48. How to Determine if You Will Do Well in a NEW Market

Trash might not be the first thing you think about when managing your short-term rental, but it’s often one of the most critical pieces of the puzzle. From overflowing trash bins to improperly sorted waste, neglecting trash management can ruin a guest’s first impression and even lead to poor reviews. The good news? With a[...]
In this episode, we dive into the world of scaling short-term rentals through boutique hotel investment with Blake Dailey, a real estate investor who’s made waves in the Airbnb and boutique hotel markets. As Airbnb’s popularity shifts, many investors are looking for alternatives to increase profitability and provide unique guest experiences. Blake shares his strategies[...]
In this episode, we uncover practical strategies for short-term rental cost management that every Airbnb host and boutique hotel owner should know. Tackling unexpected STR maintenance expenses, optimizing housekeeping operations, and reviewing recurring charges can be the difference between high profits and financial strain. When it comes to running short-term rentals or boutique hotels, many[...]
If you've been in the short-term rental (STR) game for a while, you know how important a reliable virtual assistant (VA) can be for scaling your business. VAs can handle guest communications, bookings, and admin tasks, freeing you up to focus on growth. But with the boom in remote work, a challenge has emerged: virtual[...]
The short-term rental industry is undergoing rapid changes, and the Vacation Rental Management Association (VRMA) 2024 conference was the ideal event to catch up on the latest developments. This year’s VRMA conference highlighted the most recent trends in the vacation rental space, covering everything from revenue management best practices to AI-powered tools for hosts. Whether[...]
In this episode, we're discussing emergency preparedness for short-term rentals and how to protect your Airbnb. Natural disasters like hurricanes, floods, and wildfires are becoming more frequent, and as short-term rental hosts, it's our responsibility to be prepared for when they strike. If you operate in areas prone to these events, ensuring you have the[...]
In this episode of Short Term Rental Riches, we're exploring how to maximize rental income using Padsplit, a platform that allows you to rent by the room instead of the entire property. This rental strategy is especially valuable if you're in a market where short-term rental regulations have gotten stricter or if you're looking for[...]
Managing a successful short-term rental requires more than just a beautiful property—how you communicate with guests and manage their experience directly impacts your reviews and, ultimately, your revenue. Airbnb reviews have a huge influence on how often your property gets booked and at what price. Recently, I spoke with a short-term rental owner who experienced[...]
Struggling to fill your calendar and keep your Airbnb booked? Today, we’re going to cover one of the most crucial aspects of running a successful Airbnb—pricing. Whether you're new to hosting or a seasoned pro, setting the right Airbnb pricing strategy is key to maximizing your occupancy rates and keeping your property fully booked. In[...]
If you’re looking to buy an existing short-term rental, it's essential to understand that it’s not as simple as transferring ownership. There are several critical steps involved in making sure the property you're purchasing will continue to perform well. This episode will walk you through the financial due diligence process, how to handle existing reservations[...]
In today’s episode, we’re diving deep into the world of tax strategies for short-term rental investors with the renowned Amanda Han, a real estate CPA and tax expert. If you're in the Airbnb business, this episode is a must-watch as Amanda shares how to take advantage of the short-term rental tax loophole to offset your[...]
In today’s episode, we’re diving deep into the world of tax strategies for short-term rental investors with the renowned Amanda Han, a real estate CPA and tax expert. If you're in the Airbnb business, this episode is a must-watch as Amanda shares how to take advantage of the short-term rental tax loophole to offset your[...]
In this episode of the Short-Term Rental Riches podcast, we sit down with Leo Walton, co-founder of Superhog, to talk about effective guest screening and risk management for short-term rental hosts. Leo brings a wealth of experience, from avoiding fraudulent bookings to preventing damage, Leo shares key strategies that every short-term rental host should have[...]
In this episode, we break down the top 8 riskiest parties or events that can happen in your Airbnb. Drawing from years of experience and managing over 40,000 guests, we discuss how to spot potential red flags and what measures you can take to protect your investment. Whether you’re hosting through Airbnb, Vrbo, or another[...]
Launching your Airbnb successfully and getting fully booked is the goal of every short-term rental (STR) host. It’s essential to have a well-thought-out strategy that ensures your property not only stands out but also secures those all-important first bookings. In this episode, we’ll walk you through the key elements of a successful Airbnb launch, from[...]
Today, we've got a real treat for you on the Short Term Rental Riches Podcast. I'm excited to welcome Tyann Marcink Hammond, the queen of guest experience from TouchStay. Tyann's been a powerhouse in the short-term rental industry since 2007, and she’s here to share her extensive knowledge on creating unforgettable guest experiences. From the[...]
Welcome back to another exciting episode of the Short Term Rental Riches Podcast! I’m thrilled to have Mark Simpson with us today, the brilliant mind behind Boostly and the acclaimed author of "The Book Direct Playbook." Mark has been a pivotal figure in the short-term rental space, helping thousands of property owners navigate the complexities[...]
Welcome back to another exciting episode of the Short Term Rental Riches Podcast! I’m thrilled to have Mark Simpson with us today, the brilliant mind behind Boostly and the acclaimed author of "The Book Direct Playbook." Mark has been a pivotal figure in the short-term rental space, helping thousands of property owners navigate the complexities[...]
In this episode of the Short Term Rental Riches podcast, we sit down with Eric Moeller, the visionary founder and CEO of FreeWild, a groundbreaking hospitality brand. Discover how Eric is revolutionizing the short-term rental market by creating unique, nature-based experiences that help guests disconnect from technology and reconnect with nature. Learn about his innovative[...]
Housekeeping is one of those critical aspects that can make or break the guest experience in your Airbnb. After all, nothing beats arriving at a clean, welcoming space that feels like home. But what happens when things don’t go as planned? In this third part of our housekeeping series, we’re focusing on troubleshooting housekeeping issues[...]
👉👉👉 Exclusive Offer Get 50% Off Your First 3 Months with StayFi 👈👈👈 Join us on the Short Term Rental Riches podcast as we welcome Arthur Colker, CEO and founder of StayFi. Arthur shares invaluable insights on how to boost your direct bookings and build a powerful email list for your short-term rental business. Learn about[...]
👉👉👉 Exclusive Offer Get 50% Off Your First 3 Months with StayFi 👈👈👈 Today, I have something really exciting to share with you. My team and I have been working on a groundbreaking tool that can analyze any short-term rental property on platforms like Airbnb, VRBO, Booking.com, and Google Vacation Rentals in less than 30 seconds.[...]
👉👉👉 Exclusive Offer Get 50% Off Your First 3 Months with StayFi 👈👈👈 Today, I have something really exciting to share with you. My team and I have been working on a groundbreaking tool that can analyze any short-term rental property on platforms like Airbnb, VRBO, Booking.com, and Google Vacation Rentals in less than 30 seconds.[...]
👉👉👉 Exclusive Offer Get 50% Off Your First 3 Months with StayFi 👈👈👈 Managing a short-term rental can be a rewarding venture, but it comes with its fair share of challenges, especially when it comes to housekeeping. A reliable housekeeper is not just a cleaner; they are the backbone of your operation, ensuring your property is[...]
