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Short Term Rental Riches

Latest episodes

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Feb 16, 2021 • 17min

66. Buying International Property? Beginner Tips You Need To Know

It's such an exciting thought, isn't it? Owning property in another country. It has a nice exotic ring to it. And while purchasing international real estate can provide so many benefits beyond a simple investment return, it's not necessarily the easiest thing to get into. This week we'll cover a few lessons I’ve learned and some things to look out for investing in a “foregin” place.  What to do in a brand new (foreign) market  Precautions for foreigners investing from abroad Differences in the property search  What you will likely encounter Side benefits to purchasing internationally 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 here: https://restmethods.com/virtual  For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com  If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”  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. Find us on instagram! @RestMethods
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Feb 9, 2021 • 8min

65. Are You Meeting Your Guests' Expectations?

An experience is none other than an expectation and whether that expectation was met or not. Great reviews and experiences happen when our experiences are exceeded. The opposite is obviously true as well and I’m sure you remember plenty of times where you went somewhere like a restaurant, a new city, a friend’s a party, with an idea of what the experience would be like but it turned out to be completely different. You will hear many successful sales people say to always “exceed expectations.” Why? Because they know if they do they will receive great feedback, more business, or more referrals to keep the business growing. This week I want to talk about a couple recent experiences I had in some short-term rentals: My recent trip to Tahoe, CA An example, where I dropped the ball with MY OWN 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 here; https://restmethods.com/virtual  For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com  If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”  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. Find us on Instagram! @RestMethods
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Feb 2, 2021 • 12min

64. The Mandatory One Page Printout (All Your STR’s Should Have)

Our guests have the best experience when their questions are answered before they even ask them. There are many ways to do this, lots of which we have discussed in prior episodes like guidebooks and automated messages, but there is a third piece that’s super simple to implement. A third piece that is often more helpful for our older guests that shy away from technology and digital apps. This week we’re talking about old school guidebooks. Yes, printed versions. Should we have one in our rental? What should it consist of? This week we’ll break down exactly how I do mine and will include: Why I only do one page What information exactly do we include on it Where to physically place them in your rentals Check out our episode #31 on digital guidebooks 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 here; https://restmethods.com/virtual  For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com  If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”  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.
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Jan 26, 2021 • 11min

63. ONE New Tool to Organize EVERYTHING

How do you create a passive operation? Whether it’s a portfolio of real estate, a short-term rental company, or any other business. Well, first of all, you have to have a place to put all of your standard operating procedures; the pieces of your business puzzle that tell all of your team exactly what they need to know. There are lots of ways to do this and I’ve explored many of them but I'm happy to say I believe I’ve found a new winner! I’ve discovered a tool that I’m confident will provide you the platform to easily organize and share whatever information you need about your properties or your business. It’s a beautiful new database tool called “Notion.” I’ve been using it for several months now and I want to give you my insights and why I think everyone could and SHOULD be using this tool.  This week we’ll dive into this beautiful piece of software and cover:  What is Notion, how does it work?  How “shared databases” are the solution to your organization nightmares How this can be a perfect fit for your properties How to use it with your STR’s  Additional benefits to help in your personal life To check it out for yourself visit: https://www.notion.so/login ** Please note that I have no affiliation with this company I just think it could be very useful for you :) **   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 here; https://restmethods.com/virtual  For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com  If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”  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.
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Jan 19, 2021 • 30min

62. Professional Tax Advice From My CPA - Part 2

I’ve mentioned the benefits of being a real estate investor when it comes to taxes in multiple episodes, but no one knows this subject better than Amanda Han, my CPA and personal tax advisor. Not to mention, she sees the behind the scenes PROOF that short-term rentals can earn excellent returns! Since she is the professional in the space I thought it would be great to bring her on in a 2-part series to hear directly from the source. You don’t want to miss this!  In this second part of a two part series we’ll cover:  Selling a property and considerations with depreciation Defferring capital gains tax with 1031’s or “Opportunity zones” The benefits of filing extensions  Living in a multi unit that is ALSO an investment (a 4 plex for example) No capital gains tax up to $250 / $500k(if married) for personal residence exclusion  Recap of our typical expenses for the RE investor Recap of how to use your STR expenses to write off “other” income through “materially participating” Tax differences if you are doing lease arbitrage To find out more about Amanda and her company “Keystone CPA” visit www.keystonecpa.com To find out more about cost segregations you can contact Scott at scott@sudykainc.com  Thinking of doing a 1031 exchange? Check out http://www.exeter1031.com/    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 here; https://restmethods.com/virtual  For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com  If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”  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.
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Jan 12, 2021 • 24min

