Key facts
- Michael Chang transitioned from a 10-year investment banking career to operating short-term rentals.
- He and his wife, Elizabeth, started the business as a side hustle while he was a banker.
- Chang quit his job in 2018 to fully commit to the short-term rental business.
- The couple now owns eight properties and offers mentorship services.
- The business allows Chang to achieve a better work-life balance and spend more time with his family and parents.
Michael Chang, formerly an investment banker for a decade at firms including Citi, Merrill Lynch, and Jefferies, has transitioned to operating short-term rentals to achieve a better work-life balance and be more present for his family. He and his wife, Elizabeth, began renting out apartments on Airbnb as a side hustle while he was in banking and she worked in fashion.
Chang quit his banking job in 2018, a decision that initially surprised colleagues. The couple's business faced a significant challenge during the COVID-19 pandemic when all bookings were lost, but they persevered. In 2020, they purchased their first property in the Smoky Mountains of Tennessee, taking advantage of short-term rental tax benefits. They have since expanded their portfolio to eight homes.
In 2023, the Changs launched a mentorship business called STR like the Best, along with a podcast, to advise other professionals on investing in vacation rentals. They have helped over 100 clients purchase investment properties. Chang emphasizes that this career change allows him to spend more time with his two children and his aging parents, a flexibility he could not achieve as an investment banker.