Short Term Rental Riches
Tim Hubbard, successful investor and CEO of a seven-figure short term rental management company shares it all. The insider tips you need to know to acquiring, operating and scaling a successful short term rental business.
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 some time you know that’s not really the case. When managed properly short-term rentals can help you earn far greater returns without all the headache. And while you can also earn better returns so could a potential landlord leasing their rentals to you. I just signed a lease for 10 apartments with one owner and want to give you some pointers on how I negotiated the lease rates.
- Benefits to the landlord and how to discuss them
- Why one tenant can solve their management problems
- Why the landlord might earn more leasing to you!
- Presentation: Two sided spreadsheets (one long term vs. short-term)
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.
Check out our new website we created just for you. You can search all prior episodes, view episodes by category, and easily submit a request for a future topic! The new website is www.STRriches.com
Find us on instagram! @RestMethods
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 our listings to set ourselves apart. This week we’ll break down a few new listing photo ideas as well as 10 must have’s we have been using for a long time
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.
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 number like google voice? I’ve got an easy tip for you. I’ve been using a business phone line for years and it has made sooo many things easier. We’ll discuss this week why you should have one too and dig in to the following:
- Airbnb and virtual phone numbers
- A business phone line
- Costs?
- Why it's crucial
- Some recommendations
Check out the Virtual phone line i use Phone.com: https://www.phone.com/
One I’ve found to be highly recommended but don’t personally use) Dialpad: https://www.dialpad.com/
The phone line I use as a forwarding only phone number: https://www.twigby.com/
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Find us on instagram! @RestMethods
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 a book recently that will make you think twice about that mindset and I feel obligated to share it with you! The advice will surely help you scale your real estate portfolio.
- Asking “Who” not “How” and the main idea
- What procrastination really means
- “Who’s” can help you achieve anything
- Ensuring you have vision and clarity
- What happens if you don’t?
"Who Not How" Check out the book on Amazon by Dan Sullivan & Benjamin Hardy https://www.amazon.com/Who-Not-How-Accelerating-Teamwork-ebook/dp/B0867ZJ151?tag=techblast0f-20
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Find us on instagram! @RestMethods
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’ is what allows us to improve it’s value, change it’s use, improve management, list it for sale, or restructure our debt; that cannot be said for many other asset classes. We cannot control the value of most other investments and that’s why I've chosen real estate as my main investment vehicle. Lets dig deeper this week and discuss:
- Why more control = less risk
- Our ability to control real estate
- Why you give up control with other investment classes
- Creating value with real estate
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Find us on instagram! @RestMethods
It's such an exciting thought, isn't it? Owning property in another country. It has a nice exotic ring to it. And while purchasing international real estate can provide so many benefits beyond a simple investment return, it's not necessarily the easiest thing to get into. This week we'll cover a few lessons I’ve learned and some things to look out for investing in a “foregin” place.
- What to do in a brand new (foreign) market
- Precautions for foreigners investing from abroad
- Differences in the property search
- What you will likely encounter
- Side benefits to purchasing internationally
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here: https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Find us on instagram! @RestMethods
An experience is none other than an expectation and whether that expectation was met or not. Great reviews and experiences happen when our experiences are exceeded. The opposite is obviously true as well and I’m sure you remember plenty of times where you went somewhere like a restaurant, a new city, a friend’s a party, with an idea of what the experience would be like but it turned out to be completely different. You will hear many successful sales people say to always “exceed expectations.” Why? Because they know if they do they will receive great feedback, more business, or more referrals to keep the business growing. This week I want to talk about a couple recent experiences I had in some short-term rentals:
- My recent trip to Tahoe, CA
- An example, where I dropped the ball with MY OWN property
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Find us on Instagram! @RestMethods
Our guests have the best experience when their questions are answered before they even ask them. There are many ways to do this, lots of which we have discussed in prior episodes like guidebooks and automated messages, but there is a third piece that’s super simple to implement. A third piece that is often more helpful for our older guests that shy away from technology and digital apps. This week we’re talking about old school guidebooks. Yes, printed versions. Should we have one in our rental? What should it consist of?
This week we’ll break down exactly how I do mine and will include:
- Why I only do one page
- What information exactly do we include on it
- Where to physically place them in your rentals
Check out our episode #31 on digital guidebooks
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
How do you create a passive operation? Whether it’s a portfolio of real estate, a short-term rental company, or any other business. Well, first of all, you have to have a place to put all of your standard operating procedures; the pieces of your business puzzle that tell all of your team exactly what they need to know. There are lots of ways to do this and I’ve explored many of them but I'm happy to say I believe I’ve found a new winner! I’ve discovered a tool that I’m confident will provide you the platform to easily organize and share whatever information you need about your properties or your business.
It’s a beautiful new database tool called “Notion.” I’ve been using it for several months now and I want to give you my insights and why I think everyone could and SHOULD be using this tool.
This week we’ll dive into this beautiful piece of software and cover:
- What is Notion, how does it work?
- How “shared databases” are the solution to your organization nightmares
- How this can be a perfect fit for your properties
- How to use it with your STR’s
- Additional benefits to help in your personal life
To check it out for yourself visit: https://www.notion.so/login
** Please note that I have no affiliation with this company I just think it could be very useful for you :) **
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
I’ve mentioned the benefits of being a real estate investor when it comes to taxes in multiple episodes, but no one knows this subject better than Amanda Han, my CPA and personal tax advisor. Not to mention, she sees the behind the scenes PROOF that short-term rentals can earn excellent returns! Since she is the professional in the space I thought it would be great to bring her on in a 2-part series to hear directly from the source. You don’t want to miss this!
In this second part of a two part series we’ll cover:
- Selling a property and considerations with depreciation
- Defferring capital gains tax with 1031’s or “Opportunity zones”
- The benefits of filing extensions
- Living in a multi unit that is ALSO an investment (a 4 plex for example)
- No capital gains tax up to $250 / $500k(if married) for personal residence exclusion
- Recap of our typical expenses for the RE investor
- Recap of how to use your STR expenses to write off “other” income through “materially participating”
- Tax differences if you are doing lease arbitrage
To find out more about Amanda and her company “Keystone CPA” visit www.keystonecpa.com
To find out more about cost segregations you can contact Scott at scott@sudykainc.com
Thinking of doing a 1031 exchange? Check out http://www.exeter1031.com/
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
I’ve mentioned the benefits of being a real estate investor when it comes to taxes in prior episodes, but no one knows this subject better than Amanda Han, my CPA and personal tax advisor. She sees the behind-the-scenes PROOF that short-term rentals can yield excellent returns! Since Amanda is the professional in the space I thought it would be great to bring her on in a 2-part series to hear directly from the source. You don’t want to miss this! In this first part we’ll cover:
- How does the IRS define a short-term rental?
- How can you offset W2 income or business income with STR expenses?
- Are you offering services with your rental? What do you need to consider?
- Passive income vs. business income - what's the difference?
- Becoming a real estate professional? What does that mean and what are the benefits?
- Why many investors are looking to STR’s to help with their taxes as long as they “materially participate” - What does that mean?
- The different types of depreciation benefits
This is the first part of a two-part series so make sure to tune in next week so you don’t miss a thing.To find out more about Amanda and her company “Keystone CPA” visit www.keystonecpa.com
To find out more about cost segregations you can contact Scott at scott@sudykainc.com
Thinking of doing a 1031 exchange? Check out http://www.exeter1031.com/
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
We often hear statistics that seem to be good to be true… and oftentimes they are! Percentages in particular can be the most misleading if we have nothing to compare them to and if the sample size is small. We are targeted by advertisements and they are usually designed with a hidden agenda to sway your opinion or gain your interest. The same thing happens in real estate. Many times this is in the form of a “pro forma.” What’s that exactly? Tune in this week as we unveil how sometimes statistics (and pro formas) are skewed to sway our opinions!
- How percentages can be VERY misleading
- How to effectively evaluate data
- Signs of misleading statistics
- A (misleading) example from Colgate in advertising
- The constant curve of news
- Pro formas (Why you should never base a purchase decision off of one)
Check out “Antifragile” by Nassim Taleb
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
There is so much data out there. Invest here, invest there, now is a bad time, now is a good time, and so on and so on. So where do we start? What should a brand new investor be doing to get started and what are the steps? This week Tim will break down the basic process for anyone looking to invest in real estate from a bird’s-eye view. Of course, you will need to do a lot of due diligence, but this week we’ll cover the basics including:
- The ‘money’ part
- The ‘deciding what you want’ part
- The ‘finding a market’ part
- Narrowing down on a SPECIFIC area
- Finding help to discover your property
- The ‘due diligence’ part
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
I am constantly learning and improving my rentals and my goal with the podcast is to pass all of that on to you. Part of my continued education includes webinars, youtube, videos and anything I can get my hands on. This week I share what I learned from a recent webinar I attended with the CEO of Wheelhouse, one of the most well-known pricing tools for the STR industry. I’ll break down my main takeaways and what you should be keeping an eye on to make sure that you aren’t leaving ANY money on the table.
- The THREE demand impacts that affect your STR rates
- How to determine your closest competitors and their prices
- Pacing; Are you getting bookings too soon or too late?
Checkout the pricing tool that I use called Pricelabs.
Wheelhouse is another option.
Still not quite sure what a “dynamic pricing” tool is? Listen to Episode 8 to learn more.
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
Hotels have been hit harder than ever before in our lifetimes and many, unfortunately, cannot hang on. They’re going out of business. Hotels that have been around forever and were once a sought after destination are not staying afloat. What does this mean for travel and our STR’s? Well it certainly will affect the SUPPLY of travel accommodations across the world which will directly impact our short-term rentals.
Listen in this week as Tim breaks down:
- The latest hotel stats
- What happens if the numbers are right?
- A list of prestigious hotels that are already CLOSED
- Why higher demand for many short-term rentals is inevitable
- Why STR’s had/have the unfair advantage
Want a crash course in just two days with everything you need to know to find, acquire and operate a short-term rental with passive operations? Good news! We have our latest live webinar recording available here; https://restmethods.com/virtual
For more info on finding the best properties join our email list and get our free guide and more at www.restmethods.com
If you want to learn more about Tim’s journey, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.” Please make sure your subject line says “Book Copy”
Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.
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.
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!
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.
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 case. Let’s talk this week about:
- What to do when you get a negative review
- Tips for how to best respond
- Addressing future potential guests
- The private comments
- How responding to all reviews helps your profile (and occupancy)
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.
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 and cons to each method and Tim has explored them all (and currently uses multiple methods in multiple cities)! Last week we discussed hiring a company and individual on a per clean basis and this week we’ll look at the alternative; building your own housekeeping team. Listen in as Tim discusses:
- Is this the right option for you? Why
- The pros and cons
- Why your own team will help you scale
If you missed last week check out episode 44 - Should We Hire a Housekeeping Company or An Individual?
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.
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 and cons to each method and Tim has explored them all (and currently uses multiple methods in multiple cities)! Over the next 2 weeks we’ll provide some insight into which option may be right for you and some things to consider. In part one Tim covers:
- Hiring a professional company - pros and cons
- Is this the option for you?
- Limitations to hiring a company
- Upside to hiring an individual and paying per clean
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.
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 at night in an unfamiliar accommodation. Yes, this week Tim dives into his encounters with bed bugs! He’ll break down:
- Where do they come from?
- How to get rid of them
- Tim’s experience in one of his rentals
- How do you handle your guests…
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.
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 week as we cover some basic rules you NEED to follow:
- 3 tips for getting good estimates from contractors
- 3 tips for working with contractors
- How to ensure you’re not getting ripped off
- A recent example where Tim saved over $20,000 for one job
- How to find good contractors
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.
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 discusses a few Covid impacts you may not have considered such as:
- What happens if roommates get their own place?
- Divorces
- A baby boom?!
- Seeking more home space for office
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.
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 positive reviews)
- Blocking the calendar for routine maintenance
- The danger of getting behind!
Refer to Episode 12 on budgeting for furniture and Episode 18 on having reserves to cover those costs. Episode 24 for our recommended house rules to protect you from any potential damage.
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.
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 best practices this week. You can literally save days of your life by using one of these handy tools!
- What passwords you need for your STR
- How to manage them and some useful pointers
- Which one Tim personally uses
- How to share them effortlessly with your team
- Is it really secure to use one of these apps?
The password app I use:
Keeper - www.keepersecurity.com
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.
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 episode as we discuss some of the likely “less conventional” uses for real estate and why we would change the use in the first place.
- Trends leading to changes in the use of real estate
- Are STRs increasing the value of our residential real estate?
- 10 alternate uses for real estate you may not have thought about
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.
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 in the wine country of Northern California.
- Self check in in northern California wine country VS. the Bellagio by MGM Grand
- Why management will get easier as people get accustomed to less personal interaction
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.
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 you can expect to spend managing your short-term rentals. He’ll give you the time he actually spends on his and how you can eliminate it ALL from the equation.
- Not all rentals require the same amount of time
- Which factors have the biggest impact on management
- Importance of your team
- The STR evolution
[10:40] Tim explains how many hours he spends managing his STRs
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.
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 this week as Tim breaks down some of the details and gives you his experience on past exchanges he has completed.
- The basic rules
- Using an intermediary
- Identifying and closing on the property
- Can you buy multiple properties in one exchange?
- What happens if you don’t use all of the exchange funds?
- What’s a Reverse 1031 exchange?
- How much does it cost?
For a potential 1031 intermediary check out http://www.exeter1031.com
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.
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 help streamline all of those expenses and keep you organized. How should you set it up? Tracking multiple properties? Listen in this week as Tim discusses a few tips he’s picked up along the way to help manage the income and expenses for all your properties!
- How does QuickBooks online work?
- Setting up multiple properties with one account
- Tracking your 1099 contractors
- Automatically syncing ALL of your transactions
- Sharing QuickBooks online with your accountant and bookkeepers
You can view pricing and details here: https://quickbooks.intuit.com/oa/online
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.
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? There are multiple steps we can take to protect ourselves, but which ones are the right ones and when are they necessary?
Tune in this week as Tim answers those questions and more!
- A story to illustrate when we need extra protection
- Having the basics: house rules, deposit, insurance, general liability policy, umbrella policies
- Forming an LLC and what you may not know
- Are you being sued?
To hear the episode on house rules tune in to episode 24 “Essential House Rules for your STR”
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.
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 to be more like short-term rentals! This is leaving hotels with many unused areas (pools, banquet rooms, buffets) and also a big hole in their bank account. Tune in as Tim discusses some of the industry changes and impacts of COVID-19.
- What a hotel used to be and what it is now
- Hotel’s lost revenue from unused spaces
- COVID-19 impacts
- Short-term rentals are nimble
- Customers “forced” to short-term rentals
Here is a link to Tim’s interview on The Real Estate Guys Radio.
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 share it, like it, and subscribe! This helps us reach others that may find the info helpful as well!
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 your business!
- It answers the basic questions (your guests will always ask)
- Easy images to direct guests how to use things
- GPS coordinates to find your property
- How to use email collection for marketing later on!
- An easy way to prove that guests accepted your house rules
There really are too many things to list! Its very affordable and worth every penny for you and your guest.
Tim uses and recommends Hostfully. You can get one guidebook for free and there are more plans that go up from there. He actually only uses a few guidebooks and tailors them to the building, not the specific listing, which is less to keep track of in the long run.
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 that Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”
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 so great. Tune in with Tim this week as he gives you his experience and recommendations on 3rd party bookings:
- Who exactly is making these types of reservations?
- Airbnb work travel
- How can we protect ourselves?
- What if we meet them at the property?
- A common Craigslist scam :(
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 to financial freedom, email us at resilience@restmethods.com for a free copy of the Amazon Best Selling book co-authored by Tim: “Resilience, Turning Your Setback Into a Comeback.”
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 try to keep it in your head you will fail! (Or at least forget most of it)
Tim will discuss how to use a digital note system to store your ideas so your brain doesn't have to.
How fast is our data expanding?
Health benefits of having a "clear" mind
Available tools - What Tim uses and other options
Accessing your research from anywhere (on any device)
The GTD method by David Allen
[6:03] Recommended digital note-taking platforms: Evernote, Microsoft OneNote (works on Android & Apple)
[9:19] Get a summary of the The GTD method from David Allen: collecting, processing, organizing actions, reviewing and execution.
For info on finding the best markets and setting them as short-term rentals the right way check out 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 co-authored by Tim: “Resilience, Turning Your Setback Into a Comeback.”
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 podcasts
- Best YouTube channels
- Best Conferences Conferences
- Mentorships
[3:07] Recommended YouTube channels:
STR University (Richard)
[6:48] Recommended Podcasts:
[7:54] Recommended Conferences: VRMA, VRSS, HomeAway and Specific software conferences (Israel) REST methods event
VRM intel Magazine: vrmintel.com (for an updated calendar of events)
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 can be managed remotely! You can also take advantage of the differences in currencies and hire help at a fraction of the price but still with excellent skill sets. Hiring virtual or remote help is an essential step to managing our rentals as passively as possible.
This week Tim will discuss:
- The best time to hire new team members
- How remote work can help with your STR
- Where to find them
- How to hire the right one
- Tools to managing them from afar
Check out www.restmethods.com for more info
Book references:
“The One Minute Manager” by Ken Blanchard & Spencer Johnson
“Who: A Method for Hiring” by Geoff Smart & Randy Street
Find potential team members on www.upwork.com, www.fiverr.com or www.onlinejobs.ph
Track your remote team with www.tsheets.com or www.hubstaff.com or Upwork’s built-in platform
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 short-term rental industry. In this episode Tim will discuss some of these potential changes and what it means for your short-term rental;
- Just how many people are working from home?
- More “extended stay” reservations from remote workers
- What do longer reservations actually mean
- Impact on commercial real estate
For more on Tim’s story on how he went remote email resillience@restmethods.com for a free copy of the Amazon #1 best seller “Resilience”
For more resources on finding the best properties for short-term rental check out www.restmethods.com
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 talk about some easy ways to do that with channel managers:
- What is a channel manager?
- Concerns for getting TOO much exposure
- Charging the right price on multiple channels
- Syncing (sharing) calendars with Airbnb & Homeaway via “iCal link”
- Property management software “direct links”
Check out some of these software companies to streamline your calendars - one of the most important pieces of managing multiple short-term rentals; Smart BNB, My VR, Your Porter, iGMS, Booking Automation
For more resources check out restmethods.com
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 our properties from damage. It’s a section that every potential guest must read and agree to before they can even book. Let’s discuss some of the essentials:
- Tim’s rules he uses for every rental
- Enforcing rules
- Where to put them so they get noticed
For help monitoring noise: https://noiseaware.io
For help monitoring smoke in your rental: https://www.freshairsensor.com
For more resources and events: resthmethods.com
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 can step back and let someone else take over.
Tim uses this tool for so many things but just to name a few:
- Reservation questions
- Employee procedures
- Emergency planning
- Housekeeping procedures
- Property info
- Cancelling policies & house rules
- Marketing
- Hiring
Check it out: www.mindomo.com
For more resources visit restmethods.com
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, show a listing (without being there), approve a resident, and take rent and security deposits electronically.
- How to show a listing without being there
- Providing an easy application online
- Providing a lease & getting signatures
- Considerations for your lease
- Setting expectations
Use cozy for rent payments and tenant screening: https://cozy.co/features-benefits
For more resources check out restmethods.com
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 best practices.
- Should I take local reservations?
- Money coming your way
- What STR’s are doing the best?
- Disaster funds available to you now!
- Long term planning
Check the following website for SBA lending and the EIDA grant mentioned: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options
For more resources check out restmethods.com
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 have all the cash, you probably won’t be doing the deal. Let’s delve into some potential financing “denials.” Tim has had his fair share, just listen…
For more resources check out restmethods.com
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 plan.
Don’t be totally discouraged, there is also a bright side to this! Here are my thoughts on what you can do to stay positive, how we can use this time to our advantage and why we might come out positioned better than ever once we get through this.
For more resources check out restmethods.com
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 much should you budget for that?
- How much should you budget for your short-term rental losses?
- The biggest capital expenditure risks with your property
- Why you NEED reserves regardless
For more resources check out restmethods.com
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 STR industry
- How to create perfection
- The “private reviews”
- Pleasing the masses
- What areas do I commonly see mistakes?
- Listing descriptions errors
- Buying a property with “hopes”
For more resources check out restmethods.com
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 rentals we are in the perfect position to take advantage of the trends but we need to position ourselves appropriately.
- 6 people check into Airbnb every second
- Remote Airbnb location
- How learning is changing
- Becoming a part of our changing future
For more resources check out restmethods.com
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 you feel better
- Plants clean the air
- Who will take care of them?
For more resources check out restmethods.com
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 affected and others will
- Oversupply? Who will be the MOST affected?
- How do you become recession proof? Is that possible?
- How your returns may go UP in a down economy
For more resources check out restmethods.com
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 do these markets make sense?
- The fundamentals of a strong market
- The sun belt, baby boomers, demographics
- Rent-to-value ratio (rent / purchase price = RTV)
EXAMPLE: $1,000 monthly rent / $100,000 purchase price = 1% RTV
For more resources check out restmethods.com
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 you could expect to spend including:
- Where not to skimp on price
- Where you can save
- Where to look for furniture
- The biggest wastes of money you may have not thought about
For more resources check out restmethods.com
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 WELL AS being the most affordable.
- What type of property fits this plan?
- Why a more comfortable and cheaper investment does not mean BETTER
- Why you may get discouraged from scaling
For more resources check out restmethods.com
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 large deal no different than a small one?
- Don’t become emotionally attached
- Know what return you are comfortable with
- Where can I find an analysis spreadsheet?
For more resources check out restmethods.com
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 doesn’t cost you anything as a buyer?
- Making sure you know your search criteria
For more resources check out restmethods.com
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 you can automate this crucial component.
- You’re leaving money on the table if you’re not using one
- Are you pricing too high or too low?
- How do you price appropriately for events? Seasonality?
- Is your occupancy too high? Is there even such a thing?
For more resources check out restmethods.com
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 steps
- Get organized!
For more resources check out restmethods.com
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 one to buy?
- Which ones do I use and why?
- Having a good platform for a solid automation foundation
- What do you do if the digital lock doesn’t work
- Must have back up check in options
For more resources check out restmethods.com
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 returns he has earned.
- Higher occupancy and returns!
- Lower utility expenses
- Lower your construction / renovation costs
- Lower furnishing costs
- What's your ideal guest?
For more resources check out restmethods.com
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 out the best strategies so that no matter what happens you will be making a sound investment.
- Properties that make sense from day one
- What if the economy crashes?
- Focusing on extended stays
- Commercial zoning
- Obtaining a license to operate
For more resources check out restmethods.com
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 full control of your property
- Infinite investment returns
For more resources check out restmethods.com
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 the current lending climate.
- Important things lenders look for
- What kind of lender to use
- The best kinds of loans for first time buyers
- Ideal markets for short-term rentals
For more resources check out restmethods.com
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 some credibility to the content he'll release in future episodes.
- Tim’s background and inspirations
- Why the shift in focus to short-term rentals from long term
- Scaling the portfolio
- Where to look for help and education
- Moving abroad and financial freedom
For more resources check out restmethods.com
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.
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.
