Short Term Rental Riches

There are a lot of obvious differences in the costs between operating a short-term rental and a long-term rental, but how much more does it really cost? Expenses to manage a long term rental can add up. Let’s talk about a few of those and run a comparison to see if you’re accounting for all the differences! Expenses you DON’T have with a LONG-term rental Expenses you DON’T have with a SHORT-term rental What about vacancy?  Turnover costs you may not be considering Lease-up fees 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.

We’ve talked about the importance of having your short-term rentals on multiple online listing platforms (OTA’s). It increases your listing’s exposure and thus your occupancy! But not all listing sites are the same. This week Tim reviews insights he gained from an hour long meeting directly with an inside account manager at VRBO. If you are already using VRBO or considering using their platform then this episode is for you. They’ll break down: Their fees for listing your property with them How to get more reviews How to boost your search rankings drastically   Did you miss our live event? Well good news, we recorded it :) In the recording we’ll review multiple case studies of Tim’s actual properties! You’ll get his EXACT resources, copywriting he uses with guests, policies, and his essential tips for setting up your short-term rental business so that you can live wherever you want. The recording offers 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. Find our latest live webinar recording available here - https://restmethods.com/virtual Have you joined our email list yet? Head to our website, fill in your email, and we’ll make sure to send you our free ebook on finding the BEST properties 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.

Are you looking for a little extra help to manage your properties? Maybe someone to help answer guest questions, coordinate housekeeping and maintenance, or really just to oversee your whole operation? Well, a “co-host” can be a good option. This week we’ll look into:  What exactly is a co-host?  How do you find one?  What they can and can’t do for you? Paying your co-host automatically You might be able to find some good options by checking out Cohost Market 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!  For more info on finding the best properties 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.

Along with the legalization of marijuana in many parts of the world has come a variety of new apparatuses and misunderstandings about whether it’s ok to smoke indoors or not… or maybe it’s just that people think they can get away with it now because it’s more common and “legal.”  Well, either way, more and more people are smoking in our short-term rentals! Luckily there are several action steps we can take to combat it and also remove the smells if someone sneaks by our preemptive procedures. Let’s dig in to a few tested strategies this week to save you and your rental from a nasty lingering odor:  Review of your House Rules (including vape pens, marijuana, etc.) Get evidence to file resolution (smoke ashes, joint butts, etc.) Posted signs  The best smoke eliminator spray  Ozone cleaners  A Smoke detector specifically for marijuana!  Fresh air smoke sensor: www.freshairsensor.com/   Each device can monitor up to 500 square feet of open space over the building's Wi-Fi network. Our minimum order is 50 devices. Minimum order of 50 devices at $6/month = $300 Ozone machine: DO NOT BE IN ROOM AT SAME TIME, NO PLANTS EITHER, leave at the end of 15 minutes, will also get rid of food smells. Get rid of all odors, pet smells, musty smells, weed, CAN’T be inside when you use it. Some states like good ol’ CA have banned them. For more info on finding the best properties 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.

Most of us use Airbnb to market our rentals to potential guests because they have become one of the most popular platforms (OTA’s) and because they spend millions of dollars on advertising to make sure our properties are visible. But what happens when you are relying on their support and they drop the ball?  They recently took down all of Tim’s listings with ONLY an email warning and no notification on the Airbnb dashboard. This week Tim will explain what happened, how it could happen to you, and what we need to do about it! He’ll also cover some related topics like: Diversifying into other platforms Having multiple Airbnb accounts Dealing with Airbnb support Service animals and discrimination t Next week also marks the date of our first virtual event! DO NOT MISS IT! In just two days you’ll learn everything you need to know to find, acquire and operate a short-term rental passively and AVOID all the issues and challenges that Tim has experienced managing over 15,000 guests.   It takes place November 14-15th 2020 and you can get all the details and save your spot here: restmethods.com/virtual  For more info on finding the best properties 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.

Supply in the US is at a historic low, in fact the lowest it has ever been in many markets! That’s one of the reasons prices are so high and also why a lot of people are considering selling. But, there is more to selling a property than just timing. If you are considering selling make sure it aligns with your bigger investment picture.  There are several questions we want to always ask ourselves and make sure we have the answers. Planning is a huge piece of any long term investment and also your path to wealth and financial freedom. So, let’s discuss the following to make sure you’ve considered your options.  Why EXACTLY are you selling? Can you use your proceeds better somewhere else? Can I keep my property AND still use the equity? Tax consequences Trying to time the market? Check out Emerging Real Estate Markets by David Linhal Doing a 1031 exchange? Refer back to episode #35 Want to get a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental passively? Good news!  We’ve gone virtual and our next event takes place November 14-15th 2020.  For all the details and to save your spot head to: restmethods.com/virtual For more info on finding the best properties get our free guide and more at 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.

