Investing in Secondary Markets and Building Super Pumpkins

Learn why investing in secondary and tertiary markets is crucial for building a successful short-term rental portfolio, compared to saturated markets. Discover strategies for maximizing cash flow and overcoming challenges in these untapped areas.

Transcript

chevron_right

Play full episode

chevron_right

Transcript

Episode notes

This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform.

In this episode of STRUnfiltered, join Bill as he delves deep into the insights from Mike Michalowicz's transformative book, "The Pumpkin Plan," uncovering the essence of cultivating a ‘Super Pumpkin’.

Bill vividly illustrates how, while achieving a degree of success with his Beach Mountain property, it fell short in comparison to the remarkable cash flow and growth observed in his other exceptional properties. Conducting a meticulous evaluation of the situation, he recognized that redirecting his equity towards a property with untapped growth potential was the key.

Drawing from the metaphor of nurturing a Super Pumpkin, Bill draws parallels to the world of pumpkin farming, where some farmers opt for inexpensive seeds scattered haphazardly. Although an abundance of pumpkin sprouts, these seeds lack quality and the necessary room to reach their full potential.

Translating this metaphor, Bill emphasizes the power of strategically planting your metaphorical seed in an emerging market, allowing it the expansive environment it needs to thrive. Whether through investing in a promising property or channeling resources into an up-and-coming locale, this approach ignites the potential to not only recoup your investment but to flourish.

Bill's message resounds: By affording your STR (Short-Term Rental) the space to evolve organically, you pave the path for its ascension into the ranks of a Super Property. In the quest for excellence, the average isn't the goal – it's about striving for greatness. Tune in to gain profound insights on transforming your property into a true standout.

[00:00] Intro

[00:23] The Pumpkin Plan

[00:57] Beach Mountain Property

[01:21] Audit & Equity

[02:25] Pumpkin Farmers

[04:26] Never Strive For Average

[05:20] Super Pumpkin

[06:10] Finding Space

[07:13] In Closing

Watch this episode on our Youtube Channel Every Tuesday & Friday

https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kA

The Free Build STR Wealth Facebook Group: https://www.facebook.com/groups/284886002732508