👉👉👉 Exclusive Offer Get 50% Off Your First 3 Months with StayFi 👈👈👈 Today, we're diving into a topic that's essential for anyone managing a rental property, hotel, or any accommodation service – linen management. Over the years, our housekeeping manager, who has been with us for over eight years, has amassed a wealth of[...]
In this episode, we'll explore the top 15 riskiest holidays for short-term rentals and provide valuable insights on how to navigate these challenging periods. From Christmas gatherings to Halloween parties, we'll cover everything you need to know to protect your property and ensure a smooth rental experience. Our team has managed tens of thousands of[...]
Today, we’re diving into an often overlooked but crucial aspect of managing short-term rentals—setting up a reliable internet connection. If you’ve ever faced internet issues at your rental property, you know just how frustrating it can be for both you and your guests. We’ll start by breaking down the basics: what’s the difference between a[...]
I'm thrilled to have you with us again. If you've been tuning in year after year, I hope you've implemented many of the tips we've shared and built a strong foundation of positive reviews for your property. These reviews are essential as they help attract more guests and keep your property booked. But reviews alone[...]
Today, we're tackling a question we've been getting a lot lately: should you add people to your Airbnb listing photos? This topic has sparked quite a bit of debate among hosts, and it's essential to understand both the potential benefits and drawbacks before making a decision. My team and I have managed tens of thousands[...]
I’m excited to dive into one of the most crucial aspects of running a successful short-term rental (STR) business—revenue management. It's a topic that can seem daunting at first, but with the right tools and strategies, you can significantly boost your earnings and occupancy rates. We all know that setting the right price can make[...]
In today's episode, we're focusing on 41 factors that could be affecting your short-term rental listing's performance. These aren't about whether you have a five-bedroom or a four-bedroom property, nor are they about pricing, which we've covered recently. Instead, we're talking about the finer details that can significantly impact how your listing performs on sites[...]
In today's episode, we're focusing on 41 factors that could be affecting your short-term rental listing's performance. These aren't about whether you have a five-bedroom or a four-bedroom property, nor are they about pricing, which we've covered recently. Instead, we're talking about the finer details that can significantly impact how your listing performs on sites[...]
Today, we're diving deep into a topic that's crucial for every investor: analyzing the supply and demand in your market. Whether you already own a property or are thinking about diving into a new market, understanding this dynamic can significantly impact your pricing strategy and overall investment returns. In the fast-evolving short-term rental market, staying[...]
In today’s episode, we’re unpacking a comprehensive list of factors that play a critical role in the success of your rental ventures. As someone who has been immersed in the short-term rental market for over a decade, I’ve witnessed firsthand how these elements can make or break your business. From essential pricing strategies to guest[...]
In today’s episode, we’re unpacking a comprehensive list of factors that play a critical role in the success of your rental ventures. As someone who has been immersed in the short-term rental market for over a decade, I’ve witnessed firsthand how these elements can make or break your business. From essential pricing strategies to guest[...]
Building a team isn't just about filling roles; it's about fostering a group that shares your vision and dedication. Today, we'll cover everything from analyzing resumes to conducting effective interviews, ensuring you find the right fit for your business. This video is perfect for rental owners looking to expand their operations without compromising quality or[...]
In today's episode, we're diving deep into the topic of managing deliveries at your short-term rental properties. In an era where online shopping is the norm and guests expect convenience at their fingertips, it's crucial for property managers to navigate the complexities of receiving deliveries while ensuring a seamless guest experience. As the demand for[...]
In this week's episode, we dive into a highly effective strategy for increasing your rental income and enhancing guest satisfaction simultaneously. Discover how to capitalize on 'gap nights'—those unbookable days between reservations that often go unnoticed. These gaps can easily become revenue losses if not managed wisely. But here's the good news: with a strategic[...]
Hey everyone, welcome back to the Short Term Rental Riches Podcast. It's not always sunshine and rainbows, and today we're taking a serious look at the state of the economy and what it means for us in the short-term rental world. With the impact of inflation hitting hard and credit card debt reaching new heights,[...]
Today, we're peeling back the layers of what it truly means to provide an exceptional guest experience, drawing lessons from one of the most prestigious hotels in the world: Claridge’s. Nestled in the heart of London, Claridge’s is a beacon of luxury, not merely for its plush interiors or the exorbitant price tag attached to[...]
Today's episode is a bit different and quite the rollercoaster. It's one of those stories you hope never to have to tell, but here we are, sharing a real-life experience that could have easily turned into an STR host's worst nightmare: our first squatter scare. Now, I know what you're thinking – "squatter" is a[...]
In today's digital age, the bulk of our interactions with guests happen through written communication—be it through Airbnb messages, emails, or text messages. While this modern convenience allows for efficiency and clarity, it also poses unique challenges. Without the benefit of face-to-face interaction, ensuring your message is both clear and warmly received requires a nuanced[...]
In this episode of the Short Term Rental Riches Podcast, we dive deep into a common scenario every rental property owner faces: guests leaving personal items behind. Discover how to turn potentially stressful situations into opportunities for outstanding hospitality. Whether you're a newbie or a seasoned pro in the short-term rental business, this episode is[...]
In today's episode, we're venturing into the heart of Nashville, Tennessee, for the first-ever live interview on the Short Term Rental Riches podcast, straight from the bustling halls of the STR Wealth Conference. The energy here is palpable, with a crowd of over 2,000 attendees, all eager to soak in the wisdom of industry leaders.[...]
In today's episode, we're venturing into the heart of Nashville, Tennessee, for the first-ever live interview on the Short Term Rental Riches podcast, straight from the bustling halls of the STR Wealth Conference. The energy here is palpable, with a crowd of over 2,000 attendees, all eager to soak in the wisdom of industry leaders.[...]
Join us for an insightful conversation with Mike, a trailblazer in the short-term rental (STR) and boutique hotel industry, as we explore his journey from STRs to owning boutique hotels. Having started in the world of STRs, he quickly identified the untapped potential within the boutique hotel niche, transitioning with impressive success. His story is[...]
Today, we're unpacking an often overlooked but crucial aspect of STR management: booking windows. Understanding the dynamics of booking windows can significantly impact your pricing strategy and, ultimately, your profitability. Whether you're a seasoned investor or just starting out, recognizing the multiple booking windows your property might have and knowing exactly what they are is[...]
Welcome back to another episode of the Short Term Rental Riches podcast, where we delve into the world of real estate with a sharp focus on Airbnb hosting and vacation rentals. This time, I'm thrilled to share some fresh insights I gained from a recent 15-day cruise. Not only was it a test of remote[...]
In today's fast-paced world, where the click of a button brings the world to our screens, the question of whether to offer streaming services in short-term rental properties is more relevant than ever. Gone are the days of Blockbuster runs; in their place, platforms like Netflix, Disney+, Hulu, and YouTube TV have taken center stage.[...]
In this episode, we delve into the crucial topic of increasing supply in the short-term rental market. Understanding the dynamics of supply is essential for every STR investor. We'll dive into six specific reasons that could lead to a surge in your local STR market supply. From the impact of regulatory changes to the burgeoning[...]
We're really grateful to Jay Conner for taking the time to share his deep insights and experiences in private lending with us. His expertise is invaluable, and it's always awesome to learn from someone who is an expert in the field. Explore the details of using private funds instead of traditional banking, especially in the[...]
In this episode of the Short Term Rental Riches Podcast, we dive deep into the often-debated topic of whether to choose a 15-year or a 30-year loan for real estate investments. We unravel the math, the psychology, and the economic rationale that make 30-year loans a more strategic choice for most investors. Join us as[...]
Mid-term rentals, a unique blend between short-term stays and long-term tenancies, present a distinct set of opportunities and challenges for property owners and managers. Over the course of our three-part series, we've explored the intricacies of this rental niche, offering practical advice and strategies to help you excel in this market. From setting up appealing[...]
In a world where change is the only constant, staying informed and adaptable is key to thriving in the real estate and STR sectors. 2023 was a year of significant developments, and as we look forward to 2024, it's essential to understand how these changes will shape the future. We dive deep into the macroeconomic[...]
In today's episode, we're exploring the undercurrents that drive demand in various markets, offering you a comprehensive guide to understanding and capitalizing on these trends. The landscape of real estate investment is continually changing, influenced by a myriad of factors from economic shifts to cultural trends. As an investor, staying informed and adaptable is key[...]
In this insightful episode of our podcast, we delve deep into the world of short-term rental property management, emphasizing the crucial role of maintenance in ensuring guest satisfaction and property value. Join us as we discuss the challenges and solutions of remotely managing properties, the importance of a dependable team, and practical tips for keeping[...]
Hey Real Estate Enthusiasts! Welcome back! In today's episode, we'll show you how YouTube can revolutionize your real estate research. Forget traditional methods—YouTube is now a treasure trove of property insights, from market analysis to local details. It's been a game-changer in my own journey, but remember, approach it with a discerning eye. Let's dive[...]
Welcome to the Short-Term Rental Riches, in this second installment of our three-part series, we focus on the critical steps you need to take after receiving an inquiry for a longer guest stay. In the first part of our series, we explored strategic listing placements and optimized copywriting to attract longer-term guests. Now, as inquiries[...]
Welcome back to the Short Term Rental Riches Podcast! In this episode, we dive into the dynamic world of medium-term rentals. Discover invaluable insights and strategies to optimize your property for stays lasting a month or more. From choosing the right platforms to streamlining communication and setting competitive prices, this episode is your comprehensive guide[...]
Have you ever been left scratching your head, wondering why guests, who seemingly had a perfect stay, end up giving a less-than-stellar review? It's a scenario that perplexes many hosts, but fear not - we've got the answers and strategies to ensure it happens less frequently. So, what are the reasons behind this inconsistency, and[...]
Have you ever been left scratching your head, wondering why guests, who seemingly had a perfect stay, end up giving a less-than-stellar review? It's a scenario that perplexes many hosts, but fear not - we've got the answers and strategies to ensure it happens less frequently. So, what are the reasons behind this inconsistency, and[...]
This week's episode is a special treat as I'm joined by industry experts Bill Faeth, Jasper Ribbers, Shawn Moore, and Will Slickers. Get ready for a deep dive into the top three criteria for selecting profitable short-term rental properties and efficient management strategies. We've condensed the panel discussion for this episode, focusing on marketability, location,[...]
Bonjour! Welcome to another exciting episode of the Short Term Rental Riches podcast. I've just returned from my adventures in beautiful France, and it's time to share some valuable insights with you. We'll explore how to enhance your property for an exceptional guest experience. So, let's jump right in! In this episode, we will cover:[...]
In today's episode, we're diving deep into the world of super properties with the incredible Bill Faeth, a real estate veteran who has mastered the art of creating unforgettable experiences in short-term rental properties. So, whether you're a seasoned pro or just getting started, fasten your seatbelts because we're about to embark on a journey[...]
The world is becoming a more accessible place for everyone, and this is leading to a surge in travel demand. This is great news for short-term rental hosts, as it means there are more potential guests out there looking for places to stay. In this episode, we discuss the five major reasons why it's easier[...]
Welcome back, everyone, to the Short Term Rental Riches Podcast! We've got another exciting episode lined up for you today as we dive deep into the world of short-term rentals. Our guest for this episode is none other than Luke Carl, the host of the Short Term Rental Management Podcast and the Director of Education[...]
Welcome back to the Short-Term Rental Riches Podcast! Every week, we're your trusted source for quick, actionable real estate tips, tailored specifically for the world of short-term rentals. In this episode, we're diving into the AI revolution that's been making waves across the industry. From market analysis to crafting the perfect listing, we're exploring seven[...]
The key to success in the short-term rental business is exposure, high reservations, and maximizing your income. And one way to achieve this is by expanding your listing reach beyond Airbnb or VRBO. This week, we're putting the spotlight on Furnished Finder, a platform initially designed for traveling nurses but now catering to a broader[...]
Welcome back to the Short-Term Rental Riches podcast. In this episode, we're diving deep into the world of short-term rentals with a true industry expert, Shawn Moore. Shawn is the host of the Vacation Rental Revolution podcast, an author, and the founder of Vodacy. With 23 years of experience in real estate investing and short-term[...]
Welcome back to the show! I'm thrilled to have you here as we explore the exciting intersection of technology and short-term rentals. In today's episode, we're delving into the essential tools and tech that can supercharge your property management game. Whether you're a seasoned host or just starting out, these insights will help you save[...]
Welcome to a milestone episode, #200! It's hard to believe that for almost four years, we've been sharing valuable insights about short-term rentals every week. In this special episode, we take a moment to reflect on the incredible journey we've had so far. From the early days of traditional rentals to the exciting world of[...]
In this exciting episode, we're diving into Part 2 of our Q&A series, where we address your most pressing questions about the dynamic world of short-term rentals. Whether you're a seasoned host or just starting in the industry, this episode will provide you with valuable knowledge to enhance your success. In this episode, we'll: Discover[...]
Imagine getting started in the short-term rental industry over 26 years ago. Yeah, way before Airbnb even existed. How would you do your research? What tools would you use to help manage and operate? Things would be much different, wouldn’t they? Now imagine if you were still working in the industry day in and day[...]
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. The real world is much like school was when we[...]
Join us on this week's episode of the Short-Term Rental Riches podcast as we dive into a fascinating topic that's poised to reshape the world of real estate: the impact of autonomous vehicles. In the ever-evolving landscape of real estate investing, demographic shifts and societal changes play a pivotal role in shaping supply, demand, and[...]
Bang bang bang goes the nail gun from the construction project next door. And… There’s not much you can do about it. That’s the reality when our neighbor starts a new renovation project or the lot next door finally sees some framing going up to support a new construction home or building. While this might[...]
Nearly every large real estate deal you see was accomplished through the efforts of more than just one person. Nearly every hotel, shopping center, large apartment complex, mall, you name it - these deals take a lot of work and thus require a lot of finances and brain power. Most of the time on this[...]