I can’t believe we’ve hit our 50th episode! We’ve released one episode per week which means it’s almost been a year already! Wow, how time flies. So. for our 50th episode I thought we’d do something special and talk about just that… how time flies and how it either works against us or with us.  I’ll discuss a guiding principle I’ve seen as the foundation behind every successful person I know and the REAL reason I’ve been able to accomplish many of the goals I’ve set and built a large real estate portfolio. We’ll break it down into four parts centered around the philosophy that big things happen with little decisions and one of the most influential books I’ve ever read, The Slight Edge.  We’ll discuss the building blocks of the little actions we need to take and go into further detail on: What exactly is The Slight Edge? “First we create our habits, then our habits create us” The building blocks of this philosophy How we first become happy and then successful and not the other way around Don’t miss this episode! It truly is, in a nutshell, the most valuable principle I've learned. 02:26 - The Slight Edge book by Jim Olsen 04:48 - Why most don't take the actions to achieve their plans 06:59 - "Habits" are the building blocks of the slight edge philosophy 10:28 - The subject of happiness 12:14 - Shawn Achor's 5 tips to happiness 15:23 - My proof happiness is a mindset   Books Referenced: The Slight Edge by Jim Olsen  The Happiness Advantage by Shawn Achor    Want to get a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental passively? Good news!  We’ve gone virtual and our next event takes place November 14-15th 2020. For all the details and to save your spot head to: https://restmethods.com/virtual   For more info on finding the best properties and what to look out for 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.

Do you have a workspace in your short term rental? More people are working from home than ever before so it’s imperative that we have a work space for our guests. There are several things to incorporate to ensure our potential guests know what they are getting. Adding a workspace will attract longer term guests to make sure your rentals stay booked. Not to mention, the work from home guests tends to be very low maintenance. Let’s dive into a few must haves:  Super fast Wi-Fi (and a screenshot) Desk and workspace Description in your photos Extras like a charging station or microphone Is it quiet?  Want to get a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental passively? Good news! We’ve gone virtual and our next event takes place November 14-15th 2020. For all the details and to save your spot head to: https://restmethods.com/virtual  For more info on finding the best properties 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.

It can be nerve wracking investing in a new market. Will a short-term rental do well there? What happens if it doesn’t stay booked? Is there too much competition? These are often questions that race through our minds and keep a lot of people from investing in the first place. Luckily information is readily available to help us determine the potential occupancy, potential average daily rate to charge, seasonality and potential revenue of a market among other things BEFORE we invest there. Tune in this week as Tim discusses:  Software tools to forecast demand The metrics; potential occupancy, average daily rate to charge, seasonality, regulations Going directly to the sources (Airbnb)  Staying in the new market! Your ultimate back up plan  To get a report on your potential market and 30% OFF check out Airdna (please note I am an affiliate but this is the same company I use to research markets) For European listeners Transparent will have more data  Mashvisor will give you info on short and long term rentals For more info on finding the best properties 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.” 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.

Purchasing property can be scary. Purchasing property in a new market you're not familiar with will undoubtedly be more scary. How do we know if a new market makes sense? What if we’ve never visited it before? What if we don't know anyone there? There's a lot of fear and anxiety that pops up. Each time Tim has invested in a new market he has experienced both of these! This week he’ll discuss what helped to curb some of his fears investing in new areas and his insights and tips for making sure you don’t get in over your head. What causes the fear and how to cure it The fundamentals  Rent to value Ratio (episode 13) Property condition & (remote) Inspections Who will manage it?  The ultimate deciding factor. Next week we’ll break down how to figure out if a property makes sense as a short term rental. Make sure to subscribe so you don’t miss it! If you need a re-cap on evaluating the returns and comparing one property from another check out episode 13. For remote inspections before getting too far in to a deal, check out: wegolook.com  Of course, you will always want to get a professional inspection if you decide to move forward.  For more info on finding the best properties 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.” 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.