Today we’d like to introduce you to Vivian Yip.
Hi Vivian, can you start by introducing yourself? We’d love to learn more about how you got to where you are today?
My husband James and I started thinking about what life would be like if we didn’t have corporate jobs. I was working super long hours at a major tech company here in Austin, and my husband was in sales development. We would wake up early, send our kids off to school then we wouldn’t see them again until the evening and shortly thereafter, it was already bedtime. This didn’t feel like the right way to live!
We were tired of the grind and missing out on our kids’ lives. So in 2017, we spent some time thinking about what our strengths were and came to the conclusion that his handyman skills, plus my background in analytics and a shared interest in real estate made house flipping a possibility. So we flipped our first home in 2018 and now working on our 25th project! We became so busy that we were able to both quit our jobs, first in 2019 for James, then I followed suit in April 2021 when I became so stressed out that I lost all my hair to Alopecia. My signal to quit my job was crystal clear – all I had to do was look in the mirror!
Along the way, we were able to afford to keep some of the properties. I have always wanted a hotel after working as an intern at a hotel as a teenager, but couldn’t afford one therefore, I felt that running a furnished rental would be an ideal start to the hospitality business! We now own 6 mid-term rentals, one short-term rental and manage a few others for our close friends. Over time, we learned that not all furnished rentals are the same and we set off to create a brand (HESTIA) and a quality standard so that our guests can trust and recommend our properties to friends, family and colleagues. To date, we have hosted over 150 families since 2019. It may not seem like a lot compared to other businesses but properties are corporate/mid-term rentals and our guests stay for a much longer time than a short-term rental.
We all face challenges, but looking back, would you describe it as a relatively smooth road?
It’s been relatively smooth. We’ve definitely made mistakes renovating and flipping houses but we have a philosophy that “if it can be fixed with money, it’s not a problem”. What this means is, we have to buy a property at the right price and when something unexpected comes along, it’s usually not a problem to add it to the budget. Even if we make less money, we feel good about delivering products that we are proud of. Things you cannot fix with money are bad neighbors, bad schools, bad views, etc.
In terms of our corporate rentals, we are very lucky that we have hosted some really great guests. We haven’t had any nightmare stories that you hear in the news.
Thanks for sharing that. So, maybe next you can tell us a bit more about your work?
I feel like I’ve spent a lifetime behind a computer and spreadsheets being in the corporate world. I have a bachelor’s degree in humanities and a master’s degree in operations and supply chain and to be honest, as much as I LOVED the work I did in my career, none of it was really too artistic. One thing I have taken away from my time in corporate is to focus on the customer experience. It’s really important to me that my guests are happy staying in our homes and are comfortable.
I’ve really enjoyed dabbling in home designs and this is a major part of my role in this husband and wife business. I really love to bring my positive energy into the homes I design and furnish. I think I am known for modern and timeless design for anything that is “hard installed” like floors and tile but love to add a special touch of color whenever I design a corporate rental. I love bright gem colors because I feel like color can bring so much joy!
What were you like growing up?
Growing up, I was always a bit of a social butterfly. I moved around just about every 4 years during my childhood because my mom was a bank executive (I was basically a corporate rental brat for most of my life so I know the corporate rental experience very well). I never found myself attached to any particular crowd but loved to float between crowds and socialize. Whenever I moved, I always found friendship by playing volleyball or snowboarding – I’ve never had a problem making friends. While I loved to play sports, I really didn’t have an interest in talking about sports so I found another avenue to open up a conversation. Did you know that everybody loves to talk about food? You can almost talk about food with anyone. Once in a while, I will come across someone that considers food as fuel only, and then I feel like I can’t relate!
Pricing:
- $1800 for our studio
- $3800+ for our larger homes, location dependent
Contact Info:
- Website: www.corporaterentalsaustin.com
- Instagram: instagram.com/corporaterentalsaustin
- Facebook: Facebook.com/corporaterentalsaustin
- Youtube: YouTube.com/corporaterentalsaustin
Image Credits
JD Swiger