These days there are so many resources and experts for every industry…. After spending years in the STR industry I feel very fortunate to have access to some of the most seasoned experts in the space. Avery is one of those people. She is the host of the “Short Term Show” which is arguably one[...]
Let's face reality here… there’s no getting around your property tax. You have to pay for it. But, that doesn’t mean you have to pay all of it! Many people have been caught off guard lately at their huge property tax increases. This week we’ll break down why this is happening. We’re going to go[...]
This week we had the pleasure of interviewing Brooke Pfautz on the show. Brooke is an author and short-term rental industry expert. His experience ranges from building custom short-term rentals to growing a portfolio of 500 properties in just five years and now to providing software services. The episode is jam-packed with insights and lessons[...]
We have some many great examples of businesses that have shaped the way we live today. From the invention of the first automobile to the smartphones we rely on so much each and every day. We’ve seen some amazing progress in our lifetimes and I’m excited to see what is around the corner. There is[...]
These days there are so many resources and experts for every industry. They seem to come from all directions. Some even seem to become experts overnight (be careful). It’s no different in the short-term rental world. We’ve talked about some of those experts in the past, we’ve had some of them on the show, and we’re[...]
If you’re building a short-term rental business or planning on adding another property or two in the future you might find yourself getting overwhelmed. The reality is, we can’t do it all ourselves! Not if we want to grow anyway. The first step for many of us is to hire someone to help with all[...]
As many of you know we recently starting managing other properties - we’re really excited to bring on our new partners but as Ive been meeting with owners from all over the place (around the world) I'm finding that the competitive options differ quite a bit. Not just in services but in fees. Many fees[...]
We would all love to have our properties 100% occupied but many times a 100% occupancy rate is a clear sign that we are not charging enough money per night. What if we increased our rates 20% per night and, even with a lower occupancy, were making more money? And then we have to think[...]
One of the biggest components of a short-term rental is the turnover between guests and all that dirty laundry. Sometimes you can hardly tell your guests even used the linens and others, well… I’ll let your imagination run with that one Either way it’s something we have to deal with and the bigger the property[...]
“I’m going to turn the thermostat as cold as it will go.” Your guest thinks to themself stepping in from the hot summer sun. Regardless whether or not your property is at a cool temperature - some guests will still turn down the thermostat…all the way. This ins’t just a challenge for your equipment, it[...]
Even if an older, short-term rental property is not perfect in terms of its amenities or aesthetics, it can still earn perfect five-star reviews on Airbnb. It can still outperform a brand new, well-designed competing property by leveraging five key concepts. The money is in the details. On a last-minute trip to Miami for a[...]
Before we can determine whether or not a real estate investment will be a successful one we need to first look at the bigger picture. We need to know and understand the demographics and fundamentals driving each market. Once we know what real estate markets are ripe for investment it drastically helps to narrow down[...]
If you have been investing in real estate for a while you know it has a lot of moving pieces. Especially if you have ever remodeled a property. All those tiny little expenses need to be recorded. From the miscellaneous screws you bought at your local Home Depot to the new, fresh vanity for your[...]
There is a lot to learn in the short term rental industry. The environment is constantly changing; new tools, tips, markets to look for, and best practices to incorporate into your short term rental (or your upcoming purchase. Too much to learn in fact that there is no way for me to process it all[...]
There is a lot to learn in the short term rental industry. The environment is constantly changing; new tools, tips, markets to look for, and best practices to incorporate into your short term rental (or your upcoming purchase. Too much to learn in fact that there is no way for me to process it all[...]
When I first got started with my real estate investment career the idea of a turn-key rental always sounded enticing to me. Turn-key property = a property you can purchase that is renovated, rented, and professionally managed all in one spot. Easy peasy. Problem was, after visiting multiple states and markets, I wasn’t able to[...]
Your short-term rental operations don’t stop the moment your guests check out. Nope. Actually, in many ways, they are just beginning. Much like a new born baby you have to care, protect, and monitor your STR for its whole life. You have to make sure it stays clean. You have to make sure it stays[...]
You made it. You successfully set up and advertised your short term rental property and you are ready for your first guests. The day has finally come and all of that hard work is about to pay off. You are slightly nervous though since you know just how important the initial reviews to any STR[...]
The returns we earn on our short term rentals is a direct result of how efficiently and effectively we manage our short term rentals; there is a lot that goes into it. At the root of it all lies hospitality but since we don’t have on-site staff like a hotel might, we have to offer[...]
An exciting thing is happening in the real estate industry; the technology sector has finally entered and embraced this age-old industry. Today we have improved processes and efficiencies across the board and, for many, higher investment returns. Companies like Blackstone for example, have acquired nearly $600 billion in real estate world wide. That just wasn't[...]
There is a lot to learn in the short-term rental industry. The environment is constantly changing; new tools, tips, markets to look for, and best practices to incorporate into your short-term rental (or your upcoming purchase). Too much to learn in fact that there is no way for me to process it all myself. So[...]
Bring a sense of wonder to your guests from the moment they set foot on your property. Just like judging a book by its cover, a guest formulates an opinion of your short-term rental property the moment they set eyes upon it. The interior is likely the most important to renters, but the home's exterior[...]
Having a highly cash flowing short-term rental is not only liberating but it’s motivating. When the cash is rolling in, occupancy is staying high, and the times are good, it seems like there is nothing but blue skies ahead and your next STR is always in sight. Until… something changes that stops you in your[...]
In the world of long-term rentals we do a lot of screening before we put a tenant in one of our properties. We don’t want someone getting in there not taking care of the property, and on top of that having a legal right to the property without some sort of financial reserve; that’s why[...]
When the facts change, I change my mind. What do you do sir? This was a quote I heard and has stuck with me for years since an Int’l business class I took as a young buck. This is reality: things change. I’ve spoken before about Booking.com and how they weren’t right for us but…[...]
Have you thought about renting by the hour? I know what you’re thinking… Tim you have stooped too low. I’m not about to start running a brothel. Besides, even if I wanted to, that's not even legal. No, I’m not talking about running a brothel. The truth is there are lots of legal, productive, and[...]
Coziness goes a long way when it comes to guest experience in your STRs. If there is one other important thing you should consider focusing on, it would be something relatively timeless: COMFORT. We are talking about linens, towels, mattresses and pillows. Having a superb quality of these coupled with proper care and some nice[...]
As occupancy around the nation has slowed slightly (although not in all markets) we really need to consider our expenses. Afterall, we earn more if our expenses are less! There is one consumable item I have been using in my properties for years but just realized something… Maybe we don’t actually need it. Well, we’re[...]
It's quite possible that your short term rental is not the right size. I don’t necessarily mean the square footage, but more specifically the number of bedrooms. For example, when it comes to size, I have found little difference in the performance of an STR based on overall size. For example, I have studios as[...]
One of the upsides to real estate investing vs. other investments, stocks for example, is that with real estate we can know when we buy a property if it’s a good investment or not. It all comes down to the numbers. While there are a lot of metrics out there to compare investments there are[...]
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,[...]
What better way to find out exactly what Airbnb finds important than to be a guest. Shortly after you’ll receive a review request asking some specific questions. Questions that will help Airbnb figure out where you should rank against other properties in their search results. I just got back from a nice stay in Mexico[...]
Do you know the one power tool that you can use to maximize your earnings and expedite the booking process, too? I am talking about Airbnb's Instant Book feature. Instant book is a hassle-free booking process that allows guests to book your listing automatically. It also improves guest experience on top of that. It is[...]
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.,[...]
It’s a great world for short term rental business but it definitely is no fairy tale! There are still lots of things that can’t be in our control which may affect the total guest service that we offer. For those that we can, it’s important to remedy them right away and see how we can[...]
I believe communication is one of the main keys to success in life. But it’s more than just communication, it’s honest communication. After managing tens of thousands of guests, however, it's clear that we are not always receiving honest communication. It’s true, my team and I have been lied to–and if you have a short[...]
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[...]
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[...]
There’s one thing that will guarantee you a bad review. It’s also something that you could encounter if you are not prepared! We have to always have backup plans for when the unexpected happens. On a recent trip to Eastern Europe I was staying in an Airbnb and this very thing happened. I got locked[...]
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[...]
We are talking about that yellow and red badge that shines bright next to your name and listing. The badge that sets you apart from the rest. The SuperHost status badge! Being a part of a distinguished group is generally a pretty good feeling. But when it comes to our short-term rentals and Airbnb not[...]
If you missed last week make sure to jump back and check it out as we ran through (in a nutshell) the essential steps to getting your Airbnb ready. Everything that you need to physically do, that is. But we can’t stop there. A STR that no one can find is not going to make[...]
It can be quite a process, but it doesn’t have to be. Setting up an Airbnb that is. After we have our perfect property ready to go we have to furnish it, install home automation tech, and provide details to our guests. It’s crucial that we do not overlook anything because, as you know, our[...]
I can’t believe it. This is our 150th episode! Wow, how time passes soo quickly. I thought we’d do something special and talk about a topic that’s not 100% real estate related but will, undoubtedly, change the markets we should be investing in and the type of guest we will be receiving in the future.[...]
Camera technology has really improved over the years. That’s really good news for us in the STR industry because security cameras not only help us protect our homes but they help us monitor our guests.Ok… before you go thinking that I have been spying on our guests let me explain a bit more what I[...]
One of the first things most people think of when they think of renting their property on Airbnb is “Someone is going to destroy it!”Yes, this is possible but it’s very unlikely. The truth is, I actually think that long term rentals can be much more risky than short term rentals. I’ll explain shortly. I’ve[...]
Options are always good. Unlimited options? Even better! That is what Airbnb is offering with its latest 2022 Summer Release. When you open it, you're presented with 56 categories that organize homes based on their style, location, or proximity to a travel activity. That is 5.3 million unique listings in 191 different countries around the[...]
Keeping your STR updated and contemporary will help to increase your property value and get more bookings. These types of upgrades are essential in order for your property to stay competitive and relevant in the booming 21st-century short term rental market! But hold it just one minute! Before you start renovating, make sure you’re doing[...]
I’m sure we all have experienced this: a guest changing his/her plans and asking you to change the date of their stay to a time that is outside of the cancellation penalty period.You approve this request only to find out that, well your guest is, after all, planning to cancel! Well quite sadly, this is[...]
Investment philosophies should always revolve around returns that’s why we normally recommend areas of the US where the rent to value ratio (amount of rent we get back vs. purchase price) is higher. If you evaluate properties using this metric it’s an easy way to rule out a lot of areas; typically the areas with[...]
It’s exciting hosting so many guests from all over the world in our properties. We are helping to facilitate a new way people are deciding to travel that is more experiential. We are helping others to build lifelong memories.But it’s not exactly easy. Things happen, and people have questions. Questions about our properties. Questions about[...]
It’s often said that “the devil is in the details.” When it comes to short-term rentals, this could not be more true. One little hair could be the difference between your 3-star review and a perfect 5-star review that will keep guests coming back. So how do we ensure that we consistently get great reviews?[...]
We are currently doing hundreds of reservations a month, and something just dawned on me after looking at our cleaning fee and realizing it was likely too low...We may be losing thousands of dollars! And not just in lost potential revenue but because our cleaning expense is actually higher than our fee. So that brings[...]
Do you know all the downsides to renting to long-term guests for stays over 30 days? If you haven’t really thought it through before - there are quite a few. Everything from the legalities and taxes you will owe to the way you manage your property change. Long-term stays are NOT well suited for all[...]
What if you could travel for free? Without tax that is. Well, you likely can. I stayed at the most remote Airbnb I’ve ever stayed at in my life. I literally could barely get to it. After putting the jeep in 4x4 and dredging up and down muddy roads with deep crater-like holes we[...]
I’ve been investing for over 12 years and have not been particularly biased to any one type of real estate to invest in. I started my career as a commercial real estate broker working exclusively with investors and different real estate investment options. The small team I worked with completed over 2 billion (with a[...]
It’s hard to tell at first. Something seems a little fishy but not enough to lead you to believe that someone is out to fool you. Not from the start anyway. These days there aren’t many areas of life that haven’t been infiltrated by someone or something trying to take advantage where they can and[...]
If you have had an STR for a while I’m sure you had some unexpected cleaning due to guests smoking in your listing or pets damaging your property. Not only is it frustrating when our properties aren’t treated with care but having to deal with the process to get reimbursed can be equally frustrating! And[...]
Compared to the hotel industry, the short-term rental industry is still just a small share of the pie. Although it is growing! And not just growing but merging with the hotel industry. The hotel industry is taking note of the STR industry and vice versa. But at the end of the day, the hotel industry[...]
Whether you sold your house, decided not to rent your home any longer, are doing a major renovation, or dropped the ball and got some bad initial reviews with your short-term rental, you might want to consider deleting it. This week, we will talk about how to delete your Airbnb listing (not your entire account!)[...]
There are times when a man’s best friend gets promoted to its highest calling, as a crucial companion for members of the community. As a service animal. Today, a lot of people rely on them to help assist with disabilities. This higher calling however brings about a new set of rules you need to know[...]
Have you considered putting out the welcome mat for the furry, four-legged travelers of the world? Well, there’s a pretty substantial market for pet-friendly vacation rentals. Study shows that more than half of pet owners bring their furry friends along on vacations and this is becoming the trend. According to Airbnb, the most popular amenities[...]
Why is it that we can have two identical properties right next to each other but one waaay outperforms the other? Just a small change in occupancy or our average daily rate has a big impact on our bottom line so we need to ensure our short-term rentals are advertised in the best way possible.[...]
I know the hesitation. You’re staring at your Airbnb listing wondering… is this the right title? Is this the best title? Did I charge the right cleaning fee? Should I change my photos and descriptions? Am I missing something? Because we rely so heavily on listings sites like Airbnb and VRBO to advertise our properties[...]
Operating short-term rentals will give you a new appreciation for the spaces we live in. It gets us thinking more about interior design but it also has us thinking about how durable our interior design will be. Or at least you should be thinking that if you already have a rental property. How well will[...]
I feel super fortunate to have been able to meet and become friends with some really big-time real estate investors. A friend of mine owns and manages roughly $400 million between himself and his investors’ portfolio so when he starts changing the way he does something my ears perk up. I’ll get to what he[...]
The fewer questions we receive from our guests the easier it is to manage our short-term rentals and if it’s easier it’s likely that we will continue doing it and building our portfolios! At the same time, receiving fewer questions also indicates that our guests have everything they need! So we talk a lot about[...]
There is quite a lot that goes into furnishing a property and I’m not just talking about the money. It takes some thought. A good design takes work and since it is such a crucial element to the success of your short-term rental you want to make sure you do it right. You may think[...]
There is quite a lot that goes into furnishing a property and I’m not just talking about the money. It takes some thought. A good design takes work and since it is such a crucial element to the success of your short-term rental you want to make sure you do it right. The first place[...]
As our team continues to grow (we work with 10 people full-time and close to 20 on a regular basis) it’s a lot to keep track of! So how do you stay organized and make the best, most efficient use of you and your team’s time? I’m always playing around with different programs and ideas[...]
I’m just getting back from my 3-week tour in the US and reflecting back on some of the simple mistakes I made. I have been loosely looking for property in San Antonio, TX for a couple of years. I think it’s a fantastic market but I found a property I liked in a city where I[...]
Are you getting what you paid for when it comes to purchasing a property? How do you actually know? After a recent (and quite hectic) visit to 7 cities in less than three weeks and meeting and viewing several properties I wanted to share some tips while they’re fresh in my mind. Inspections are super[...]
Since the invention of the air conditioner people have had the ability to live comfortably in hot areas. It wasn’t that long ago that the southern part of the USA, what's commonly referred to as “the sun belt” was more of a ghost town. Today it’s booming! In fact more retirees are choosing to live[...]
I was at the gym the other day about to start running on the treadmill when all of a sudden my phone would not connect to my Bluetooth headphones. Disaster, right? Well it gets worse... Not only did it not connect, it completely shut down and wouldn’t restart! I was forced to do a factory[...]
Checking out a new city and want a brief overview? We’ve talked before about several places to go for short-term rental data but before we even get to that step we need to make sure the overall city or area where we are investing has good fundamentals. Should “crime” be one of those fundamentals? Is[...]
Never have so few words packed such a punch. We’re talking about, on average, just 10 little short words. Ten little short words that comprise your short term rental listing’s title and ten little short words that could lead to a new reservation! If you have the title right, that is. People are normally looking[...]
It’s a bit scary pulling the trigger on a new property purchase in an area you don’t know too well. Luckily we have quite a few options these days to get a great overview as to what the occupancy could be; a crucial metric in determining the success of our short-term rental. If no one[...]
When most people new to the idea of investing in short-term rentals think of a potential investment they think about a Vacation Rental and NOT a normal property that might also be an excellent STR. If you’ve been tuning in to this show for while hopefully you’ve recognized that there are all types of STRs[...]
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[...]
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[...]
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[...]
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[...]
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[...]
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[...]
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[...]
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[...]
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[...]
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[...]
Tiny homes and container homes are cool. They are unique. They are an experience to stay in. And dare I say… they are trendy?? Perhaps. Let’s just pause for a moment though and act as if trends have nothing to do with investments. Do tiny homes and container homes still beat other types of properties[...]
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. The real world is much like school was when[...]
This show is all about investing in real estate. However, there are other ways to enter the short term rental world without actually investing in real estate and that is by lease arbitrage: Leasing a property from a landlord and then sub-leasing to short-term rental guests and making the difference. Many people have made a[...]
My team and I have managed almost 9000 reservations and almost 18,000 guests. From those guests we’ve sent and received over 140,000 messages - it’s a lot I know. While many of those were automated there are some messages that we just can’t automate; when an issue arises. For this week we’ve broken down our[...]
I’m always on the hunt for new tools to make our STR operations easier and increase our profits and part of increasing our profits is accomplished by minimizing risk. Airbnb has its own ways of verifying guests but is that sufficient? And what are you doing to verify guests on other platforms that might not[...]
Whoa a lot has happened in the last 2 years since we started this podcast. But one thing remains the same; STR’s are here to stay. That’s right, not even Covid-19 and the worst year for travel in our lifetimes can keep them down. In fact, STR’s are positioned better than they ever have been![...]
It’s often hard to say no to a potential real estate deal especially when it seems to fit most of your criteria. Maybe it’s just what you think you’re looking for. It’s in the right area. It fits your budget. It would make a perfect rental. The emotions start to kick in. “I’ve got to[...]
My team and I have managed almost 9000 reservations and almost 17,000 guests. From those guests we’ve sent and received over 140,000 messages - it’s a lot I know. While many of those were automated there are some messages that we just can’t automate; when an issue arises. For this week we’ve broken down our[...]
People ask me all the time “why did you get started with short-term rentals? They’re so much work, aren’t they?” The answer has always been pretty straightforward; they can make more money, much more money. And no, they don’t have to be much more work if you set them up properly. STR’s allowed me to[...]
Airbnb and other OTA’s do such a good job of providing us a platform to list our property. We can put in every detail necessary! From the type of coffee maker we have to our favorite nearby restaurants to the type and size of mattresses we use in our rentals. But do people actually read[...]
When are your guests most uncomfortable? I'll save you the run around and just tell you; when they arrive. They don't know your rental. They may have been travelling for a long time. They may be wondering if they're even at the right property. They may be seeing a neighbor and wondering what the neighbor[...]
Who is booking your Airbnb? Do you really know? Well if you don't then you might be communicating in a way that will earn you less than stellar reviews. Airbnb started as a very personal way to rent a property; a "Host" put their property online and used to meet with a guest, hand over[...]
As investors we have the natural tendency to increase revenues and increase our bottom line. One of the ways we can do that in the short-term rental world is by increasing our exposure. In other words, increasing the amount of people that can see, view, and potentially book our properties. This is exactly where online[...]
You can pretty much rent anything as an airbnb these days, can’t you? From a treehouse, to a houseboat, to a luxury villa to a castle! And everything in between. But what makes the best investment? Many times when investing we simply look at the numbers but that’s not the whole equation. This week we’ll[...]
We’ve talked before about how photos are NOT the most important piece of your short-term rental listing. They are not. There are greater forces at play that are the main reason for your success and we’ve talked about that before, so if you missed those episodes go back and check them out :)This week, I[...]
One of the two biggest expenses that everyone incurs are taxes. Which means, legally lowering our taxes should be of the utmost importance! For easy numbers and simplicity's sake, if you have $1000 in income taxes and you neglect to write off an immediately deductible $500 expense you incurred operating your short-term rentals then you[...]
You are seeing it, aren’t you? The instagram photos popping up. The long-delayed weddings that are now taking place. Airline flights being oversold. New travel videos on Youtube. Yep, it’s happening, travel is back! This has been a long time coming. What else would happen bottling the world up for over a year and half[...]
