mentioned: