4 Skills You Must Have To Be A Successful STR Investor

Mar 1, 2024

35:16

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Ready to go from a Good to Great STR Investor? Download the same exact Proforma both Jon “The Bank Whisperer” Hodge and I both use to Underwrite our personal investments and for Rivan Capital group. Free Training included with this free download.

Download Here - https://buildstrwealth.com/proforma

This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform.

In this episode, Bill Faeth, an experienced real estate entrepreneur, shares key elements necessary for success in short-term rental investments. He stresses treating each property as an individual business and highlights four core components: Market Selection, involving choosing a location, submarket, and property counts; Underwriting, where thorough diligence and periodic cash on equity audits are essential; Marketing, engaging in promotional strategies such as buy-sell-trade groups, and email marketing; and Revenue Management, focusing on strategies like leveraging cancellation policies, optimizing pricing and managing expenses to maximize net income. Bill emphasizes the importance of keeping these elements in balance to transition from being an average to a successful real estate investor.

00:01 Introduction and Background

00:46 The Journey of Real Estate Investment

01:26 The Importance of Experience and Learning in Investment

02:06 The Reality of Real Estate Investment

05:22 The Importance of Market Selection

06:38 The Story of a Successful Investment

06:48 Understanding Sub Markets

12:21 The Importance of Underwriting

22:17 The Role of Marketing in Real Estate Investment

27:15 The Importance of Revenue Management

34:13 Conclusion and Final Thoughts

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