Short Term Rental Riches

What’s one small thing we need in multiple rooms in our short-term rentals that is 100% necessary and can smell (good) ? Soap! Yes, what a fun subject right? Ok, while it might not be the most fun subject for many of us it is uber important. Our guests rely on us to stock our rentals with soap. And not just in not just our bathrooms, but also kitchens, dishwashers and laundry rooms. There are lots of options and lots of ways to display them and make sure they stay full. Let’s review this week: The essentials spots  Shampoo, Conditioner, Body Wash. Can we combine them?  Dispensers or disposable?  Housekeeping considerations Soap pods vs. powders High end vs. cheap   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 event, short-term rental playbook, Instagram, and more!

I consider myself to be very fortunate. Not only because of the real estate portfolio or the wealth I’ve acquired, the freedom I’ve earned, the amazing team I work with, or because of my circle of friends around the world I can look to and lean on in a moment's notice. Those are all fantastic things to have in life but that’s not the main reason I consider myself to be so fortunate. I don’t believe my life would be the way it is today had I not first discovered my “why.” My driving force you could say. My motivation for doing what I do. The reason I decided to get into real estate in the first place. And that was the freedom to explore this great big world when and how I wanted to. To have flexibility with my life and the direction I want to take it. Fortunately, I had the opportunity to travel at an early age and discover that every place is different and then shortly after discovered that real estate was the most historically proven asset class in history and could be acquired and managed passively. I found my way and I found the avenue to get me their (real estate). All that to say… I don’t believe I would have achieved the success I have thus far without first discovering that “why.” So this week we’re going to delve into that subject. Do you know why you are listening to this podcast? Why are you interested in real estate? What is it that you truly want? How we get “stuck” Breaking the habit of being ourselves Discovering our “Why” Is it really possible Our new real estate world (environment)   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 event, short-term rental playbook, Instagram, and more!

We can have a lackluster, shabby exterior on the outside but on the inside we can have a luxurious oasis retreat. Our furniture, the colors, the lighting, and the interior of our design shapes our space and thus shapes the experience our guests have. But not all furniture items and decor are created equally and are so easy to decide on. Some are easy to find and source and take little to no thought. Like a plant or a clock on the wall for example. But one furniture item really sets the tone for your whole space. Or at least the space where you’re guests will likely spend most of their time…. And that is, the couch! After the bed, your guests are likely spending the most time on this one furniture item and so it gets the most wear and tear and is the most susceptible to damage. Not just that, but it’s also a large item! So it’s the most expensive and sets the tone for your living area. We want to make sure we don’t mess this one up. This week we’ll review a bit about this, sometimes, tricky furniture item and some tips to make sure your money is well spent.    Why the couch is the most difficult item Sizing your couch Is it stain proof?  What color should you get?  Where to find your couches   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 event, short-term rental playbook, Instagram, and more!

We’re lucky to be in the STR space. An industry that thrives off of reviews and feedback. It helps us PERFECT our properties so we can achieve higher occupancies and earn higher returns. That is, as long as we are acting on the private feedback! A guest many times may say “hey.. I thought your property was great but you may want to [ BLANK ].” This information is the key to . This week we’ll discuss: How to get more feedback don't create a negative review for yourself! Use the information   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 event, short-term rental playbook, Instagram, and more!

You may have more than one “listing” and you haven’t even realized it. The guest house in the back of your main house. A granny flat with a separate entrance… Even an RV parked in your spare parking. The more options and flexibility we have with our listings the more options potential guests will have to book and the higher our occupancy rate should be. This week we’ll talk about how to accomplish this and a few things to consider:  airbnb has an option to "link" listings so if you have 2 properties for example that you would like to have the option to rent together they become three listings Could be treehouse, RV, guest house tiny home consider adding extra guest charges (for larger space) consider allowing a shorter advance booking window (advance notice 2 days for example)   include your floor plans   use airbnb calendar to link listings   there will be a "parent" listing and "child" listing   do it on your property management software with "linked listings" or "combined listings" 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 event, short-term rental playbook, Instagram, and more!

Real estate is not a fair playing field. We make our money when we buy our property. If we take these two statements to heart then expanding our network as much as possible should be at the top of our priority list. The more people we know the more chance we have for deals to come along. Now the better opportunities tend to come along more in the commercial real estate world since the single family home space is so transparent online but not necessarily… and hey maybe if you’re in the SFR space right now and you want to branch out into bigger deals. Now is the time! To achieve something we’ve never done before we have to become someone that we have never been before and that’s much harder to do if we are unable to expand our network. If you talk to the same people everyday you will likely be reinforcing the same ideas you’ve always had. This week we’ll discuss expanding our network to get access to better deals. 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 event, short-term rental playbook, Instagram, and more!

Repeat guests are great. You already know they are good guests (otherwise you wouldn’t have them back) and they can really help keep your calendar booked more consistently. Today there are lots of options to take bookings directly and your repeat guests are great guests to approach. There are lots of benefits to this which we will discuss in this week’s episode but in a nut shell I’d like to get you thinking…If we have all of our properties listed on one OTA or online travel agency, like Airbnb, then we have all of our eggs in one basket. What happens if Airbnb takes your account down? This happens. What would happen to your occupancy? Yeah, it wouldn’t be good. So if we can decrease our exposure to the OTAs we can protect ourselves from potential risks on the platforms but we also build a better and more consistent business. Many times we will be able to better forecast our occupancy all while having the opportunity to earn more money! You can offer your guests a lower price at the same time you are earning more because neither side has to pay the OTA commissions! If you’re just getting started with direct bookings then repeat guests are a great place to start.  Why repeat guests are great How to get more repeat guests How to charge them directly How to advertise  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 event, short-term rental playbook, Instagram, and more!

When a lot of people think about getting into short-term rentals they think “ugh I don’t know… I don’t want people ruining my property.” “I don’t want to deal with parties and nightmare guests..”Yes, it is a possibility that you could have a bad guest. But the reality is that we prevent almost all of these situations! There are many different ways to preemptively protect your properties but one of the first layers to protecting your property from a possible (but unlikely) nightmare guest is to screen their reservation. There are several ways to do this and you should be doing it with ALL of your reservations. The good news, these steps are super simple to do. We’ll break down five of them this week.  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 event, short-term rental playbook, Instagram, and more!

We get quite a lot of questions and the topics range. I try to lump them together and create a podcast for the ones we get asked most often but I thought it would be fun to do a rapid fire Q&A for this week’s episode. No questions is a stupid question! This weeks topics range from: Where to find the best markets What roles can a VA fulfill?  Will a lender count my STR income so that I can get loans in new markets?  What can I expect to pay for a down payment How do we handle long term tenant to STR conversions 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. You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!

The latest inflation numbers for the US are the highest it’s been since 1990. This means prices are rising quicker than they have in over 30 years. I’m sure you’ve noticed it right? Gas, groceries, utilities, everything that doesn’t have a fixed price is going up and going up quickly. Lucky for us as real estate investors, so are our property values! Many of us are sitting on tons of untapped equity but that equity is useless unless we do something. Put another way, that equity is NOT YOURS unless you take it out. This week we’ll talk about several reasons why it’s time for you to pull that out :)Lets delve into: Inflation.  3 reasons why you should you pull your equity out  When NOT to refinance A misconception about property values and your wealth Some lender referrals What if real estate prices drop?  Are you enjoying the podcast? If so, please make sure to subscribe! And if you’d leave us a rating and a review it would be greatly appreciated. This helps us reach others that may find the info helpful as well. You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!   TIMS NOTES:  We need to manage our equity and not just our RE portfolio. Lets talk about refinances. Inflation and whether it’s time to refinance