Get Paid For Your Pad | Airbnb Hosting | Vacation Rentals | STR Revenue Management How To Pivot From Masterleasing to Management
Airbnb was a crazy saturated space pre-COVID and once the whole world shut down, it caused everyone, including people in real estate to have to majorly pivot and pivot quickly. Now, as some city regulations are slowly being lifted, where do you even start with the market with the way it is right now? How do you manage to do Airbnb successfully when the guidelines have become so strict, let alone grow it into a reliable business during this time? How do you eventually get to a place of holding dozens of units at a time?
Michael Kiriazis and Peter Francis, are the founders of Goat Hote, known as the GOAT (“Greatest Of All Time”) of recommendations for food, fun, and experiences in the travel world. Michael and Peter started their management company only three years ago, now with over 60 units across the U.S. In the past 2 years during COVID, they were able to massively pivot from a master leasing model to predominantly a management model. The two have been active members of our Legends X community even before the existence of Goat Hote.
On this episode of Get Paid for Your Pad, Michael and Peter join me to explain how they have managed to become a well known Airbnb management company in only 3 years. They not only take me through the ups and downs of their journey, but they also share pieces of advice along the way on how to successfully do what they do. Listen in for Michael and Peter’s biggest pieces of advice on taking advantage of one of the most exciting times in the Airbnb world.
Topics Covered
How Michael and Peter get started and come up with the brand name of Goat Hote
- Started with flipping homes and wanting to make money on them
- Airbnb was very crowded place at the time, so they wanted to stand out and be the GOAT
Where all of the properties are located across the U.S
- Started in Chicago
- Now in over 10 different markets
How Michael and Peter manage the 60+ units
- Find the best of the best management/cleaning teams
- Found that couples and family owned companies do the best work with the units
How Michael and Peter find their management/cleaning teams
- Reach out mainly through Yelp, Facebook, and turnoverbnb.com
- Usually give each company around 8 units and shoot to have at least this many units per city
Michael and Peter’s experience losing a bunch of money with their master leases, once COVID hit
- Had just signed 2, 4 unit apartment buildings in San Diego in February right before COVID (near 10k a month for each lease and 20k in furniture)
- Lost 90k in about a 24 hour period
What Michael and Peter’s goals are for the company
- To own enough real estate assets to eventually use to retire and have the lifestyle they want
- To grow as much as possible and keep growing to different cities, having the chance to sell in the next 5 years
Michael and Peter’s advice for those who want to grow but are struggling to find new clients
- Talk to everyone and clients will come
- Start with distressed properties
What has been most beneficial for Michael and Peter in the Legends X program so far
- Organization and extensible steps
- Allowed a place for all the systems in place, helping their VA’s and team as a whole
Connect with
Email at goathote@gmail.com
Resources
The 4-Hour Workweek: Escape 9-5, Live Anywhere and Join the New Rich by Timothy Ferriss
‘Alive Time or Dead Time. What Will It Be?’ in the Daily Stoic
Matterport Virtual 3D Real Estate Tours
Get Paid for Your Pad on YouTube
Email jasper@getpaidforyourpad.com
Sponsor
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