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: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices