Short Term Rental Riches

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!

One of the upsides to real estate investing vs. other investments, stocks for example, is that with real estate we can know when we buy a property if it’s a good investment or not. It all comes down to the numbers. While there are a lot of metrics out there to compare investments there are a few that are more important and one in particular that every conservative investor should have in their tool belt.If I had to choose just one metric, it would be the Cash-on-Cash (COC) return. This tells us how much cash we are actually making at the end of the day–which, to me as a conservative investor, is always more important than what we could make. By investing for appreciation for example. In our current economic environment you can pretty much kiss your appreciation returns goodbye since the market is dropping. BUT we can still find properties that earn a good return and to do that we will need to fully understand the COC metric. To take it one step further, as short-term rental investors, we need to add in a few items to make sure that we are accurately calculating our potential returns. Let's break that all down this week to make sure you are not getting into a deal that doesn’t make sense.  What is the cash on cash return?  An easy example Historic averages Today’s averages Why the annualized COC return is important Why CAP rates are not as useful.   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!

What the heck is going on? If we look beyond the US borders most currencies are getting crushed against the dollar. I just got back from a 4-week Euro trip and the dollar for the first time in my life the US dollar was at parity with the euro! Just to put things in perspective, the first time I went to Europe one Euro equaled $1.50 (a 50% difference). And why does this all matter anyway. There has never been a time in my lifetime when the dollar has been as strong as it has now. What does that mean for Americans or those of us that are earning US dollars? It means everything is on sale! Unfortunately at the expense of many other nations. The subject of currency exchange is a complicated one. A subject that isn’t easily calculated or forecasted and that can change on a whim from the news. But if you have interest in investing in other countries now may be your time!  Historical highs Brent Johnson’s Milkshake theory Exchange arbitrage Using your USD to live like a king / queen Plan Bs and potential options Virtual Assistants Considerations for buying foreign properties My current deal CLOSED I got lucky I didn’t invest a year ago…   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!

What better way to find out exactly what Airbnb finds important than to be a guest. Shortly after you’ll receive a review request asking some specific questions. Questions that will help Airbnb figure out where you should rank against other properties in their search results. I just got back from a nice stay in Mexico (where I got to meet up with one of my receptionists as well). This week we’ll dissect the Airbnb review only from the side of the guest:  The required questions Additional info The order they ask the questions Completing the review   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!

Do you know the one power tool that you can use to maximize your earnings and expedite the booking process, too? I am talking about Airbnb's Instant Book feature. Instant book is a hassle-free booking process that allows guests to book your listing automatically. It also improves guest experience on top of that. It is like hitting 3 birds with one stone. But let’s pause here for a second and rethink, are we using it effectively?  In this week’s episode, we will talk about the power of Instant booking. Is it a yay or is it a nay? Stay tuned as I break down for you the perks, the downsides, and everything between! We will discuss: Pros and Cons  Tips when dealing with Instant Book Guests Booking requirements you should apply Why don't some hosts use it? Top 3 FAQs about Instant Book   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!

Things are sounding a bit scary out there in the real estate world. Interest rates have surged, less people can afford to purchase, real estate prices are falling, and people are backing out of deals!According to Bloomberg, home prices are decelerating at the fastest rate in over a decade across major markets in the U.S., and homebuyers are increasingly backing out of deals (a record 16% in July 2022)On top of that we are seeing savings accounts depleted, consumer credit debt is on the rise, and general prices for necessities like food and energy keep creeping up due to inflation; that is not a good combination.   At the same time though, it’s been a while since I’ve seen so many real estate “opportunities” coming across my mailbox with price reductions. So now that we have officially entered a buyer’s market, should we actually be buying? Or should we wait around for prices to keep dropping?  This week:  What it means to be in a buyers market Opportunities Should we actually buy? Or wait… Every Market is different  What to do if you are underwater…  What this means for rents (and renters) Int’l opportunities

