Blueprint #27: Took a Shot, Learned a Lot (and Said Goodbye to a Short-Term Rental)

Lesson: Sometimes, the best-laid plans go astray. 

For the past two years, I've been on a journey as a short-term rental property owner. Well, this past spring marks the final chapter – I closed on a short sale.

Let's be honest, this venture turned out to be a bigger thorn in my side than I ever anticipated.  Even with a property manager, the time commitment was a monster.  Looking back, I realize the timing of the purchase simply wasn't ideal.  The rental market shifted, and the location itself wasn't quite the gold mine I envisioned.  There were other bumps along the road too, a whole mess of things that just didn't quite click no matter how hard I tried to operationalize it. 

Sometimes, the best-laid plans go astray.  This wasn't the first time (and definitely won't be the last) that I failed an experiment.  

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Insight: Losing money sucks, but know when to cut your losses

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After two years of pouring time and money into the rental property, I decided it was time to face the facts.  I sat down, crunched the numbers, and forecasted future costs (both financial and in terms of my own time). Even in the best-case scenario, the return on investment just wasn't there.  It would have taken years to see a sub-par profit, and frankly, that time and money could be much better spent elsewhere and the opportunity cost was too high to keep it going. 

So, I made the tough call to cut my losses.  I closed the short-term rental chapter and decided to re-invest those resources back into my core businesses that are working and growing. Like Blue Ocean Pool Service where more trucks on the road means more customers served, which is where I see the most potential for long-term success.

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Action Item:  

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This might not be the victory lap I originally envisioned, but it's a valuable lesson learned.  

Remember to act from the facts, not the emotions and cut your losses when things are no longer serving you. Especially if you can spend that time/money elsewhere for higher ROI. 

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P.S.  Building in public means sharing the whole story, not just the wins.  I believe in being transparent about this experience,  both to hold myself accountable and hopefully inspire you to do the same.  Don't be afraid to chase your dreams, but also be prepared to pivot when necessary. Share this with someone who might need to hear this message. 

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