Short Term Rental Management

This week Luke is joined by Bill Faeth for a laidback conversation about their experiences in short term rentals, cohosting, and more. They talk about some recent challenges Bill has faced when purchasing a new property, the growing struggle for middle ground properties, the success of drive-in vacation markets and more.    After leaving UCLA, Bill pursued a career playing professional golf internationally before venturing into entrepreneurship. He successfully established a multi-million dollar glow-in-the-dark golf business, restaurants, real estate development, and as an investor. However, Bill’s interest in real estate investing was piqued when he visited Gulf Shores, AL, to search for a family beach house, prompting a shift in his investment focus from LTR to STR.  He started in 2015 with the purchase of his first STR in Gulf Shores for $629,000 and quickly increased rental income by 93% in year one while self-hosting for the first time and implementing off-platform marketing strategies from running over $15M in digital ads. After this success, Bill quickly started growing his STR portfolio and has accumulated luxury single-family homes in five states, generating over $2.5M in annual revenue. He is a founding partner in Rivan Capital Group, a Cohost of 13 luxury properties, and operates four additional businesses.   How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA

This week Luke is joined by Dale Smith, a successful short-term rental management professional in the United Kingdom. With over 900 properties under management, Dale's company, Host and Stay, has experienced rapid growth since its founding in 2018. They discuss Dale's goal of reaching 5,000 properties by 2025. They also talk about management processes and tech stacks for a large company as well as what day to day operations look like when running a company of that size.   How to connect with Dale: https://hostandstay.co.uk/who-we-are/ LinkedIn   How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA

This week we are coming at you with a little bonus episode where we're going to do some math and figure out what it takes to quit your W2! We'll be using what Luke has coined as the "Freedom Formula".    How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA

On this week's episode Luke is joined once again by Pavan Mediratta. They discuss the evolution of short-term rental management over the years. They talk about the changes and advancements in technology, such as pricing software, and the importance of caring for guests and providing a memorable vacation experience. They also touch on the topic of saturation and finish off by reading some listener mail!     How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA

This week Luke is joined by another long time friend and Godfather of 1031 exchange, Dave Foster. Dave shares his story on how he ended up living on and raising his children on a boat for over a decade. They discuss the power of the 1031 exchange, tax advantages of owning multiple properties, how to maximize your retirement strategy asnd more.   Dave Foster, a Qualified Intermediary (QI) investment professional, understands that real estate is really an investment in your future. As a multi-industry visionary, he has over 20 years of experience working in all phases of real estate investing. From commercial to residential, he brings his clients a fresh perspective and clear vision for strategic development. As an investor himself, he views each investment as a unique opportunity to maximize returns. A degreed accountant with a Master's in Management, Dave built his reputation on being a driven, results-oriented QI who works relentlessly to optimize value for the real estate investors with whom he works. He is inspired by a genuine desire to help investors excel, and he continuously strives to create win-win situations. Dave's book: Lifetime Tax-Free Wealth: The Real Estate Investor's Guide to The 1031 Exchange   How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA

This week Luke is joined by a short term rental OG and long time friend, Pavan Mediratta! Luke and Pavan discuss the challenges and misconceptions surrounding Vrbo bookings and share strategies to get more exposure on the platform. They also chat about the history or VRBO, why you need to be listing your properties on multiple platforms, getting kicked off of AirBNB and more!   How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA

 This week we're talking all about sticker shock. Everything is more expensive these days! We'll discuss how this relates back to our guests, getting our next deal and how to not let sticker shock get you down.    How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA

 Today Luke is joined by Chuck Kramer for this season's preparation episode! They're going to give you their best advice for preparinging for Winter, aka the slow season. This includes getting your maintenance people on the books well in advance, knowing what kind of market you're in so you can adjust accordingly, a good rule of thumb for when Christmas should be booked and more. Click here to register for BPCON today!   How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA

 This week Luke is joined by everyone's favorite, Tim Grillot to discuss your rates vs. your quality of guests. They go over how and why you should let people know why you have little/no reviews. They also stress the importance of striking a balance on your pricing and knowing that low rates don't guarantee bad guests, but neither do high rates.   How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA

On this week's episode we are talking all about why you need to get some long terms in order to be better at renting short terms. We'll talk learning the ins and outs of rental real estate, gaining patience, knowing when to get a property manager and more!   How to connect with Luke: The Short Term Shop - https://theshorttermshop.com/ Follow us on Instagram  Follow us on TikTok Join the Short Term Shop Facebook group! Check out the Short Term Shop on Youtube   For more information on how to get into short term rentals, read Avery Carl's Book, Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties  - https://amzn.to/3Adg6PA