Lance joins Sean Parsons and Tim Scarpino of Parsons Villas to dig into their unique investment focus: premium short-term vacation rentals. Their group got in early on this trend in Arizona, a tourist-rich market ripe for the strategy. They discuss the risks unique to this approach, including the shifting legal/regulatory landscape, disruptive tenants who throw Instagram parties, and the challenge of finding a property’s “million dollar money shot.”
This Week’s Guests
Sean: Born into a real estate family, Sean garnered industry knowledge throughout his youth and formally entered the business in 2005 following his graduation from Colorado State University. In his first year, he closed over $15 million in sales and the following year co-founded a commercial brokerage company that closed more than $300 million in off-market transactions.
Despite the devastation of the 2008 financial crisis, Sean’s real estate career continued to flourish in the greater-Chicago region. Garnering the attention of a prominent investment group, he led a team in the recovery of over $200 million in default loans and emerged as an expert in distressed properties. Primed for assembling his own real estate portfolio, Sean sought out private funds and began capitalizing on the short sales and foreclosure properties that permeated the marketplace.
During this time, nationwide vacation rental activity saw a significant uptick and Sean set his sights on being one of the market’s big players. In 2012, he relocated to Scottsdale, Arizona and in partnership with his father, David Parsons, proceeded to acquire, renovate and design a $10 million portfolio that they still own today.
As an entrepreneurial visionary, Sean’s specialties range from acquisitions, negotiations, fundraising to design and construction. Now in its third year of business, Parsons Villas is committed to creating memorable luxury experiences for its guests and remarkable profits for its property owner-investors.
Tim: Timothy Scarpino brings his diverse background of finance, real estate, and entrepreneur driven start-ups to Parsons Villas. Originally from Pittsburgh, PA, Tim moved to Scottsdale, AZ in 2007 after studying finance at Indiana University of Pennsylvania.
Since joining Parsons Villas Tim has become one of Arizona’s leading voices for Short-Term-Rental industry. Today, as Global Brand Ambassador for Parsons Villas, Tim manages the international owner outreach / retention program.