Rents have been increasing quickly since the last crash in 2008 which has been great for real estate investors. But why exactly are they going up? The short answer is, Economics. Economics is the foundation for why prices do what they do. To break it down further, prices will always be controlled by supply and[...]
In the residential rental world we have lots of choices for flooring but when deciding what to use for our short-term rentals the decision becomes even more important. As prudent, long term investors, we want to make sure we are considering the life of the products but also consider the costs and the appeal it[...]
Let’s face it, unexpected issues WILL happen with our rentals and how you and your team handle the communication with your guests is crucial. In fact, communication becomes even more important when there is an issue but at the same time it also creates an opportunity to show your guests that you really care. Good[...]
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[...]
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,[...]
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[...]
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[...]
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[...]
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[...]
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[...]
“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[...]
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[...]
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[...]
Over the years my team has been growing slowly but surely. We’re now working regularly with people in 5 different time zones and four to five different countries! Im surprised it took me so long to implement this new tool (Slack) but we finally have! Maintaining clear transparent communication is essential to smooth operations and[...]
It’s interesting that while appraisals are such an important piece a loan they can vary so much depending on the appraiser. Every loan for the most part (unless it’s a hard money loan) will require an appraisal. This provides the bank or person issuing the loan with a realistic value of the property so they[...]
If you’ve stayed in enough short-term rentals you’ve probably seen it. The photo of the owner in your living room space, a leftover jar of mayonnaise in the fridge, a dirty sponge under the sink, or god forbid - a used bar of soap in the bathroom! Remembrances of last guests or owners come in[...]
You may have heard prior episodes where I talk about the benefits of owning your properties vs. sub-leasing them. Well, I still think owning them is the end-all goal but for many, lease arbitrage IS an easier way to get in the game. It’s an easier way to make great (potential) cash-flow without having a[...]
At first glance you may think that a landlord would never want to rent you his or her rentals so that you could sub-lease them and put them on Airbnb. There are parties, increased wear and tear, and much more liability with short-term rentals right?? Isn’t there? Well, if you’ve listened to this podcast for[...]
The short-term rental industry has come a long way since Airbnb was first advertising blow-up air mattresses for rent. While some cities have blown up much more than others, most people (in the world) have now heard of Airbnb and short-term rentals. So we need to up our game! We need to be constantly improving[...]
Airbnb has restrictions on using virtual phone lines when you set up your account. Having a single phone number is also limiting when we are scaling our portfolios! So how do we get around using one main phone number on airbnb? How do we get around Airbnb not allowing us to use a virtual phone[...]
If we look at our businesses and processes from the perspective of “how” we are going to manage them, grow them, operate them or accomplish them, than we are committing our time directly to those tasks. For every time we ask ourselves “how” we are limiting ourselves to our own resources and time. I read[...]
Many things are out of our control like the government policies of different nations, the news, or the weather but when it comes to our investment decisions we can absolutely maintain control. This is one of the main reasons more people become wealthy through real estate than any other investment class. Control of our properties’[...]
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[...]
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,[...]
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[...]
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[...]
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[...]
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[...]
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[...]
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[...]
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[...]
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[...]
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[...]
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 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[...]
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[...]
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[...]
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[...]
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. [...]
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[...]
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[...]
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[...]
They are never fun to get but YOU WILL get them; the dreaded “Negative Review.” Our guests are not always right, but it’s our job to make them feel that way. Seeing a negative comment about your beautiful property can be difficult. It’s tempting to argue and act defensive but that will NOT help your[...]
There are multiple house keeping options for your short-term rentals, but not all of them will be the best fit or make the most sense for you. Depending on what stage you are in with your business and how many rentals you have will most likely determine the best fit for you. There are pros[...]
There are multiple house keeping options for your short-term rentals but not all of them will be the best fit or make the most sense for you. Depending on what stage you are in with your business and how many rentals you have will most likely determine the best fit for you. There are pros[...]
You may have heard of these little bugs. Little bugs that have the potential to wreak havoc on your short-term rental(s). Little bugs that only seem to come out at night like the boogie man! They’re what you think of when a bed just doesn’t look that inviting or when you get a random itch[...]
Almost every real estate investor has been or will be involved with property improvements, repairs, or general maintenance at some point which means they’ve had to talk and deal with contractors. Tim is no exception. He has worked with almost 200 different contractors in different cities in the US and other countries! Tune in this[...]
Covid-19 has had tremendous effects on the whole world. Many of those effects have been obvious but there are few underlying changes that could potentially have a big impact on our housing supply and demand. When the supply and demand changes so does the price of each individual market. Tune in this week as Tim[...]
There’s no doubt about it, your properties will require maintenance. Broken glasses, scuffed walls, stains on rugs, etc. Let’s take a deeper dive into your rentals and expected maintenance in the long run: Top 3 things that will cause damage Luggage racks Airbnb prevents users from booking under the age of 25 (without 3[...]
Is there anything anymore that doesn’t require a password? Not really. From banking to your Kindle account and everything in between - you can’t access it without a username and password. It’s not different for the short term rental industry. We have countless subscriptions to manage and have consistent access, too. So, let's discuss some[...]
Often when we hear about real estate it’s usually referring to housing and the places we live in. But real estate goes so much further than that! Changing the use of real estate (much like converting long term rentals into nightly rentals) is where value is created. Let’s broaden our horizons a bit in this[...]
We mentioned it before but now it’s official! Some of the world’s largest hotels are now using self check in. Tune in for a brief first hand encounter as Tim discusses his experience using keyless entry at the Bellagio Hotel in Las Vegas, Nevada compared with a more remote self check in at an Airbnb[...]
Quite possibly the most intimidating piece of managing short-term rentals is the time involved. But how much time does it really take? Can you really make them passive? How much more involved is it than your traditional long term rental? Listen in this week as Tim breaks down the determining factors of how much time[...]
Perhaps one of the best tools ever for creating wealth for real estate investors is the section of the tax code 1031. This special little tax advantage lets us exchange property without paying the taxes on our capital gains! You have to be strategic with this one but it is a fabulous tool. Tune in[...]
As a real estate investor our goal is to acquire more properties leading to more cash flow and ultimately more wealth. But, as you continue to grow so does your bookkeeping! Even if you love math you may find yourself strongly disliking bookkeeping. It can be tedious and timely. QuickBooks offers a great solution to[...]
Let’s face it, for those of us that live in the US we are living in one of the most litigious countries in the world. You’ve heard that you need to protect yourself and your properties, but what is the best way? Is it necessary to form an LLC in which to hold your property?[...]
Hotels have recognized the trends in travel and know that a huge majority of the market that was once their customers have moved to short-term rentals. This is evident in the way they have been developing new hotels, but the world and our current environment has pushed them even further! COVID-19 has now forced them[...]
We used to find them in paper formats, sometimes with the last guest’s wine stains or food crumbles mixed into the pages but times have changed! Guests want information at their fingertips. Providing a digital guidebook will make a huge impact on your guest experience, your reviews and the amount of time you spend on[...]
There are many reasons why someone may attempt to book one of our properties for someone else (a 3rd party booking). Should we accept those reservations? We have to ask the guests (and ourselves) why would they be booking for someone else. Sometimes, these can be great reservations but sometimes they can be, well, not[...]
