
This is a part of the story CNBC it is Six -Figure Side Histal Series, where people with profitable side histories break routines and habits they have used to make money in their full -time jobs. Have a story to hear? Tell us! Email us [email protected].
Steve Rain did not go out to become a property manager. He just wanted to rent his holiday home.
In 1999, three years after the rain sales his software company SECA, he and his wife Amber Salzman purchased $ 820,000 worth of three bedrooms in Old Town-a historic mine The neighborhood of Kani was completed in the elevator around 7,000. -The mountain is moving behind the building.
Rain says he stayed there on holidays, renting him after returning home Philadelphia. Two years later, the rain-and-local property manager began to manage 40 % of the rent for paying the rent for paying-and began to manage short-term rent.
According to CNBC review documents, today, 59 -year -old Property Management Company owns Parker Chase Properties and is running, which last year VRBO, Air BNB and Travel Software Plate Booking on the form hospital has earned $ 1.27 million. (According to the company, the rain is an investor in the hospitable.)
According to the estimation, he has made a pocket as a profit of 40 to 50 % of his side histories.
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Parker Chase arranged five condo fares, including four rainfall and his wife’s ownership. Rain says they spent a total of $ 6 million to buy three of them in 2019, for each, with a payment of 000 100,000, financing the purchases through large amounts of money Provided, whose wife took home from the acquisition of the biotechnology company. He added that he bought the fourth after selling his original condo in 2023.
According to the company’s website, Median Parker Chase Rent for March 2025 currently costs 3,390 per night. He says the rain manages property with a maid and a backup manager who steps out of the country.
He uses artificial intelligence tools to draft and schedule messages to guests, and the program uses the lock codes to automatically set on guest phone numbers – which is why they just on Parker Chase Allows one or two hours to work. He is a start -up investor at the time of day: a venture partner at the non -profit Excellence in the studio, and the adviser to the organizations and CEOs from Set Gack to NASA, and says.
Here, the rain discusses how other people can follow in his footsteps, how he identifies his perfect guests and start -up lessons that have made his team a history successful.
CNBC made it: Everyone does not have a large amount of investment to invest in side histories. Do you think that the success of Parker Chase is worthy to other people?
Rain: I think it’s completely viable. Most people do it through rent mediation [when renters sublet on platforms like Airbnb for short-term stays]. It is very easy to start. Many people do this today.
This is not very interesting to my family, because we are betting property. We bought our first place for $ 820,000, spent 000 500,000 on renovation over the years and sold it for 3 4.3 million after 25 years.
We have used this experience as a devastating moment for our two children [whose middle names are Parker and Chase, respectively]. When you have extra cash, you don’t spend it. You do not appreciate the assets, not to deposit assets, such as fans cars or lease planes.
Make your next more profitable. What did you learn from your first condo?
There was no big “ah” moment. It was just a permanent, small repetition over time.
We have learned that it is like a mathematical formula. Generally, the rule of the thumb based on mortgage rates [in 2019] Was: We want to generate a 10 % price in rent income in a year. If we buy a property that is Million 1 million, we have to persuade ourselves that we can earn 000 100,000 in rent income. We get positive cash flow.
We want our guests, we want them to have good things and we want to keep them engaged in facilities like their, its outplaws. Our target guest is someone who lives in Ritz Carlton or four season, and what we want to do is excitement and happiness and exceeds their expectations each time.
We have a guest with us last summer, and I asked him if something was missing. He told me that every morning, he had a protein shake, and it would be great if we could meet the spring inside one of these bottles.
I could not resist. I went to Amazon and bought $ 12 in five. They arrived the next morning.
How does your day’s job change your way of approaching your aspects? What have you learned from the Startup world about being a property manager?
More than half of the startup fails because they are not solving a major and quick problem that people care about. I ask the same questions in both jobs. First of all, people who want to rent short -term need to understand: Who is their user? Does your target stay in the guest Hilton? Do they live in motel 6? Do they live in Ritz Carlton?
After that, you have to prepare your basic discrimination – what makes you unique when you get a lot of competition. I initially realized: Our guests like really good things. We have quiznar products, incredibly comfortable leather chairs and 85 -inch flat screens.
It seems that most people, in the rental business, think: What can I put on the smallest TV on the wall? Which cheap dishes can I put in? Could we put a 55 -inch TV and save $ 300? Of course, we want our guests to feel like everything is perfect.
People see what we do and say, “Why did you do that? They are tenants.” I say, “Because they are not tenants. They are a guest, and you want to treat them as a guest.”
Then, you always have to improve this equation. If you live in a hotel chain and you fill the feedback card, do you think anyone gives S- As a mother and pop operation, we take the opinion of the guests very seriously.
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