Hidden Gems: Meet Mike Holcomb and Michael Holcomb of Simple Lyfe Stays

Today we’d like to introduce you to Mike Holcomb and Michael Holcomb. 

Mike and Michael, we appreciate you taking the time to share your story with us today. Where does your story begin?
We got started in the vacation rental business when Michael was working in a painting company. He knew he had a passion for the outdoors and design but didn’t want to stay in the trades long-term. More freedom, a higher income, and working in an industry he was passionate about was always the “dream”. He always really liked the idea of living simply and the idea of tiny houses. He went on vacation to the U.P. and stayed in a yurt. When he returned, he was excited about building a yurt and setting it up as a vacation rental. At the time Michael owned his own painting business and Mike was still working at a large corporation in Grand Rapids. Neither of us saw this as a way to quit our jobs but it seemed like a very unique and interesting project. So, we searched for a piece of property to build the yurt and after looking for a few months we finally found something that we thought would work well. It took about a year to build the yurt and bathhouse as we could only work on it during our weekends due to our day jobs. Finally, in the spring of 2019, we opened our yurt for guests. After some challenges Mike decided to leave the corporate world and look for something different. We started working together in Michael’s painting business for a while and expanded it into a construction and remodeling business but neither of us wanted to do this long-term. In January of 2020 while on vacation in Florida we looked for a fixer-upper to purchase so we would have a place to stay when vacationing during the winter. We ended up purchasing a condo that needed remodeling but was already a vacation rental property, so it had a history of rental income and was booked through April. We closed on the property in February of 2020 and 2 weeks later the Covid 19 pandemic hit. All our bookings for the condo cancelled and we were left with a property with no income. 

We returned to Michigan and continued our remodeling business but with all the lockdowns we ran out of work and the ability of purchase supplies. With no work we started to look for additional properties. It seemed like a high risk to purchase property during a pandemic but after living through the 2008 financial crisis it seemed like it might be the perfect time. So, despite the pandemic, we started to look for rental properties and possible flip houses. We purchased 2 additional properties in 2020 and another 3 in 2021 with a couple of flip projects in between. 

In the winter of 2021 – 2022, we decided to build our own website and start a vacation rental property management business. With our skills and experience in vacation rentals we were confident that we could help others who owned a vacation property and wanted to rent it out when they were not using it. 

I’m sure you wouldn’t say it’s been obstacle free, but so far would you say the journey has been a fairly smooth road?
We have delt with several challenges in our business. The first issue was the Covid 19 pandemic. When all travel was shut down, we didn’t have any guests but the costs to own the properties continued to come in. We started to deplete our cash reserves quickly so when travel opened back up, we were fortunate that people started traveling again and it came back even stronger. Also, qualifying for loans to purchase properties was nearly impossible. Every lender wanted 2 years of tax returns, but our business wasn’t 2 years old. We used our life savings to purchase our properties and, in some cases, found owners that would finance the purchase. We also have struggled to find help so we can grow our business, but we are slowly finding good people to work within our organization. 

As you know, we’re big fans of Simple Lyfe Stays. For our readers who might not be as familiar what can you tell them about the brand?
In our business Simple Lyfe Stays, our main goal for our guest is to create a unique experience. We have a large passion for supplying people with a place to relax, unwind, unplug, reconnect with friends, and simply get back to the basics. For our management clients, we strive to apply all we have learned in running our own short-term rentals to their vacation properties. When we bring on a new property for a client our goals are to do some of the following: help our clients break even or make money on their vacation homes, give them a hands-off experience so that they know their homes are being taken care of in a professional way, teach real estate investing technics for long term and financial freedom, and also create a fun space for the client and the families to be able to use themselves. What sets our company apart is our attention to detail and high standards for our properties. We do in-house maintenance, cleaning, and on-site visits. We are constantly on site doing an in-depth inspection to ensure every stay is as good as the last for our guests. We are most proud that we are helping people reach their investing goals. It feels good to help other success-motivated individuals to better their lively hoods. Also, we are very proud of the peace, tranquility, and connection we provide our guests. 

How do you define success?
Success over the years has become a buzzword. It is a popular thing that people claim to desire, but the question becomes what are you willing to sacrifice for your dream? To me, success means a continual, daily exercise of doing your best and not letting the voice of fear deter you from doing the things you know you should do. Success is achieved in my opinion by hard work, sacrifice, passion, and good intentions. This list of items is a tax success demands of you and the tax is due daily. Success is simple but it is not easy. Many people search their whole life for the “secret” that will bring the success, or they may think others have something they don’t. The truth is success is within all of us, but it all comes back to how much discomfort and growth you can handle. 

Contact Info:

• Website: Simplelyfestays.com
• Instagram: https://www.instagram.com/SimpleLyfeStays/
• Facebook: https://www.facebook.com/simplelyfe/