Patryk Real Estate Show - Short Term Rentals 52. Balancing Being A Good Father w/ Building an Airbnb Portfolio
Apr 18, 2024
Join Michael Chang as he shares how he transformed short-term rental investments into a sustainable income source while balancing family life in NYC. With 32 units, he discusses strategies like arbitrage, scaling operations, adapting to market changes post-COVID, and managing work-family balance as an entrepreneur and parent.
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First Arbitrage Unit Success
- In 2016, Michael Chang, an investment banker, started his first Airbnb arbitrage unit in New York.
- This unit, a three-bedroom apartment, generated $5,000 cash flow monthly, significantly exceeding typical long-term rental returns.
Adapt to Regulations
- Adapt to regulatory changes by pivoting your strategy, like Michael Chang did when New York tightened short-term rental laws.
- He moved his units to long-term leases and relocated his business to Philadelphia, applying lessons learned.
Focus and Durability
- Build a durable business by understanding and complying with regulations.
- Focus on one market to develop expertise and defensibility, avoiding the "scatter shot approach."