Short Term Rental Riches

One of the biggest components of a short-term rental is the turnover between guests and all that dirty laundry. Sometimes you can hardly tell your guests even used the linens and others, well… I’ll let your imagination run with that one Either way it’s something we have to deal with and the bigger the property the more laundry we have. For some of us it’s pretty easy; your housekeeper shows up, throws it in the washer, cleans the property and has fresh linens to replace before they’re done cleaning. But for others properties this isn’t so easy… What happens if you have 3+ bedrooms? There is too much laundry for one load, so what happens then? Well maybe you’re housekeeper thinks they can fit it all in one… so they try anyway. Or maybe it’s obvious they’re going to do multiple loads so they end up waiting around for the second load to finish even after they’ve finished cleaning the property. Whether you’re working with a professional housekeeping company or paying someone on your team directly the more laundry you have the more it’s going to cost you. That’s a no brainer right. So what do we do? I’ve learned a ton about laundry over the days managing tens out thousands of guests with my team. Even to the point where I purchased a commercial building and brought in industrial sized laundry machines on forklifts. Those babies can handle whatever we throw at em’ They’re bolted to the concrete to make sure they don’t spin out of control and run through the wall. While this is a natural progression for many growing larger portfolios, for others just getting started, we also need other alternatives. This week we talk about those alternatives. Stay tuned as we break down your laundry options for your short term rental: Challenges doing laundry in your property Wear and tear and the life of your machines Housekeeping costs Off-site options, worth it? Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended) Are you managing your property yourself? If so, make sure to get a copy of our management handbook to make sure you’re not missing any crucial steps - get your copy here If you are looking for help managing your property, we’d be happy to see if we can help. Lets chat You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!

“I’m going to turn the thermostat as cold as it will go.” Your guest thinks to themself stepping in from the hot summer sun. Regardless whether or not your property is at a cool temperature - some guests will still turn down the thermostat…all the way. This ins’t just a challenge for your equipment, it can also be a challenge for you pocket book. Air conditioning and heat are usually one of the largest utility expenses for most properties. And those bills get even worse if your property is not properly equipped. Whoa that’s a tongue twister–say that one 3x fast. “Property is not properly equipped” Ok down to the point. The easier the thermostat is to use the easier it is for you guests. And they are not all created equally. In my personal portfolio we use multiple different brands. But, I now have a favorite. I purchased a dozen or so of them and we’ve tested them… All is looking good so I figured it’s time to pass the tips on to you all. This week as we dive into everything from: Potential HVAC issues Essential thermostat settings Several Industry Options The thermostats we now use Looking for the closest possible thing to a turn-key short term rental you can find. Check out the episode I did with my friends Dave and Leon who are building them :) Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well. Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended) You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!

Even if an older, short-term rental property is not perfect in terms of its amenities or aesthetics, it can still earn perfect five-star reviews on Airbnb. It can still outperform a brand new, well-designed competing property by leveraging five key concepts. The money is in the details. On a last-minute trip to Miami for a friends wedding I stayed at a guest house in a nice little neighborhood near my friends wedding venue. The neighborhood was nice but the property… egh, not so nice. But it had everything I needed. It met my expectations. One slight little hiccup however, and it would have been really easy to slip this Airbnb a less than perfect review. I left a glowing 5-start review though for 5 basic reasons! All of which we’ll cover in this weeks episode. Stay tuned as we dive into the five things you can do to make sure your non-perfect property gets perfect reviews—everytime. Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well. Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended) You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!

Before we can determine whether or not a real estate investment will be a successful one we need to first look at the bigger picture. We need to know and understand the demographics and fundamentals driving each market.  Once we know what real estate markets are ripe for investment it drastically helps to narrow down our options. With a market decided, we can go hunting. But it’s not always easy to determine what makes a “good” market for investment. This comes with practice, education, and experience. So when I’m doing my market research I turn to advice from some of the industry’s leading experts. This week we had the luxury of interviewing someone who’s education has been a big influence in my life. Education that has saved me from putting my money in real estate markets that were too risky (and that’s evident now as prices fall). I’ve gone to several of his conferences in person and been listening to his podcast for years soaking up all of the knowledge that he shares so freely and wisely. He is, arguably, one of the industry’s most recognized and respected thought leaders in real estate; Jason Hartman. Jason is the host of the popular “Creating Wealth Real Estate Investing” Podcast. With almost 2000 episodes and years of experience under his belt, Jason brings a ton of value. Stay tuned as we dive in deep to:  Why money is still “cheap”  What makes a market risky Examples of risky markets where you don’t want to invest Which markets are ripe for investment and why What it means to live a “Rich” life You can find out more about everything Jason has to offer by visiting his website here. Need help managing your short term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.  Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well. Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)  You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!

