He gave her the funds to keep Merino sheep in an empty apartment above a barn on his property in Scottsville, Virginia. She listed the apartment on Airbnb in 2019 and split her profits with him.
Inlaw always wanted to grow the property into a full-time job and form a corporation called Be Still Getaways to manage the property.
But even with the influx of revenue, she struggled to make enough money to live on, relying instead on the $50,000 a year she earned as a consultant and director of student programs at the University of Virginia.
By 2021, Inlow and one full-time staff managed 30 listings and generated $205,000 in revenue. Much of that funding went toward maintenance, repairs and adding properties to Be Still Getaways' portfolio. Inlaw said she paid $10,000 herself that year.
Profit margins were slim because the rental properties were small and relatively inexpensive single-family homes. By the summer of 2022, Beast Still Getaways had gained enough of a reputation and established partnerships with local real estate agents that Mr. Inlo was finally able to add larger, more luxurious vacation rentals to his portfolio. I was able to add it.
With her income soaring, she was able to hire more people and quit her two other jobs.
Currently, Be Still Getaways operates 129 properties in Virginia. Last year, the company generated $2 million in revenue from rental platforms such as Airbnb, according to documents reviewed by CNBC Make It.
Her husband also quit his teaching job and worked at a company. They earn a combined $150,000 a year from Be Still Getaways, Inlaw said.
Here, Inlaw talks about what she wishes she had known first, the biggest differences between running a side hustle and a full-time company, and whether her success can be replicated by others.
CNBC Make It: You started your company with very little business experience. What do you wish you had known then?
Jamie Inlaw: A big part of my success is my attitude. I consider myself an incredibly resilient and ambitious person. It may seem overly obsessive, but if I decide to do something, I do it.
That's one of my favorite things about myself. I keep trying to figure things out until I succeed. For me, it's not easy to run away from something.
When I was managing 20 properties by myself, I made a lot of compromises in terms of contracts. What if someone contacted you two years ago and said, “I live in this local property half the year. Can you help me with the other half?” If it were me, I would have said, “Yes, we'll make it work. Whatever you want, we'll do it.”
At the time, these decisions were felt to be important for finding and keeping a partner. Looking back, I don't think I needed to make that sacrifice. I believe that knowledge comes from experience and success comes from knowing what you can do and what your team can do.
I went back in time and said to myself: “This is your job. There are always other contracts. If it's not appropriate, there's no need to do something.”
Do you think your side hustle is replicable? If so, what does it take to start managing rentals yourself?
Short-term rental property managers are in high demand, so if you want to do it, you should. However, it must be identified immediately. What is your product? Who will you hire? What are our standards?
I started out in a barn, but wanted to manage high-end boutique properties. We knew we had to hire people on a voluntary basis because we could never compromise on our cleaning standards.
Hiring lights-out staff also requires cash. As I grew up, I looked at the numbers and realized I couldn't do everything myself. I'm a mother of young children and was already struggling with work-life balance.
The idea of taking on all those roles was also a turning point for me. I invested in hiring and paying great people before I paid myself.
What surprised you most about the difference between running a side business and being a full-time CEO?
Sometimes I have to take a step back and remember that I love this job.
When I was a one-man team hosting the barn, I lived for meeting the guests and hearing them gush about their experiences. But the more you advance in the company, the further you get from the reaction to the product.
One of our motels has a shop, and I sometimes take a break and take my son there to see what's going on. Do small tasks like stocking drinks in the refrigerator or putting popcorn on the shelves.
When I roll up, the string lights come on and everyone comes out by the fire pit to mingle. Your guests will say, “We love it here!” It reminds me why I'm doing this. It fills my cup so much.
This interview has been edited for length and clarity.
Correction: This article has been updated to reflect that Be Still Getaways brought in $2 million in 2022 revenue.
Don't miss: Want to be smarter and more successful with money, work, and life? Sign up for our new newsletter!
Get CNBC for free Warren Buffett Investment GuideThis book compiles the millionaire's #1 advice for everyday investors, the dos and don'ts, and three key investment principles into a clear and simple guidebook.
Learn more about Six-Figure Side Hustle:
