STR Investing, The Podcast Cohosting 101: Become Profitable Without Owning Property with Austin Palacios
Apr 15, 2024
Austin Palacios, a dynamic STR investor from West Palm Beach, shares his journey from corporate wealth management to thriving in short-term rentals. He reveals innovative systems that streamlined his management company, allowing for rapid scaling and client acquisition. Austin discusses transformative shifts in rental investing during the pandemic and emphasizes effective sales techniques in co-hosting. Listeners will gain invaluable insights into maximizing profitability and efficiency while embarking on their own STR ventures.
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From Wealth Management To STR Owner
- Austin left wealth management after studying real estate and buying small multifamily units in Chicago.
- He quickly pivoted to short-term rentals in Florida and bought multiple properties across West Palm Beach, Fort Lauderdale, and Tampa.
Quitting Over Holiday Coverage
- Austin quit his bank job after his employer refused holiday time and he realized he could support himself with rental income.
- He gave two weeks' notice and used the extra time to focus full-time on STRs and building cash flow.
Arbitrage Lost To Repairs And Costs
- Austin tried rental arbitrage with a partner but found repairs and owner insurance delays drained profits.
- After spending $25K–$30K upfront, his split net was about $800 monthly, so he abandoned arbitrage as his path.