61. Pro Tax Advice directly from my CPA (part one)

I’ve mentioned the benefits of being a real estate investor when it comes to taxes in prior episodes, but no one knows this subject better than Amanda Han, my CPA and personal tax advisor. She sees the behind-the-scenes PROOF that short-term rentals can yield excellent returns! Since Amanda is the professional in the space I thought it would be great to bring her on in a 2-part series to hear directly from the source. You don’t want to miss this! In this first part we’ll cover:  How does the IRS define a short-term rental? How can you offset W2 income or business income with STR expenses? Are you offering services with your rental? What do you need to consider? Passive income vs. business income - what's the difference? Becoming a real estate professional? What does that mean and what are the benefits?  Why many investors are looking to STR’s to help with their taxes as long as they “materially participate” - What does that mean?  The different types of depreciation benefits This is the first part of a two-part series so make sure to tune in next week so you don’t miss a thing.To find out more about Amanda and her company “Keystone CPA” visit www.keystonecpa.com To find out more about cost segregations you can contact Scott at scott@sudykainc.com  Thinking of doing a 1031 exchange? Check out http://www.exeter1031.com/    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 here; https://restmethods.com/virtual  For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com  If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”  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.
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Jan 5, 2021 • 17min

60. Are the Numbers You’re Hearing Real? (And What's a Pro Forma?)

We often hear statistics that seem to be good to be true… and oftentimes they are! Percentages in particular can be the most misleading if we have nothing to compare them to and if the sample size is small. We are targeted by advertisements and they are usually designed with a hidden agenda to sway your opinion or gain your interest. The same thing happens in real estate. Many times this is in the form of a “pro forma.” What’s that exactly? Tune in this week as we unveil how sometimes statistics (and pro formas) are skewed to sway our opinions!  How percentages can be VERY misleading How to effectively evaluate data Signs of misleading statistics A (misleading) example from Colgate in advertising The constant curve of news Pro formas (Why you should never base a purchase decision off of one) Check out “Antifragile” by Nassim Taleb 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 here; https://restmethods.com/virtual For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”  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.
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Dec 29, 2020 • 14min

59. 6 Steps to Get Started as a New Investor

There is so much data out there. Invest here, invest there, now is a bad time, now is a good time, and so on and so on. So where do we start? What should a brand new investor be doing to get started and what are the steps? This week Tim will break down the basic process for anyone looking to invest in real estate from a bird’s-eye view. Of course, you will need to do a lot of due diligence, but this week we’ll cover the basics including: The ‘money’ part  The ‘deciding what you want’ part The ‘finding a market’ part  Narrowing down on a SPECIFIC area  Finding help to discover your property  The ‘due diligence’ part  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 here; https://restmethods.com/virtual  For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com  If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”  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.
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Dec 22, 2020 • 14min

58. Are You Pricing Your STR Right?

I am constantly learning and improving my rentals and my goal with the podcast is to pass all of that on to you. Part of my continued education includes webinars, youtube, videos and anything I can get my hands on. This week I share what I learned from a recent webinar I attended with the CEO of Wheelhouse, one of the most well-known pricing tools for the STR industry. I’ll break down my main takeaways and what you should be keeping an eye on to make sure that you aren’t leaving ANY money on the table.  The THREE demand impacts that affect your STR rates How to determine your closest competitors and their prices Pacing; Are you getting bookings too soon or too late?  Checkout the pricing tool that I use called Pricelabs.  Wheelhouse is another option.Still not quite sure what a “dynamic pricing” tool is? Listen to Episode 8 to learn more. 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 here; https://restmethods.com/virtual For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com  If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”  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.
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Dec 15, 2020 • 12min

57. Is the Hotel Industry FINISHED?

Hotels have been hit harder than ever before in our lifetimes and many, unfortunately, cannot hang on. They’re going out of business. Hotels that have been around forever and were once a sought after destination are not staying afloat. What does this mean for travel and our STR’s? Well it certainly will affect the SUPPLY of travel accommodations across the world which will directly impact our short-term rentals.  Listen in this week as Tim breaks down: The latest hotel stats What happens if the numbers are right?  A list of prestigious hotels that are already CLOSED Why higher demand for many short-term rentals is inevitable Why STR’s had/have the unfair advantage 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 here; https://restmethods.com/virtual For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”  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.

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