How can we possibly handle so much information coming at us from every direction? The plans we have for our short term rentals, the markets we’re researching, the contacts in those markets, pros and cons from one neighborhood to another? We have to have a place to put all of that data and if you[...]
There is more information available online than ever before and it's growing at an exponential rate but not all of it is credible. Not all of it is helpful. Not all of it is useful for your STR. This week Tim will give you his favorite learning resources and some points to consider: Best[...]
With recent advances in technology we can build our “remote” team easier than ever (and there are more people in the remote working “pool” than ever before). The best time to higher a new team member is before you actually need them. There are numerous aspects to managing short-term rentals but almost all of them[...]
The world has gone remote. More people are working from home than ever before. Will this uninvited “work from home” experiment debunk some employers' stigma that employees who work from home are not productive? I believe it will. A change in our normal work environment means a whole lot for commercial real estate and the[...]
An easy way to gain more exposure for your short-term rental is to go on multiple channels or OTA’s (Online Travel Agencies). However, this can create a challenge with your calendars. For example, if someone books on booking.com, how would you integrate that with Airbnb? We want to prevent double bookings at all costs! Let’s[...]
We are in the business of renting to people that we do not know personally. We have reviews to go off of but do we really know who’s staying in our properties? Well, not really. “House rules”, as Airbnb refers to them, are the first step in protecting ourselves from loss of income and protecting[...]
It’s really difficult to outsource work or automate your business without a set of instructions, or operating procedures (SOP’s). We’ll talk about a really cool little tool that can help you do all of that and make the process easier than ever. Create a visual representation of all the systems in your business so you[...]
If you are accepting longer than normal reservations with your short-term rental (30+ days) you’ll want to make sure you’re protected. After thirty days a guest will become a resident and with that comes a whole bunch of extra legal exposure. In this episode Tim will talk about the quickest way to provide an application,[...]
Things are changing so quickly it’s hard to keep up. Here are the latest updates on money you are likely ALREADY getting, necessary changes to your STR in the current market, financing available to you and some continued best practices for sticking through this pandemic and coming out stronger in the end. Review of current[...]
It can be so discouraging. It can be so exciting. No matter which stage you're at in your real estate investment career financing will play a huge role. You found the right deal but have no one to finance it? Well, look again. There is ALWAYS someone to finance it and without financing, unless you[...]
We are living through unprecedented times, especially for us in the travel industry. With all the uncertainty in the air I wanted to offer my perspective and give you the latest on my portfolio and my plans. Here’s what I will be doing to protect myself for the long run, including my ultimate back up[...]
Real estate is an amazing investment vehicle because it’s predictable. But, what happens when it’s not? What happens when the unexpected happens and there’s a fire, you lose a roof, or the HVAC system goes out? You need to have reserves. Your short-term rental guests will also create wear and tear on your property. How[...]
We learn when we make mistakes. The more guests you accommodate the more mistakes (or learning lessons) you will likely encounter, but let’s accept that as a benefit of our industry. Tim will explain why and how you can use mistakes to grow, improve your business and make more money. The beautiful thing about the[...]
The world is changing and so is the way that people travel. 100 years ago people were riding horses to many of the cities and towns where we now operate short-term rentals. Traveling is now easier than ever and the way we live is changing as a result of that. As investors in short term[...]
Our environment shapes how we feel. There is a psychology to interior design and there are certain components that comprise any living space. As short-term rental investors, are we creating the best space for our guests and one that makes our guests feel lively? The top 3 live plants to buy How plants can make[...]
Should you wait to get in to real estate until the economy goes through its next cycle? Will the economy go into recession? What will happen? Who will get hurt the most? How do we protect ourselves from a downturn? Let's discuss: Doom and gloom — is this for real? Why some people won’t be[...]
There are hundreds of large MSAs (metropolitan statistical areas) and different markets that comprise the whole real estate market and each of them are unique. They have different growth rates, investment returns, laws, etc. How do we narrow down the BEST ones without doing ALL the research? Discover the shortcuts to finding good markets Why[...]
Asking how much it costs to furnish an apartment is like asking how much it costs to pay a random medical bill in the USA. It could literally be thousands more than you expected (much of which was not necessary) or it could be very minimal. Tim will give you a rough average of what[...]
It’s a big world out there and sometimes we get overwhelmed as investors with the amount of information coming in. There are so many ways to get started investing in real estate but they are not all created equal. We’ll discuss one path that many may find to be the easiest and most comfortable AS[...]
What ONE main principle helps you determine whether the investment you are considering is worth while? It all comes down to the numbers. Tim will illustrate how purchasing a $100,000 investment is no different from purchasing a $10,000,000 investment. A quick story to illustrate how numbers will make the decision for you Why is a[...]
Finding a property can be difficult. Luckily there is a position for that! Brokers and real estate agents can be your key to the ultimate property deal, but how do you find them? What are the keys to building a strong relationship with them? Leverage their market knowledge Leverage their contacts Did you know it[...]
The hotel and airline industry have been monitoring their pricing dynamically for years; every short-term rental operator should be doing the same. The supply and demand in your market changes everyday and so should your prices, but that’s a lot of work right? Not anymore. Let's dig into the basics of dynamic pricing and how[...]
Are you wondering how much you’re spending on housekeeping materials, linens etc.? Maybe you don’t like bookkeeping so you’ve gotten behind. The larger your portfolio and business gets the more you need to track and the more tedious it gets. Check out Google forms! How to use them in your short-term rental business Eliminate extra[...]
How do you start off on the right path to automation and a passive investment with your short-term rental? You must have digital locks. With the plethora of options available today, which ones do you choose and why? Let’s discuss some options so you can decide what fits best for you. Digital locks - which[...]
Which property size makes the most sense for your short-term rental? Consider that some properties will have better occupancy, lower expenses and attract the ideal guest. Tim discusses what he has found to be the best rental property size for a short-term rental based on the dozens of properties he has acquired and the investment[...]
Short-term rental investing is a relatively new concept and as a result cities, counties and states don't quite know how to handle it. There are literally thousands of different regulations around short-term rentals. So, what do you do? How do you know your short-term rental investment is a good one and a SAFE one? Find[...]
What are the benefits of lease arbitrage and is it a better model than actually owning a short-term rental? Did you know that you can ultimately get property for "FREE" if you go the ownership route? We'll discuss the difference between building cash-flow and building wealth. Tax benefits of owning your property How to have[...]
Financing for a short-term rental? How much does it cost? What do lenders look for and how will it be different from traditional lending? Financing is a critical component for any real estate investor. Let’s take a look at the big picture of lending to give you a brief overview of what to expect in[...]
If you’re looking to invest in short-term rentals then you’ve found the right podcast! Host Tim Hubbard has acquired dozens of short-term rentals and will teach you every strategy, tip and trick he's learned along the way, managing over 10,000 reservations. In this brief intro episode he'll discuss a bit about his story and provide[...]

Short Term Rental Riches

48. How to Determine if You Will Do Well in a NEW Market