Short Term Rental Riches

Jasper Ribbers, a leading expert in the short-term rental industry, is the guest. He’s the host of the acclaimed podcast 'Get Paid for Your Pad' and author of its namesake book. In this discussion, Jasper shares essential tips for success in short-term rentals, including the value of an 'ammo box' in properties and insights into midterm rentals. He emphasizes the importance of networking at conferences and the evolving nature of the digital nomad lifestyle. Jasper also reflects on creating meaningful partnerships and the overall outlook for the STR industry.

Creating a captivating first impression is key for short-term rentals. The discussion centers on the importance of curb appeal, both physical and virtual. Practical tips on enhancing landscaping, lighting, and overall maintenance help boost property attractiveness. Listeners will discover how the exterior influences guest perceptions and sets the mood for their stay. Exciting insights ensure your rental leaves a lasting impression!

Having a highly cash flowing short-term rental is not only liberating but it’s motivating. When the cash is rolling in, occupancy is staying high, and the times are good, it seems like there is nothing but blue skies ahead and your next STR is always in sight. Until… something changes that stops you in your tracks. “I knew it was good to be true,” you mumble under your breath. Your Airbnb is banned! An ordinance or regulation changes and you can no longer rent your property as you were. What do you do now?  While visiting friends and fellow short-term rental owners in Lancaster, Pennsylvania we visited a beautiful wedding venue with a huge barn turned into four or five short-term rentals. The perfect cash flowing machine until the city shut him down.  I have my own properties that have been restricted and it’s not fun. I want to talk about this week how you can handle changing times. Let's discuss: Being proactive Where the rules are blurry  Four and a half back up options  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!  

In the world of long-term rentals we do a lot of screening before we put a tenant in one of our properties. We don’t want someone getting in there not taking care of the property, and on top of that having a legal right to the property without some sort of financial reserve; that’s why we always get a deposit and in many cases first and last month's rent. In the world of short-term rentals however, many people are not getting security deposits. They are relying on Airbnb to cover their back should something go wrong. But what if Airbnb doesn’t cover your back? What can you do to add additional protection to your properties? This week we will discuss some additional insurance you may want to take out: Airbnb protection Every other OTA protection Your essential protections steps  How much of a deposit?  Is your deposit adequate to cover damages?  What happens if you have no deposit and no OTA protection 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 the facts change, I change my mind. What do you do sir? This was a quote I heard and has stuck with me for years since an Int’l business class I took as a young buck. This is reality: things change. I’ve spoken before about Booking.com and how they weren’t right for us but… We’re now back on Booking.com! And I think you might want to use them for extra exposure for your short-term rental as well. They have also released a few new features I think you will find very handy since the last time we reviewed them. Stay tuned this week as we discuss: Why we went back on Booking.com How to get started with them (for beginners) How to save time in the setup  Why now they are easier to use then ever Extra exposure Property protection What type of guests they will bring to your property 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!

Ever considered renting your property by the hour? This unique strategy allows you to tap into new revenue streams without heavy modifications to your space. The discussion covers the benefits of using platforms like Peerspace, the risks involved, and who this approach might suit best. Learn about the legal aspects, potential challenges, and how to make the most of your existing setup. It's all about maximizing your rental opportunities in innovative ways!

Discover the key to guest satisfaction through quality linens, towels, and bedding. Learn how to choose the right materials and maintain them for ultimate comfort. With the evolving travel landscape, creating a cozy atmosphere is more important than ever. Plus, get expert tips on enhancing your bed presentation and making every stay memorable. From thread counts to budget-friendly options, this episode offers valuable insights for anyone in the short-term rental game!

Discover the surprising consumable items often left for guests that might not be necessary. As occupancy rates shift, cutting expenses can significantly boost profits. Learn about cost-saving strategies like switching from paper towels to reusable bar mop towels. Did you know hotels often skip certain items entirely? Explore how reassessing these choices can enhance guest satisfaction while trimming costs.

It's quite possible that your short term rental is not the right size. I don’t necessarily mean the square footage, but more specifically the number of bedrooms. For example, when it comes to size, I have found little difference in the performance of an STR based on overall size. For example, I have studios as small as 250 square feet and then one bedroom in the same city up to 800 square feet and the performance is essentially the same. One isn’t noticeably outperforming the other. When you look at the number of bedrooms however, and not the size that is when things change. If you take that same 800 square foot one bedroom and compare it with a two bedroom of the same size the performance could be drastically different! Even though the size has not changed. So how do we figure this out? Good news, we have several ways. Let's discuss this week if you are missing out on some opportunity by not having the right number of bedrooms and what you can do about it. We will discuss: What's the ideal number of bedrooms in your market?  Should you add another bedroom? Alternative ways to “add” a bedroom Finding the data that tells you yes or no Potential increased return    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!

Real estate investing offers clarity that stocks often lack, especially when calculating cash on cash return. This crucial metric reveals how much cash flow an investment truly generates. In today’s market, understanding COC is essential, particularly for short-term rentals, as appreciation may decline. The discussion includes practical examples, historic and current averages, and why conservative projections are vital for making sound investment decisions. Tune in to grasp the nuances of maximizing your returns!