Ep 48 - Maximize Revenue on Luxury STR with Bill Faeth

GUEST BIO

Bill Faeth - has been involved in real estate for almost 25 years with both commercial and residential investing. In 2015 he switched the majority of his residential portfolio to short-term rentals from the long term after seeing an opportunity to increase profit and reduce risk. Bill currently has a multi-million dollar portfolio of short-term rental properties primarily located in vacation rental markets with a focus on beach, lake, and mountain properties. He has leveraged years of successful business growth strategies to specialize in maximizing vacation rental profits by turning $50,000 annual revenue properties into $90,000 properties yielding high profit via self-management. Bill shares these profit-boosting strategies along with how to self-manage, holding real estate, and so much more so you can build your short-term rental wealth while your guests make your mortgage payments.

Bootcamp on June 7th and 8th, 2021 in Nashville, TN. Go to buildstrwealth.com

HIGHLIGHTS OF THE EPISODE

04:22  Bill’s Intro/Biography.

05:28  What made Bill start his short-term rentals from long-term rentals.

10:17  What Bill’s 2nd tier location is.

11:45  What that 2nd deal looked like.

13:59  Bill’s molotov cocktail for a bad decision experience.

16:24  Learning valuable lessons from mistakes and failures.

18:21 Bill's strategy and what he’s focused on.

24:02  A breakdown of what EBITDA is.

25:51  A process that can increase what your property can make.

33:59  The 6 different types of buyers.

34:09  Giving more than you expect to receive.

43:18  Where can people get in touch with Bill Faeth.

44:23  Bill’s number 1 secret to success in short-term rentals.

Join our Facebook group! www.facebook.com/groups/STRentalsecrets

BOOKS MENTIONED:

Millionaire Success Habits - Dean Graziosi

NOTABLE QUOTES (KEY LESSONS):

"Drive-in vacation rental markets were the most recession-proof through the recession and I also think they're the ones that have been impacted in the most positive fashion during Covid when urban markets were being hit hard at this time last year." - Bill Faeth

"I lost a hundred grand on that property because I didn't follow my evaluation process." - Bill Faeth

"It's very important to share those mistakes that we make." - Bill Faeth

"The reason why people are coming to the market is what people miss as hosts." - Bill Faeth

CONNECTING WITH THE GUEST

Website: https://buildstrwealth.com/

Personal Website: https://www.billfaeth.com/

Facebook Group: https://web.facebook.com/groups/284886002732508

YouTube Channel: https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kA

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