Ep 21 - 5 Things to Consider When Buying a Short Term Rental Property

HOSTS BIO

Mike Sjogren - Michael is a short-term rental expert and coach. He has a portfolio of STR properties across 5 states as well as an oceanfront boutique hotel. Michael brings a wealth of finance, business, and real estate experience. He is passionate about helping others create financial independence through the real estate so they can pursue their passions and leave their mark on the world.

Emanuele Pani - Commercial and Residential Real Estate Consultant at Signature International Real Estate. Has a degree in accounting and finance. Started his real estate journey working as maintenance until the owner decided to sell the 40 unit apartment building to Emanuele Pani.

HIGHLIGHTS OF THE EPISODE

04:27  This is an investment.

05:07  Why you should join our Short Term Rental Secrets Facebook group.

05:53  Run the numbers both ways.

07:40  1st thing to consider: Remember to look at it as a business.

08:29  2nd thing to consider: 9 types of travelers.

17:29  3rd thing to consider: Seasonality.

18:49  The key is just understanding.

21:01  4th thing to consider: Insuring your assets.

25:50  5th thing to consider: Regulations and HOA.

27:51  Call the town or the city that you’re planning to buy in and ask for any regulations.

31:54  Recap of the 5 things to consider when buying a Short Term Rental Property.

32:45  Final words from the hosts.

34:47  A Halloween special episode: Coming soon!

NOTABLE QUOTES (KEY LESSONS):

“If you want a vacation rental for your family, and that’s all you care about so the cash flow that you make when you make it is just the extra icing in top of the cake.” - Emanuele Pani

“This is one of those businesses that your success is really just determined by what you’re willing and not willing to do. And if you’re willing to do anything, this business works.” - Emanuele Pani

“Good investments come from making good decisions and you need good information to make those good decisions.” - Michael Sjogren

“If the why is strong enough and you set it up the right way, the business will work for you.” -Michael Sjogren

BOOKS MENTIONED:

Rich Dad, Poor Dad - Robert Kiyosaki

CONNECTING WITH THE HOSTS

Michael Sjogren:  Facebook Group |  Facebook | Instagram | LinkedIn | Youtube

Emanuele Pani: Facebook | Instagram | LinkedIn | Youtube

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