From CPA to Real Estate Mogul: Kerri Gibson’s Journey in Short-Term Rentals
In an ever-changing economic landscape, the allure of real estate investment as a means to financial freedom continues to capture the imagination of many.
However, transitioning from a traditional career to the world of real estate can seem daunting.
Kerri Gibson, a former CPA from Orford, Quebec, is a prime example of turning professional expertise into a successful venture in short-term rentals.
After leaving her high-stress tech job in 2017, Kerri embarked on an inspiring journey that transformed her passion for property renovation into a thriving business.
Through her story, we uncover the challenges, realities, and exhilarating highs of becoming a real estate mogul in the short-term rental market.
Key Takeaways
- Kerri Gibson transitioned from a high-stress CPA career to becoming a real estate investor after discovering a passion for property renovation.
- The journey into short-term rentals requires significant investment of time and effort, challenging the misconception of passive income in real estate.
- Kerri's experience underscores the importance of reinvesting earnings into properties to fuel growth in a competitive rental market.
The Transition from CPA to Real Estate Investor
The transition from a conventional career to real estate investment can be a daunting yet rewarding journey, as demonstrated by Kerri Gibson, a former CPA from Orford, Quebec.
In 2017, seeking a break from her high-stress tech job, Kerri and her partner embarked on their real estate adventure by purchasing their first property intended for flipping.
This initial venture not only ignited their passion for property renovation but also marked the beginning of their foray into the lucrative world of short-term rentals.
After successfully flipping the house, they decided to list it on Airbnb, which proved to be both profitable and fulfilling, paving the way for what would become their business, Chalets Hygge.
While many perceive real estate as an avenue for passive income, Kerri stresses that it requires substantial effort and commitment.
She vividly recounts the process of acquiring their first rental property for CA$129,000 and subsequently investing CA$75,000 in renovations, revealing the extensive learning curve they underwent.
By March 2019, Kerri and Philippe had expanded their portfolio to three rental properties, channeling their earnings back into renovations to enhance their business further.
This experience underscores the truth that managing short-term rentals is anything but passive, requiring diligence and hands-on engagement to create a sustainable income stream.
Challenges and Realities of Short-Term Rental Management
Beyond the initial challenges of property acquisition and renovation, Kerri Gibson highlights the ongoing realities of managing a short-term rental business.
As the owners of Chalets Hygge, Kerri and her partner, Philippe, faced a steep learning curve that included navigating local regulations, implementing effective marketing strategies, and ensuring high guest satisfaction.
They quickly learned that the success of their business relied heavily on their ability to provide a well-maintained, welcoming environment for guests while managing expectations around pricing and availability.
The competition in the short-term rental market is fierce, with numerous listings vying for attention.
Therefore, Kerri emphasizes the importance of utilizing great photography, positive guest reviews, and strategic pricing to stand out.
Additionally, the couple had to adapt their business practices to cater to seasonal fluctuations in demand, which involved not only adjusting marketing tactics but also managing operational costs associated with maintenance and cleaning services.
Through resilience and adaptability, Kerri and Philippe have cultivated a thriving business, although it has required significant time and dedication to achieve their current level of success.