If you have been investing in real estate for a while you know it has a lot of moving pieces.  Especially if you have ever remodeled a property. All those tiny little expenses need to be recorded. From the miscellaneous screws you bought at your local Home Depot to the new, fresh vanity for your master bathroom. Don’t forget the gas you paid for on the way to the home goods store; that should be expensed too. So maybe you’re not doing the remodel yourself. If you’re like me, when I started I definitely got my hands dirty. I’m not saying I knew exactly what I was doing but that’s where I started anyway. It was fantastic graduating to the point where I could pay professionals to do professional work. No more uneven grout lines or crooked tiles. But of course hiring professionals costs money… and yep, that money has to be tracked too. If you’re working with a local handyman many times you’ll send over an easy payment through the Cash app or Venmo. But as you get bigger, you add more properties, and then you add more expenses. Sometimes, you come across the occasional vendor that doesn’t accept venmo payments. Checks only? Yeah, that still exists unfortunately. So now you need to send a check out that’s not going to process until it’s cashed. I’ve got an easy solution I’m getting too soon–I promise. And I’m not referring to the turn-key short term rentals we recently talked about (although that’s an excellent way to skip the bookkeeping too) But first let's flip the switch here and assume we’re no longer referring to a long term rental property. Tips from the Short Term Rental Riches Podcast and you’re friends' Airbnb success have led you down the path to getting in the STR game. And as you dive in head first the amount of transactions you have shoots through the roof. Cleaning supplies. Furniture. Housekeeping payments. Utility payments. Software subscriptions. Landscaping. The list goes on and on… This week we’ll break down how we can make all of the expense tracking and banking so much easier! I’ll share with you my best practices and what I’ve learned paying hundreds of contractors, and hundreds of thousands of dollars (remotely) over the years.  This week as we dive into everything from:  Safe banking options & what makes them “not safe” My struggles Features you need  Why speed matters Sharing features with your team Connecting to accounting programs  Two banking options to make your life easier (Incl. one I use) To find out more about the bank options recommended you can head here to Relayfi.com or mercury.com Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well. Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)  You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!  

There is a lot to learn in the short term rental industry. The environment is constantly changing; new tools, tips, markets to look for, and best practices to incorporate into your short term rental (or your upcoming purchase.  Too much to learn in fact that there is no way for me to process it all myself. So to change things up a bit i’ve decided to bring on a few other experts in the space. This week we meet with my friend and former Airbnb employee Danny Rusteen. Danny is also the author of the best selling book “Optimize your BNB” and has a new book coming out soon I’m excited to talk about “profitable properties - Airbnb Insider secrets.” Danny doesn’t just talk the talk, he also owns and operates arguably one of the best performing properties in all of Medellin, Colombia. Medellin is no small city… thousands of Airbnb’s are actively listed there and it takes work to get to the top of that list. He brings a ton of value this week as we dive into everything from:  What it means to live a “Rich” life Why direct bookings are important  To get in touch with Danny you can find him at https://optimizemybnb.com/ or get a copy of his book here. He is also launching the Optimized Business course, which I believe could be of great value to you. By using the code STRRICHES, you can enjoy a 50% discount for three months. The course begins on May 29th. Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well. Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)  You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!  

There is a lot to learn in the short term rental industry. The environment is constantly changing; new tools, tips, markets to look for, and best practices to incorporate into your short term rental (or your upcoming purchase. Too much to learn in fact that there is no way for me to process it all myself. So to change things up a bit i’ve decided to bring on a few other experts in the space. This week we meet with Jonathan Farber. John is the real deal. He also happens to spend half of his year in Medellin, Colombia where I ran into him and have had the pleasure to meet up with several times afterwards for dinner and drinks. I’ll let John tell his own story on the episode but just know that he brings some EXPERT tips. Join us this week as we discuss with a fellow short term rental expert:  Why having virtual team members is necessary Best practices for hiring your own VA How your team can “train themselves” How traditional management can hurt (or crush) your STR returns The current economic and industry outlook  What it means to live a “Rich” life Make sure to catch Johnathan on his popular podcast - Millennial Millionaires. You can also find out how to work with John and have real estate deals hand picked for you by going to:  Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well. Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)  You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!  

