About

  • Stay-home Mom to twins
  • Prior career working in public sector, startups, and Fortune 500 companies
  • Established Vacation Rental Cabin Business
  • Lynne’s favorite book – 7 Habits of Highly Effective People by Stephen R. Covey

Background

Lynne Cole has a diverse career ranging from the public sector, startups, to Fortune 500 companies.  She has over 20 years of experience in sales, operations, and account management, including 7 years in executive management.  Lynne recently decided to become a stay-at-home mother to her twins while building multiple businesses to support her family and gain financial independence.

Lynne and her husband have ventured into real estate, flipping houses and owning several residential rental properties.  A few years ago, they acquired a log cabin in northern Georgia and established Arbor Hill GA, a vacation rental cabin business.  Lynne works on marketing the cabin to maintain 80% rental occupancy.  She enjoys being a rental cabin owner and plans to expand to 3 rental cabins within the next 5 years.

Show Notes

  • Experience Lynne gained through her career that prepared her for starting a side business [1:25]
  • Why Lynn sold her residential rental properties and purchased a vacation rental property [3:35]
  • Revenue of rental properties vs. a vacation rental [8:00]
  • Financing, startup cost, and expenses for a vacation rental property [10:00]
  • What options are available for insurance [14:15]
  • Annual cost of property [18:00]
  • Risks to consider before purchasing a vacation rental [20:30]
  • Furnishing and decorating a vacation rental [24:00]
  • Advice to someone wanting to purchase a vacation rental [31:00]
  • Time needed to prepare and launch a vacation rental property [33:00]

Tips

  • Damage Protection purchased through VRBO by guests gives additional protection [16:00]
  • Consider reinvesting in the property or buying additional properties with income earned [19:20]
  • Research history of the rental market in the area before you buy [20:30]
  • Pinterest is a great resource for developing your vision [25:00]
  • Don’t rent out property to guests before its ready [31:00]

Contacts and Links

Info AT ArborHillGA.com

http://www.arborhillga.com/

Listen to the Show

The Side Business Show

Ike AT TheSideBusinessShow.com