Short Term Rental Riches

There are some opportunities with real estate investments that we just can’t find anywhere else. Not with the stock market, not with investing in crypto currency, not by investing in precious metals like gold and silver, and not by operating short-term rentals on a lease arbitrage model.    Nope, they will just never outweigh the benefits of owning property and using leverage (debt). If this sounds too good to be true, it will be very clear to you after this week’s episode as I discuss an eight unit apartment building valued at $690,000 that I just got for “free.” We’ll discuss: What exactly I mean by “free” and how I have $0 in the deal How to earn an infinite return The actual numbers on this deal  Why investing in the best markets is essential Why owning short-term rentals will always be better than lease arbitrage Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our  latest live webinar recording available!   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, webinar, Instagram and more!

We have quite a few costs that go in to operating our short-term rentals. Some of them are fixed, our mortgage or our lease payment for example, but most of them are variable. Meaning, most of our expenses will either go up or down and change over time. These are other expenses like housekeeping costs, maintenance costs, and perhaps one of the biggest, Utilities!That’s right, since we pay for our short-term rental guests utilities, these are one of our biggest costs. So this week we will take a closer look and recommend a few options you could use to cut these expenses down and put more money back in your pocket   Solar electric Smart home devices Fixtures in your property Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our  latest live webinar recording available!   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, webinar, Instagram and more!

Doesn’t it hurt a little bit to look at your calendar and see those one day gaps without any guest checking in? Lost opportunity, lost revenue. Maybe you’re not offering one night stays because the work involved seems to be too much for the revenue you generate. Maybe you’re worried you will have guests rent the one nighter to throw a party. Maybe you just don’t know how to price it effectively. We are going to dive into all of these questions and more all around the subject of “Should I offer one night stays at my rentals.” I have gone back and forth with this in the past and I want to explain both sides including:    What is an “orphan day” How to price your one night stays  The effects of one night stays on your housekeeping staff Will they attract “party” guests and how can i monitor that When should I offer one night stays? How far out?  Leaving money on the table Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our  latest live webinar recording available!   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, webinar, Instagram and more!

There are several steps to doing market research and deciding on the next place to invest our money in real estate. We’ve talked about many of them before in prior episodes: from the fundamentals of what makes a good market to the special considerations we need to take when we have the intention to operate short-term rentals and not traditional rentals. In a nutshell these were things like, strong employment and population growth, low cost of living, landlord friendliness and favorable short-term rental regulation. But after all of this comes another very important step. After all of this we need to hone in on a neighborhood or even a few blocks within a neighborhood! I just got back from visiting 3 states and looking for new properties and so in this week's episode we will break out the steps I took, including:    Which markets I visited Finding the right areas within a neighborhood Staying in Airbnbs where you plan to invest “Touring” the market (and the various ways to do that) Connecting with Brokers and real estate agents Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!   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, webinar, Instagram and more!

Can we kick a guest out of our properties? If you’ve operated a short-term rental for any length of time you may have asked yourself this question or possibly even had to deal with this very issue. It’s a bit of a grey area. Authorities (police) are different in every city and some may be familiar with short-term rentals (airbnbs) and others not. So this week we will dive deeper into the topic to help you determine whether you can and HOW to remove a guest from your property with as little headache as possible:  Why would we want to kick a guest out?  Preemptive measures Will this happen to you An example we have had Can we do it?  The right steps to take  Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available! 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, webinar, Instagram and more!

There are many components that go into ensuring your guests have a great experience but one that may trump them all is sleep! Getting adequate sleep is an essential piece to being a human being and when that gets disrupted then so do our attitudes, our moods, and our experiences. In short, a poor night's sleep leads to a poor review. And aside from a comfortable bed there are other key ingredients that we need to always be mindful of as a short-term rental operator. This week we will discuss them in more detail:  Sound and your space How can we improve it?  Preemptive measures Supplemental devices for providing “quiet space” Light and your bedroom   Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available! 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, webinar, Instagram and more!

It’s official! I'm the proud owner of a new property in Brazil. It’s a bit surreal to branch out of the country where you were born and take a claim in a totally different culture, climate, and piece of the world. The world is a big place and we have so much to learn from it. I talked about it before on a prior podcast but now that the process is complete I want to recap my experience and provide the takeaways.   Research I did before (coming and purchasing) Who I worked with Where it is and why I think it was a good deal How I “financed” it without a bank.  Preparing for a remote renovation Meeting with my future team prematurely (House keeping / management)   Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available! 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, webinar, Instagram and more!

“When the facts change I change my mind, what do you do sir?” I once heard that in an international business class I had many years ago and it has always stuck with me. I”m not exactly sure who first said it so my apologies for not giving props. But it is true. Things are changing quickly and in the world of short-term rentals the industry (and popularity) appears to be moving at light speed. Just a few short years ago I could count the number of available property management platforms on one hand but today there seems to be a new one popping up every minute. Long story short, I explored new options for my property management software and have decided to make a change and want to share that (and the reasons why) in this weeks episode of the short-term rentals riches podcast. Past experience selling software What changed Why I’m leaving  Which other programs I looked at Why I went with the one I did Challenges with converting your PMS System   Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available! 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, webinar, Instagram and more!

In our short term rental businesses and real estate ventures we are always doing the same things over and over again. Answering guest questions the same way. Changing reservations, leaving reviews, screening guests etc. After accommodating over 15,000 guests It’s not very often that we see something “new.” (knock on wood). So all of these tasks we do on a regular basis should be documented so that our team and everyone that  we work with are on the same page. For that we have been using a new recording tool I wan to share with you this week. Why we are using Loom Loom Vs. Camtasia (previously recommended) The best features How exactly we use it Where we put all of our recordings   Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available!   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, webinar, Instagram and more!   Here is a link to check out Loom for yourself: https://www.loom.com/settings/workspace#plans 

We’ve all gone virtual! So why are you limiting yourself and your team to those that you live near? I hope you are not. While we do need an “on-the-ground-team” for our short-term rentals we can do most things virtually. So if you haven’t yet hired a virtual assistant this week we are going to dive in to that. We’ll cover: Where I look  What others recommend Why I like working with filipinos Why you shouldn’t feel guilty paying a “low” wage How long does it take to find a good candidate?  Maximizing your time looking for candidates Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available! 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, webinar, Instagram and more!