Husband and wife Michael and Jill Elefante say people now treat them differently now they are millionaires – and it has damaged some of their friendships
A couple who have built an Airbnb empire of 300 homes have opened up about how their newfound millionaire status has affected their personal relationships.
Michael and Jill Elefante, both aged 30, started their property journey in December 2019 with a single home in Nashville, Tennessee, catering to country music fans and bachelorette parties. They turned a $7,000 (£5,390) profit in three months. Michael now owns eight properties, two of which he added to his portfolio in 2023, each bringing in $400,000 (£308,000) annually.
Together, the couple manage 300 properties, raking in millions every year. However, since becoming millionaires, Michael has said that some friends – perhaps unsure whether it is morally acceptable to grow rich off of the rent of others – have grown distant or made remarks such as ‘it must be nice not to work 9-5’.
He also mentioned that people from his past, whom he hasn’t spoken to in 10 to 15 years, have been reaching out for free advice. The South Carolina business owner said: “It isn’t always obvious – it can be subtle comments like ‘I wish I could take all these vacations’ or ‘you guys are so lucky’. We have a lot of people who show interest in what we do but then make assumptions that they can do it too and anyone can do it.
“People assume we are lucky – people don’t see the hard work we put in for this lifestyle.”
Michael and Jilly took the property plunge in Florida, US, by first purchasing one home in 2019, followed by two in 2020, another duo in 2021, and adding one more to their collection in 2022. The entrepreneurial couple reveal they used their retirement savings and profits from initial sales to finance their venture, focusing on the lucrative market for short-term rentals and aiming to provide a unique “experience” for their guests.
“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,” he said, underlining how his primary goal is to make lots of cash.
Michael said that he sold his truck for their first property to make necessary alteration. He continued: “The second property, we liquidated our retirement account – it was nerve-racking, but we were all in.” In 2022, they bought a $2million (£1.54million) house beside a lake in Greenville, South Carolina’s mountainous region.
Prior to this acquisition and after leaving their jobs with £100k salaries, Michael describes how they lived frugally and relied on their retirement funds to chase their dream. He reiterated: “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.
“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.”
He revealed: “As we got more and more successful I would hear from some friends less and less. I don’t know if I have lost friends, there are definitely some people I don’t speak to as much or we don’t speak to anymore.”
Michael also noticed that old acquaintances he hasn’t spoken to since college or grad school have been reaching out for “free advice”. He said: “We’ve had a lot of people who we were friends with or acquaintances with from grade school, 15 years ago or college that we haven’t heard from in five, 10, 15 years that will randomly reach out.”
“They will act like they are just checking in ‘so happy to see your success’ but then we always know the question coming. They are seeking free advice or free help, we are always happy to help people but we have just noticed a trend of people coming out of the woodwork for free help.”
