579: The Secret Sauce Behind Short-Term Rental Success (Part 2) w/Rob Abasolo

Mar 6, 2022

Rob Abasolo, a short-term rental investor and collaborator with David Greene, shares key strategies for success in the vacation rental market. They discuss choosing the right property type, crafting effective partnerships, and managing expectations. The duo offers insights into investing in luxury rentals, stressing the importance of exceptional service and strategic management. Listeners will learn practical tips on task delegation, guest communication, and financial strategies, empowering them to thrive in the competitive world of short-term rentals.

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ADVICE

Single-Family Homes for STRs

Consider standard single-family homes, especially in secluded areas.
This minimizes neighbor complaints, a common STR issue.

ADVICE

Multifamily/Modified STRs

Multifamily properties or those with separate living spaces can cater to larger groups.
Rent to multiple families at a premium, offering privacy and space.

ANECDOTE

House Hacking Success

Rob Abasolo attributes his wealth to house hacking, converting his property into multiple rental units.
He rents out the main house, a studio, and a tiny house, generating significant cash flow.

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You can build wealth with short-term rental investing quite easily. All you need is a great location, a solid property, a good strategy, some phenomenal cleaners…wait maybe it isn't all that easy. But it’s certainly doable if you’re willing to put in the time, effort, and work to make your vacation rental stand out from the rest. This is exactly what investorsDavid Greene and Rob Abasolo are doing with their current partnership—buying luxury homes and turning them into once-in-a-lifetime getaways for wealthy vacationers.

But maybe you’re not ready to drop a few million on a multifamily mansion. Even so, you can still make a phenomenal return in the short-term rental space, you just need to know how to do so. Back in episode 578, David and Rob walked through the first three steps in their short-term rental success strategy. Steps like finding a short-term rental market, choosing your location, and defining your strategy.

In this part two episode, David and Rob walk through the more granular steps to getting your vacation rental up and running. Steps like what property type works best for which investors, understanding your timeline so you can build wealth while obtaining financial freedom, and divvying up work between you and your partners (or investors). Follow all five (six) steps in this episode, and you’ll be on your way to cashing in the profits from your vacation venture!

In This Episode We Cover:

The four main types of short-term rental properties and the benefits of each

How to mitigate your investing fears so you and your partners can move with confidence

Understanding not only your cash flow goals, but your long-term equity goals as well

Laying out clear roles and responsibilities for each partner in the investment

How to cautiously bring in outside investors on your vacation rental deals

And So Much More!

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