STRonomics Biggest Mistakes in 2023 Not To Repeat in 2024
This episode of STRonomics is proudly sponsored by MarketMySTR.com, the leading marketing platform for STR Industries.
Bill Faeth from Build STR Wealth and Kenny Bedwell from STR Insights discuss the prevalent mistakes in the short term rental industry, specifically overspending on design and poor time management. They also discuss problems from underestimating launching and operational costs, hesitations due to market saturation, and the effects of rising interest rates. The hosts emphasize the importance of meticulous underwriting and property identification processes. They also share information about their paid and free options to help individuals avoid and mitigate these common mistakes.
00:00 Introduction and Welcome
00:54 Discussing the Biggest Mistakes of 2023
01:06 Overspending on Design and Decor
01:54 Maximizing Return on Investment
04:36 The Importance of Timing
09:08 The Role of the Banker in the Process
10:21 Avoiding Saturation and Finding Opportunities
17:08 Understanding the True Costs of Running a Short Term Rental
22:06 The Importance of Due Diligence and Research
22:28 Conclusion and Final Thoughts
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Watch this podcast each Thursday on our YouTube Channel: https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kA
Instagram: Kenny_Bedwell
You can find more of Bill online at:
Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share<sid=660cbc9b-4a7e-4ed9-a654-900180b83af1
Build STR Wealth: https://buildstrwealth.com/
Instagram: @BillFaeth73
Tik Tok: @bfaeth
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