Short Term Rental Riches

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!

Dive into the intricacies of Airbnb's review system from a guest's perspective. Discover how feedback shapes ranking on the platform and the significant questions guests encounter. Explore tips for hosts to enhance the rental experience based on insights gathered from reviews. Plus, hear about a recent trip to Mexico that brings personal experiences into the mix.

Discover the game-changing potential of Airbnb's Instant Book feature! Learn about its numerous benefits, like easier bookings and enhanced guest experiences. But it's not all sunshine—explore the pros and cons hosts face and why some may opt-out entirely. Get tactical tips on managing Instant Book guests effectively and setting the right booking requirements. Plus, dive into the top FAQs to navigate this powerful tool with confidence. It's a must-listen for anyone in the short-term rental game!

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

In the realm of short-term rentals, navigating negative reviews can be a daunting task. The podcast dives into the reasons why reviews may be eligible for removal, emphasizing the importance of evidence and guest communication. It also explores how to proactively handle criticism and mitigate damage to your reputation. Listeners gain insights on asking the right questions before pursuing a removal. Plus, there's a valuable bonus tip on personal strategies for tackling negative feedback. Tune in for essential advice to keep your listings shining!

Exploring the complexities of communication in short-term rentals, the discussion highlights the prevalence of dishonesty between guests and hosts. It delves into what constitutes a lie and whether white lies hold any merit. The concept of 'lie maintenance' comes up, revealing how hosts might be tempted to bend the truth about their properties. Real stories illustrate how to counter guest dishonesty and establish trust. This engaging dialogue emphasizes integrity as a key component in creating successful rental experiences.

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!

Discover the critical mistakes that can lead to poor guest experiences, especially the importance of clear communication and access solutions. A gripping personal tale highlights the need for backup plans when unexpected situations arise. The podcast also covers effective strategies for managing guest emergencies and emphasizes the value of open communication with your guests. Plus, listeners are introduced to a free ebook designed to help them achieve financial freedom through short-term rentals.

There are so many things to think about when we are getting ready to invest and start a short term rental (STR). I don’t claim to know all of them but after managing my over 21,000 guests my team and I have learned most of them. There is one component, however, that can’t just be “taught” with a few words or checklists. One component that does, seriously, make or break your short term rental. This week we are talking about the “Experience” your guests have. If you get it wrong it will show up in the form of negative reviews and you can kiss your high occupancy and high daily rates goodbye! This is a serious topic; you can literally make twice as much as your neighboring short term rental (or half as much if you get this wrong). As investors and owners though sometimes its hard to know what our guests might be experiencing. One way to get some better insight is to stay in other Airbnbs!I just got back from a little over 5 weeks of traveling and I stayed in a whole bunch of different accommodations over 6 different countries and I want to touch on the subject. This week I want to discuss five things you can do to add to your guest experience and five things you should not do!  We will discuss: What I learned from my recent travels Why Airbnb puts so much emphasis on the experience Who is getting the “experience” part right Five things you can do now to improve your experience Five things you do NOT want to be doing  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!