Short Term Rental Riches 224. From STRs to Boutique Hotels - Expert Insights with Mike Sjogren
Feb 27, 2024
Mike Sjogren, a seasoned short-term rental operator turned boutique hotelier, shares his fascinating journey and insights on navigating the hospitality landscape. He discusses the unique challenges of running boutique hotels, including the importance of direct bookings and employing technology for efficiency. Mike also explains creative financing strategies and transitions from STRs to hotels, emphasizing the benefits of partnerships. His story offers valuable lessons for anyone looking to diversify their real estate investments and hints at his future development projects.
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Conferences Multiply Practical Takeaways
- Conferences create high-energy environments where attendees freely share actionable nuggets and network.
- Tim and Mike credit networking as a primary source of practical takeaways.
From CPA To Short-Term Rental Exit
- Mike described leaving his CPA job after his son's serious illness to build a business that didn't trade time for money.
- He used rental arbitrage, scaled to co-hosting, and retired his family within 18 months.
Hire And Train VAs Early
- Hire VAs early and invest in onboarding, training, and SOPs to scale without burning out.
- Treat your team like real estate: pour time and money into them to maximize returns.