When I first got started with my real estate investment career the idea of a turn-key rental always sounded enticing to me. Turn-key property = a property you can purchase that is renovated, rented, and professionally managed all in one spot. Easy peasy. Problem was, after visiting multiple states and markets, I wasn’t able to find many opportunities that led to decent returns. In fact, some of the so-called “opportunities” weren’t earning any cash-on-cash return at all. That’s what led me to start investing in short term rentals. It was a natural progression after having used them during my world travels time and time again.  Now years later, after over 25,000 guests have passed through my personal portfolio and for the first time I’m witnessing a potential turn-key short term rental investment opportunity just beyond the horizon.  An opportunity to purchase a short term rental property that comes professionally designed, fully furnished, and ready to list online with minimal effort.  A short-term rental that also happens to have an exceptionally affordable entry-level price.  It’s brand new. It’s eligible for bonus depreciation. You will never have to pay property tax on it.  All with the potential to earn much higher cash-on-cash returns. Heck, our team will even help you manage it! I know, I  know, this all sounds too good to be true… I’ve dedicated years to becoming an expert in short term rentals and I’ve never come across an opportunity like this that has so many value-added components all in the same place. Until now… People all over the world are choosing many short-term rentals for the experience they provide—no matter the size.  And if you’ve followed my content for any length of time then you already know that many of my smallest properties also happen to be my best performers. So when I travelled to Phildelphia recently and saw with my very eyes an opportunity to purchase a short-term rental that I could have delivered anywhere in the USA, my ears perked up. Listen in to this week’s episode and find out how a couple friends of mine are changing the short-term rental investment landscape. They’ll break down how a park model home has the potential to multiply your investment returns and save you from the hassle of getting things going on your own. We break down all the highlights this week including:  Defining a park model home  Tax benefits from day one  Built to last with minimal maintenance How a $100k investment could earn 4x more than a $1 million investment Who these properties are right for A truly turn-key short-term rental opportunity?  If you want to find out more you can simply leave your email here and setup a quick meeting with our week's guest who has already worked with dozens of other happy investors. Worried about the management? My team and I might be able to help you out with that as well. If you haven’t heard, we’re now partnering with others to help manage properties (no matter where they’re located) just like mine—find out more here.

Your short-term rental operations don’t stop the moment your guests check out. Nope.  Actually, in many ways, they are just beginning. Much like a new born baby you have to care, protect, and monitor your STR for its whole life. You have to make sure it stays clean. You have to make sure it stays smoke-free. You have to make sure that it's warm when it needs to be and cool when it’s heating up outside. And much like how a child's experiences impact its future experiences—so do guest bookings.  Every single reservation that comes through your property impacts future bookings in the way of a review. Over time, your property builds a solid foundation (hopefully a positive one) and allows for the good times to keep on coming. So in a way, while a short-term rental and a baby may seem like two very different things, both require a significant amount of attention and care to ensure that they live out successful and enjoyable lives. So yes, if you have a short-term rental, you have something that needs to be cared for! This week in part 4 of our management series, we’ll break down all the things you need to know after your guest leaves your property. And if you have someone else managing your property—hopefully they are doing these things as well. Your future pocket book depends on it.    Stay tuned as I break down for you: Managing your property AFTER a reservation Turnover Operations Housekeeping  Maintenance  Resolutions and charges Monitoring Performance  Analytics Review management  Making informed decisions  If you are interested in partnering with me and my company “Midtown Stays” fill out a few quick questions here and I will personally reach out to you via zoom to find out more and chat. Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well. Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)  You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!

You made it. You successfully set up and advertised your short term rental property and you are ready for your first guests. The day has finally come and all of that hard work is about to pay off. You are slightly nervous though since you know just how important the initial reviews to any STR can be. The guest arrives and… they can’t get it! Even though you sent them the carefully laid out check in instructions, created a unique digital lock code for them, and were there for them every step of the way.  They just can’t, for whatever reason, get the lock to open. Let me save you the trouble of guessing why… user error! Yes, as simple as it is to use digital locks these days they are all different and STRs attract guests of all ages and nationalities and sometimes our guests just can’t seem to enter the codes right. Leaving off a digit. Not entering a pound sign or hitting an unlock button. Trying to open the door before it’s actually unlocked causing the “smart” lock to jam up. From the tens of thousands of guests my team and I have managed in my own personal portfolio I can tell you that lots of reasons pop up that could lead to a bad guest experience. The entry example just happens to be the most common reason a guest will call you. And worse… sometimes they call you a bit frantically because they have been traveling long hours, they’re exhausted, and it’s late at night. So… things happen. Whether you are self-managing your property or you have a team helping you, you have to be prepared for anything and most importantly you have to know how to handle it. The better we manage our properties the better our guests’ experiences will be and the more money we will make.    As we kick off the 3rd episode of this 4-part series, this week we will be going in depth on all things you or your property manager SHOULD be doing during your guest reservation, from arrival until check out. What happens if there is an emergency? What if the guest wants to change their reservation? The guest can’t sleep because the neighbor is being too loud? The best way to respond to a guest? We will cover all of that this week as well as:  Guest management tips during the reservation Handling common issues Monitoring home security  Following up Upselling reservations Altering reservations Involving OTA support when needed Effective communication Robot Response Vs. Human Response Response times Keeping it written  Knowing your property Making informed decisions If you are interested in partnering with me and my company “Midtown Stays” fill out a few quick questions here and I will personally reach out to you via zoom to find out more and chat. Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well. Get a copy of my 12 proven house rules to protect your property from almost every negative situation (highly recommended)  You can find all of our links here including our website, recommended resources, upcoming live events, short-term rental playbook, Instagram, and more!