Short Term Rental Secrets Podcast

Ep 182 - Managing Renovation Budgets and Contractors with Blake Dailey

Mar 18, 2024

Former Air Force construction project manager turned real estate investor Blake Dailey shares his journey from VA house hack to owning boutique hotels. He emphasizes learning from failures and proper planning for successful projects. Topics include estimating renovation costs, managing contractors, and maintaining work-life balance as a business owner.

43:42

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Episode guests

Blake Dailey

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Quick takeaways

Learn from failures and persist to turn them into valuable lessons for future success.

Transitioning from traditional short-term rentals to boutique hotels involves managing larger projects and balancing life changes.

Deep dives

Learning from Mistakes and Not Quitting

One of the key takeaways from the podcast episode is the importance of learning from mistakes and not quitting. The speaker emphasizes that the only time you truly fail is when you give up. By continuing after setbacks, one can turn failures into valuable lessons that contribute to future success. Taking risks, facing challenges, and persisting through difficulties are all part of the learning process that leads to growth and improvement.

Slow and Steady Wins the Learning Race

01:40

Verify Contractor's License and Track Record

01:14

Management of Contractors

01:39

Introduction

2min

Gratitude, Perspective Shift, and Hotel Renovations Journey

3min

Renovation Budgets and Contractor Management

4min

Expansion Plans and Scaling Up in the Hospitality Industry

2min

Mastering One Aspect Before Expanding

25min

Transitioning to Commercial Side of Short Term Rentals Conference and Post-Job Structure

7min

In this episode of the Short Term Rental Secrets podcast features hosts Mike Sjogren and Emanuele Pani interviewing Blake Dailey, a former Air Force construction project manager turned real estate investor specializing in short-term rentals and boutique hotels. Blake shares his journey from starting with a VA house hack to owning a portfolio of boutique hotels, emphasizing the importance of learning from failures and not rushing the process. He provides detailed advice on estimating renovation costs, managing contractors, and ensuring successful projects through proper planning and budgeting. The hosts also discuss the upcoming boutique hotel conference aimed at educating investors about entering and succeeding in the boutique hotel space. Throughout the episode, the importance of maintaining a work-life balance and being intentional with time management as a business owner is highlighted.

00:00 Embracing Failure and Learning Lessons

00:22 Introduction to the Hosts and the World of Short Term Rentals

01:04 Personal Updates and the Power of Perspective

03:59 Special Guest Introduction: Blake's Journey from Air Force to Real Estate Mogul

07:48 Blake's Evolution in the Real Estate Industry

11:10 The Complexities and Learning Curves of Managing Hotels

16:52 The Importance of Teamwork and Skill Transfer in Real Estate

20:34 Unlocking the Secrets to Finding the Right Contractors

22:00 Navigating Contractor Licenses and Avoiding Costly Mistakes

23:32 The Critical Role of Working Capital in Construction Projects

27:02 Effective Contractor Management and Incentive Strategies

32:26 Mastering Rehab Budgets for Large Projects

36:24 Announcing a Boutique Hotel Conference: A Deep Dive

39:32 Finding Balance in Life and Business After Quitting Your Job

Blake Dailey's Bio:

Blake Dailey began his real estate investing career buying and renovating hurricane-damaged homes in Panama City, FL, and stumbled upon a high cash-flowing short-term rental strategy acquiring houses with ADUs. After surpassing his W2 income with his cash flow, Blake pivoted to commercial multifamily and syndicated his first large apartment deal – a 66-unit in NC. Combining his experience with raising money and doing commercial deals and BRRRRing STR properties, Blake jumped into commercial short-term rentals by converting run-down hotels/motels into renovated boutique hotels. Blake has owned five boutique hotels and a handful of short-term rental homes across California, Florida, and Utah, along with the 66-unit apartment complex. He buys, renovates, and operates boutique short-term rentals.

Connect with Blake:

https://www.instagram.com/blakejdailey https://www.youtube.com/@BlakeDailey

Connect with the Hosts

https://linktr.ee/mikesjogren

Emanuele Pani: Clubhouse | Instagram | Facebook | Linkedin

Watch Mike's free masterclass training on www.strsecrets.com/masterclass

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