It’s a great world for short term rental business but it definitely is no fairy tale! There are still lots of things that can’t be in our control which may affect the total guest service that we offer. For those that we can, it’s important to remedy them right away and see how we can make it right for our guests if there is a need for that. Hopefully, these two things can better the experience and guests continue on having a great stay. But not all guests can be understanding. We get the opposite, too! And they can hurt our business big time when it’s time to submit reviews and they give us a really bad one. With all my experience, Your property may be top of the charts when it comes to 99% of the experience but you will most likely see that measly 1% up on the review board. The good news is we can have these reviews taken down if we believe it violates the platform’s Review Policy. There are things we can do to mitigate the damage a bad review will cause to our listing. It’s not always easy but it's always worth the shot! So,let’s dive in! This week, we will discuss: 3 Reasons for reviews to be removed 2 Questions to ask yourself if the review is worth pursuing Importance of proof and evidence How to proactively handle a negative review Bonus Tip: How do I personally do it? Do you want to take your STR to the next level and meet with me and a group of like minded investors each month? We now have the perfect place to do that and share resources and tips– check out our “Rested Investor Club House.” Hope to see you on the inside!  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!   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.

I believe communication is one of the main keys to success in life. But it’s more than just communication, it’s honest communication. After managing tens of thousands of guests, however, it's clear that we are not always receiving honest communication. It’s true, my team and I have been lied to–and if you have a short term rental it’s possible you have been lied to as well! This week we’re going to talk about dishonesty in the world of short term rental rentals and how it’s affecting you. Including: What does it actually mean to lie or be dishonest?  What about “white” lies… Aren’t those acceptable?  Lie maintenance.  Issues with your short-term rental - you may be enticed to fib What our guests may lie to us about How we prove them wrong Our word against theirs…  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! Do you want to take your STR to the next level and meet with me and a group of like minded investors each month? We now have the perfect place to do that and share resources and tips– check out our “Rested Investor Club House.” Hope to see you on the inside! 

We have an extra special guest this week that you will not want to miss! He is one of the leading authorities on taxes in the nation when it comes to building your wealth tax free. You may recognize the name, Tom Wheelwright, from his bestselling book Tax-Free Wealth: How to Build Massive Wealth By Permanently Reducing Your Taxes or because he is the CPA for Robert Kiyosaki! (author of Rich Dad Poor Dad). Tom is an excellent teacher; his goal is to help people achieve their financial dreams faster by permanently and legally reducing their taxes. He has been a contributor to Entrepreneur magazine, and his work has been seen in Forbes, The Wall Street Journal, The Washington Post and on FOX, NPR, ABC News Radio and hundreds of other media outlets.This week we will break down some insights from Tom’s latest book (I just had the pleasure of reading) The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make. Don’t miss this extra special week as we discuss:  Why short term rentals can have excellent tax advantages The difference between active and passive income Material Participation vs. being a real estate professional  Why the government will discount your investment activities (if you pick the right ones) Why the rich don’t pay taxes If you want to hear more from Tom (make sure you listened to part one) but you can also find Tom at www.Wealthability.com or on one of his two popular podcasts: The WealthAbility® Show with Tom Wheelwright CPA and The WealthAbility® for CPAs Show. 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!

We have an extra special guest this week that you will not want to miss! He is one of the leading authorities on taxes in the nation when it comes to building your wealth tax free. You may recognize the name, Tom Wheelwright, from his bestselling book Tax-Free Wealth: How to Build Massive Wealth By Permanently Reducing Your Taxes or because he is the CPA for Robert Kiyosaki! (author of Rich Dad Poor Dad). Tom is an excellent teacher; his goal is to help people achieve their financial dreams faster by permanently and legally reducing their taxes. He has been a contributor to Entrepreneur magazine, and his work has been seen in Forbes, The Wall Street Journal, The Washington Post and on FOX, NPR, ABC News Radio and hundreds of other media outlets.This week we will break down some insights from Tom’s latest book (I just had the pleasure of reading) The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make. Don’t miss this extra special week as we discuss:  Why you should be an active partner with the government Why the rich don’t pay taxes What you should do if your CPA is skeptical about saving taxes Strategies for saving tax  Why the government will discount your investment activities (if you pick the right ones) If you want to hear more from Tom (make sure to catch part two) but you can also find Tom at www.Wealthability.com or on one of his two popular podcasts: The WealthAbility® Show with Tom Wheelwright CPA and The WealthAbility® for CPAs Show. 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!