Short Term Rental Secrets Podcast Ep 228 -Transitioning from STRs to Hotels with Mike Sjogren and Shawn Moore
Feb 10, 2025
Guests Mike Sjogren and Shawn Moore share valuable insights on transitioning from short-term rentals to boutique hotels. Mike, a real estate investor, offers strategies for funding and operations, while Shawn recounts his journey from a corporate job to financial independence through real estate. They discuss the importance of effective systems, building strong teams, and mastering guest experience. Additionally, they highlight the significance of mentorship and understanding market dynamics to avoid costly mistakes in the hospitality industry.
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Sjogren's Journey to Real Estate
- Mike Sjogren, a CPA, was inspired to pursue real estate after reading "Rich Dad, Poor Dad".
- His son's rare lung disease and resulting financial strain fueled his determination to build a time-independent business.
From Rental Arbitrage to Co-hosting and Hotels
- Sjogren's initial rental arbitrage success led him to explore co-hosting, partnering with landlords to manage their properties for short-term rentals.
- This approach allowed him to scale his business and eventually transition into boutique hotels.
Building a Co-hosting Business
- Treat co-hosting as a business, not a job, by implementing systems, processes, and building a team.
- Focus on high-value properties rather than numerous low-performing ones.