Jamie Inlow Income Report

Company

Be Still Getaways

Industry

Travel Gear and Luggage, Luxury Goods

Revenue Models

Marketplace, Real Estate

Jamie Inlow turns barn Airbnb into Be Still Getaways empire, earning $150,000 annually managing 129 luxury properties

Imagine starting a business with just an idea, no prior experience, and a modest $2,000 gift. That’s exactly what Jamie Inlow did. With her neighbor’s contribution, she outfitted an apartment above a barn in Scottsville, Virginia—home to some Merino sheep—and listed it on Airbnb back in 2019. Jamie shared the profits with her generous neighbor.

The Journey to Profitability

Dreaming of transforming this side gig into her main focus, Jamie established Be Still Getaways to manage the property. At first, the venture didn’t generate enough profit to be her sole income; she relied on her $50,000 annual earnings from her roles at the University of Virginia.

  • In 2021, Jamie and one full-time employee oversaw 30 listings with revenues reaching $205,000.
  • Maintenance costs and portfolio expansion left slim profits; Jamie paid herself just $10,000 that year.

Growth and Expansion

You know how it goes – start small and dream big! The original rentals were cozy single-family units until a local real estate agent partnership in summer 2022 allowed for more luxurious offerings. Revenue skyrocketed! This boost led to hiring more staff and gave Jamie the freedom to leave her other jobs.

Be Still Getaways: Today’s Success Story

A whopping 129 properties! Be Still Getaways now manages locations across Virginia with an impressive revenue of $2 million last year alone, as per CNBC Make It’s documents review. Wondering about personal earnings? Together with her husband who also joined the company leaving his teaching job behind—they make $150k annually from their thriving business!

Inside Scoop: CEO Insights and Tips for Aspiring Entrepreneurs

Jamie reflects on the early days: “Resilience and ambition fueled my success,” she remarks candidly. “I used to bend over backwards for every partnership.” Today’s advice from Jamie? Set boundaries; not every contract is worth compromising your vision.

You’re curious if you can replicate this success?

  • The market for short-term rental managers is ripe—there’s room for you too!
  • Kick off by clearly defining your product, team criteria, and standards—no compromises there!
  • Budget smartly—for top-notch staff before self-compensation—if you’re serious about growth.

The CEO vs. Side Hustler Perspective Shift:

“Running your own show means sometimes taking a step back and savoring why you started,” says Jamie. She treasures interactions with guests at their motel shop—the genuine spark in their eyes reignites passion for hospitality that fuels Be Still Getaways’ vibrant future.

How It Works: Starting Your Rental Management Venture

Embarking on a rental management journey? Here’s your blueprint, inspired by Jamie Inlow’s success with Be Still Getaways.

Step 1: Lay the Groundwork

  • Idea Generation: Start with a solid idea, identify the type of properties you want to manage (luxury, boutique, etc.).
  • Funding: Secure initial funding for essentials. This could be savings or an investment from someone who believes in your vision.
  • Furnishing: Prepare your first property to impress. A well-furnished space can attract more bookings and command higher prices.

Step 2: Get Online and Operational

  • List Your Property: Use platforms like Airbnb to present your offering to the world.
  • Create a Corporate Entity: Establish a business identity that embodies your brand and vision; let’s call it “YourGetaway” for now.
  • Sweat The Small Stuff: Impeccable cleaning standards and quality service are non-negotiable. They’re the bedrock of guest satisfaction and repeat business.

Step 3: Financial Finesse

  • Pricing Strategy: Set competitive yet profitable rates for your rentals. Keep an eye on expenses such as maintenance and repairs.

Step 4: Scale Up Smartly

  • Evaluation & Expansion:You’ll need more than grit – analyze what works. When ready, scale by adding more properties carefully selected based on their potential ROI. Balancing Act: Incremental growth is key – don’t bite off more than you can chew! You might need help managing numerous listings effectively.(Remember, even our pro had humble beginnings!).

Pros

  • Financial Upsides: Building a side hustle in property management can lead to substantial revenue growth as evidenced by Jamie Inlow’s Be Still Getaways, which saw its income soar to $2 million in a few years.
  • Career Transition: With dedication, the side hustle has potential for transition into a full-time career allowing for personal employment shifts, as seen when Jamie and her husband left their jobs to focus on the business.
  • Lifestyle Flexibility: Owning your own business provides flexibility and control over one’s work-life balance, essential for those with other responsibilities such as parenting or dual careers.
  • Scalability: The property management model demonstrates scalability; starting from a single listing, it can grow into managing multiple properties, expanding both the portfolio and earning potential.
  • Personal Fulfillment: Engaging with guests and enhancing their experience offers profound job satisfaction which can refill one’s emotional reserves, as Jamie recounts from her interactions with customers at her motel shop.

Cons

    • Financial Commitment: The need for initial and ongoing investment is significant, often requiring personal funds before profitability is realized.
    • Work-Life Imbalance: The venture may initially demand a sacrifice of personal time, leading to a struggle to maintain a healthy work-life balance, as stated by the CEO who is also a mother.
    • Maintenance Overheads: As revenue increases, so do expenses related to maintenance and repairs which can consume a large portion of the profits.
    • Bureaucratic Complexities: Managing an expanding portfolio requires navigating through an intricate web of contracts and partnerships that may come with concessions detrimental to the business’s interests.
    • Limited Profit Margins on Smaller Rentals: Smaller rental units might yield meager profit margins making scalability a challenge without transitioning to more luxurious properties

Income-Generating Platforms Used by Jamie Inlow

Hey, have you ever wondered how someone can turn a side gig into a cash cow? Well, let me tell you about Jamie Inlow, who managed to do just that. As we dive into her story, check out the platforms she used – it’s quite the entrepreneurship lesson!

Airbnb: The Starting Point

  • Jamie kicked off her journey by listing an apartment on Airbnb.
  • The profits from this listing were shared with her neighbor, who owned the property.
  • This single Airbnb venture was the seed that grew into her full-time business called Be Still Getaways.

Be Still Getaways: Expansion and Scale

You know how one thing leads to another? Jamie’s Airbnb success became a stepping stone. With Be Still Getaways:

  • Jamie scaled up to manage 30 listings by 2021, and boy did that bring in some serious moolah – we’re talking $205,000 in revenue!
  • Maintenance and expansion costs were high at first, making profits leaner than you might expect.
  • But persistence paid off! By summer of 2022, she’d leveled up to luxurious vacation rentals.

Rental Platforms Like Airbnb: The Revenue Rocket

Come closer – this is where the magic happens:

      1. 129 properties in Virginia, can you imagine managing all those?

Last year alone, these brought in a cool $2 million through rental platforms like Airbnb – yep, verified by CNBC Make It’s review of documents. Cha-ching!

And guess what? Jamie’s not flying solo anymore; her husband joined the business too. Together they’re drawing a sweet combined salary of $150k per year from Be Still Getaways.

I don’t know about you, but I find this story incredibly inspiring. Just goes to show that with some determination (and a good rental platform), sky’s the limit for generating income!

Understanding the Revenue Model in Property Management

Industry Overview and Key Activities

The industry in discussion revolves around short-term property rental management, a sector gaining traction for offering travellers a homey experience. The key activities encompass:

  • Acquiring properties for listing on platforms like Airbnb.
  • Maintaining high standards of cleanliness and guest satisfaction.
  • Optimizing listings and pricing to maximize revenue.
  • Building partnerships with property owners and real estate agents.
  • Hiring competent staff to ensure operational efficiency.

The Revenue Model Breakdown

The model is straightforward yet requires diligent management:

  • Rental Income: Profits are split between the manager and the property owner.
  • Maintenance Costs: A portion of earnings is reinvested into property upkeep, repairs, or expansion.
  • Salaried Employment: A focus on building a reliable team before prioritizing personal profit margins is essential.

The Initial Investment Estimate

To set forth on this venture, one might expect an initial investment that covers these areas:

  • Furnishing & Setup Costs: A ballpark figure could range from $1,500 to $5,000 per property depending on size and luxury level.
  • Purchasing Properties vs. Partnership: A higher investment is required if purchasing properties outright; however, forming partnerships can reduce up-front costs.
  • Hiring Staff: An investment for at least one part-time assistant would lessen workload – estimated at $10-15 per hour.
  • Tech & Marketing: We cannot overlook website development and marketing strategy budgets which may start around $2,000. Business Licensing & Insurance: Necessary legalities may require upwards of $500 initially.

This rough estimate totals an initial investment ranging from approximately$15,000 to $25,000,) excluding any real estate purchases or leasing fees but factoring in minimal operating expenses for the first few months.In conclusion,“An ounce of preparation is worth a pound of cure,” bringing this adage to life as we navigate the fiscal waters of launching a venture in property rental management. With prudence as our compass and commitment as our sail, we embark upon this journey with eyes wide open to both its potential rewards and risks.

Essential Tools and Services for a Short-Term Rental Business

Digital Platforms and Software

  • Online Marketplaces: Airbnb, VRBO, Booking.com or similar platforms to list rental properties.
  • Property Management Software: Tools such as Guesty or iGMS that aid in managing bookings, calendars, and operations.
  • Financial Management Tools: Accounting software for tracking revenue, expenses, and profitability.

Furnishing and Amenities

To provide guests with comfortable stays and ensure positive reviews:

  • Furniture: Cozy and quality furniture to outfit the property attractively.
  • Amenities: Basic supplies like toiletries, linens, kitchen essentials, etc.
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Revenue Type

Online Business, Side Hustle

Platforms

Airbnb

Committment

Full Time

Last Updated

06/28/2023