Hi everyone! Welcome to episode six of the Women Invest In Real Estate Podcast. Today we are welcoming guest Ashley Gallacher to the podcast. Ashley is a full-time real estate investor in the Seattle, Washington area. Ashley left her W-2 in corporate finance at the end of 2020 and now has both short and mid-term rental properties throughout Tacoma, near Mount Rainier National Park, and also in Milwaukee.
Ashley got her start in mid-term rentals after learning about Kendra and also Sarah Weaver on Instagram. They both have amazing resources on their Instagram pages and she came across them when she was looking for inspiration on how to pivot and switch her long-term rental to something different. Right now, Ashley only has one mid-term rental but it is on her list to turn more of her existing rentals into mid-term rentals and also find new properties to turn into mid-term rentals to add to her portfolios as well.
Ashley purchased her now mid-term rental in early 2020 (pre-pandemic) for $270,000. When they closed in March 2020 things quickly began to shut down and were lucky enough to find a long-term tenant very quickly for $1,700 per month, a bit lower than initially planned but she was also happy to have it occupied going into the COVID pandemic. Despite her initial fear that her market was oversaturated with mid-term rentals Ashley made the leap and has had great success with her mid-term rental.
When Ashley made the switch to mid-term rentals, she increased the rent from $1,700 to $2,500 per month (now up to $2,700 per month) and gauged interest on a local Facebook group. With a lot of inquiries, she quickly locked in tenants before she had even finished furnishing the unit!
Being in real estate is all about being creative. Just getting started, taking action, and learning as you go; making necessary adjustments along the way. For the rookies tuning in, none of us knew 100% what we were doing when we first started, but we started anyway. We’re continuously changing our processes to make them better.
Ashley is in agreement that the mid-term rental market is strong and will continue to grow and has plans to continue growing her real estate portfolio basing whether they are long or mid-term on the demand in the market. For the most part, Ashley finds her tenants on FurnishedFinder and local Facebook groups but would be open to using sites like Airbnb to keep her units rented.
If you want to connect with Ashley, head on over and follow her on Instagram.
Thanks for tuning in friends to another WIIRE episode, catch you in the next episode!
Resources:
WIIRE 121: How to Combine Short & Midterm Rental Strategies with Kelsey Porter
WIIRE 120: What Should You Be Looking For When You Do a Property Walk-Through?
WIIRE 119: Balancing CEO and Stay-At-Home Mom Life with Kristen Witalka
WIIRE 118: What Financial Tasks Should I Be Doing Weekly, Monthly, & Yearly in my Rental Business?
WIIRE 117: Small and Mighty Real Estate Investing with Chad Carson
WIIRE 116: How to Use Free Marketing for Your Rental Business
WIIRE 115: How to Implement the Entrepreneurial Operating System in Your Business with Maya Bovshow
WIIRE 114: Our CEO Roles as Full Time Real Estate Investors
WIIRE 113: Fourplex From Hell: Resilience as a Rookie Investor with Katie Hofer
WIIRE 112: Legal Contracts You Need in Your Real Estate Business
WIIRE 111: Lessons Learned While Self Managing Rental Properties
WIIRE 110: Ask A&G: Midterm Rental Frequently Asked Questions
WIIRE 109: House-hacking New Build Homes Tax Free with Monica Fullerton
WIIRE 108: Best Tenant Screening Practices
WIIRE 107: Starting Your Real Estate Journey At Any Age with Liz Connelly
WIIRE 106: Increasing Your Profitability without Buying More Real Estate
WIIRE 105: Midterm Rental Operations with Jamie Banks
WIIRE 104: Handling Maintenance Requests Like a Pro
WIIRE 103: Midterm Rental Co-Hosting and Credit Card Hacking with Jaina Pallasigui
WIIRE 102: What Can You Expect At A WIIRE Retreat?
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