'We're both 30 but earn millions a year by renting out our homes on Airbnb'

A young couple has built a lucrative Airbnb empire that rakes in millions each year, allowing them to quit their full-time jobs. Michael Elefante, 30, and his wife Jill, also 30, achieved financial freedom after buying their first property in Nashville, Tennessee, US, in December 2019 and renting it out to country music tourists and hen parties.

The pair made a profit of $7,000 in the first three months and achieved financial independence within just six months, giving them the freedom to choose their own work hours and lifestyle. Michael now owns eight properties in total, having added two more to his portfolio in 2023, each bringing in $400,000 a year.

Over the past year and a half, Michael's property empire, which includes his property management companies and design company, has expanded. He now employs 80 staff members and manages 300 properties, earning him and his wife Jill millions every year.

This success has allowed Michael and Jill to spend more time with their 21-month-old daughter Kennedy and prepare for the arrival of their new baby later this year. Michael, from Greenville, South Carolina, US, said: "Neither of us were very passionate about the jobs we were working - we didn't get much fulfilment from them.

"We wanted to take control of our time and choose what we do with it, without reporting to anyone else, picking and choosing how we do things. A lot of people think financial freedom is about money, but it really comes down to time freedom."

The couple's property journey began in 2019 with the purchase of one home, followed by two homes in both 2020 and 2021, and another in 2022 across Florida, US. They attribute their ability to fund these investments to the liquidation of their retirement funds and profits from their initial properties.

They've dedicated themselves to short-term rentals, focusing on providing an "experience" for their guests. Michael said: "We chose short-term rentals because of their cash potential. Hospitality gives you the opportunity to create an experience for people.

"The earning potential and earnings are much higher. We saw an opportunity to create experiences in a home that people would pay for. It has been a wild ride for sure, we were all in, we were so motivated to get out of our current roles and be free. For the first property, I sold my truck to be able to afford it and do alterations.

"The second property, we liquidated our retirement account - it was nerve-racking, but we were all in. It is important for people to get a coach or a mentor if they want to do this kind of thing. I wish I signed up for a programme as it would have helped me earn money faster."

Their portfolio expanded significantly in 2022 with the acquisition of a $2million lakeside dream house in the mountains of Greenville, South Carolina. Last year, they further bolstered their holdings with two additional properties in Asheville, North Carolina, each bringing in $400,000 a month in rental income.

Michael added: "We are actively looking for a few units ourselves. The last two properties we got are much larger homes. Each of them bring in $4/500,000 a year for rental income and they sleep around 20 people each.

"In June our gross rental income was $150,000 and we made $82,000 in profit. We expect July to be much higher than that."

Not only does Michael own properties across the UK but he also operates a property design company and a management company running 300 homes across the US. Over the past 18 months, he has managed to increase his staff count from 20 to 80.

Michael stated: "10 months ago I launched Turnkey BNB which incorporates my design company - Somerled Designs - which has more than tripled in the past year. And our management company - Home Team Vacation Rentals - which will manage the Airbnb's for the owners. Last year we designed 200 properties and this year it will be over 300."

Michael attributes the growth of his business to providing a "good experience" for guests. He added: "We have more than doubled over the past year - it has been incredible. We do a really good job for home owners and we provide a great experience for the traveller."

Michael and Jill's top tips for achieving financial freedom:

• Concentrate on your income rather than penny-pinching - understand that increasing your income without affecting your current spending habits will speed up the rate at which you can accumulate larger sums of money.

• Invest as much as you can in something that produces a monthly cash flow - real estate or a business.

• Understand the marketplace and learn what properties make it to number one.

• Getting out of the consumer mindset and becoming a creator - instead of consuming content online you can start creating content.

• Understand what works well, why it works well and set up the most incredible experience for people that they won't be able to get anywhere else.