What to Expect When Starting an Airbnb ( aka Short Term Rental )
Hosting your available home or property is a great way to earn extra income depending on your level of commitment. However, the operation of starting and maintaining your business takes time and effort. Whether you desire to run your Airbnb business on the side or intend to do it full-time, you will need to dedicate yourself completely in order to do it successfully. Here you will learn what to expect when starting your new business and some tips that will ensure confidence when building a short term rental empire.
Know the Cost
As in any new business, there are up-front costs. Depending on the condition of your property and if it’s fully furnished, you might be able to start with minimal cash outlay. Remember that every dollar you spend must be recouped before you can make a profit.
Make sure that you are including all of the little things in your budget such as home appliances, silverware/dishes, television/wifi, towels/sheets, etc. You will have additional and...
Episode 082 - Corona Virus Tactics to Keep Your STR Afloat
SHOW NOTES & LESSONS
WHAT BOOKS, PRODUCTS, SERVICES, OR LINKS WERE MENTIONED...
Please use our Affiliate Links whenever possible and help support the show. Thank you!
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Recommended Article or Blog Post Related to This Week's Podcast:
How to Properly Clean Your BNB to Protect Your Guests from COVID-19
Recommended Podcast Episode that is paired with this one like a Fine Wine:
Get This Episode's Show Notes in a pdf form...
PICTURE OF PDF
Show Transcript
[00:01] Over the last two centuries, nearly 90 percent of the world's millionaires have created their wealth through real estate. Here to tell you how you can ride this wave with less risk and less capital while creating greater income, is your host, best selling author and Speaker, Michelle Russell.
[00:21] Hi, this is Michelle, the Master of Money Mindset, and you are listening to the Short Term Rental Revenue Podcast...
and in today's episode, we're going to be talking...
How to Properly Clean Your BNB to Protect Your Guests from COVID-19
These are unprecedented times. Whether it’s fact-based or media-driven, people all over the world are in a panic because of the Corona Virus, aka COVID-19.
If you haven’t yet, listen to Michelle’s podcast episode on Corona Virus Tactics to Keep Your STR Afloat. We are in the travel industry, as you well know and understand. Something like this can make or break your business model. Be prepared and be proactive – ahead of the game.
Keeping Your Guests Safe
We suggest you implement thorough cleanings each and every time a guest departs and do not deviate from those procedures. Create an SOP, set of Standard Operating Procedures, that ensure the health and safety of your guests at all times.
Go over every surface with the proper sanitizers after a thorough cleaning. Our crew is doing their normal routine, with the addition of wearing and changing gloves while changing all towels and linens, and following it up by...
The Advantages of a Roth IRA
Have you been hearing about Roth IRAs and would like to know a little more? Are you curious about whether you're investing your money wisely? Maybe you're just tired of investing with the knowledge that you'll pay taxes through the nose when you finally retire someday.
Roth IRAs may be your best bet, if you fall under a certain income bracket. These requirements can change year-to-year, and may also be affected by your age group, so check with your financial advisor about the latest laws.
Consider these benefits:
- Roth IRAs have some significant advantages over most other investment and retirement instruments.
- They offer 100% tax-free profits, tax-free withdrawals and reduced estate taxes, just to name a few.
Roth IRA vs. Traditional IRA
Roth IRAs are different from Traditional IRAs in that the contributions you put in the IRA are not tax-deductible. But... Roth IRAs do not require you to start taking money out at a certain age, and all...
Episode 081 - The Biggest Real Estate Scam Out There and How to Not Fall Victim to Them
SHOW NOTES & LESSONS
This show was about scams and being scammed.
You don't have to be dumb to be scammed. You just have to trust the wrong people. We hope you will pass this on - or at least the information on - to those you love and care about.
Remember, they may not tell you they're thinking of attending a real estate event. So, don't wait for them to bring up the subject. You do it! Protect the people you care about.
Recommended Article or Blog Post Related to This Week's Podcast:
How to Protect Yourself Against Scammers
7 Scams That Target Elderly Seniors – How to Protect Your Loved Ones
Recommended Blog that is paired with this one like a Fine Wine:
Sick Pet? Don't Be an Emotional Target!
This Episode has no Show Notes but lots of links. Enjoy!
Show Transcript
[00:01] Over the...
Top 10 Differences Between Successful and Unsuccessful People
Have you ever wondered what makes your most successful friend so successful? What about your least successful friend? What’s their problem? What’s the difference between those that thrive and those that struggle?
There are several differences, and they’re quite obvious if one takes the time to look.
If you understand the differences, you can examine your own situation and gain insight into why you might not be as successful as you’d like to be.
See how successful people do things differently than unsuccessful people:
01) Their lives are defined by their goals. Unsuccessful people’s lives are defined by their fears, which often keep them stuck even in uncomfortable situations. Most people live their life in a way that avoids their fears. Successful people learn to recognize fear as placeholders. It defines where you are now, your comfort zone, and anything beyond that is growth and success. They make...
Episode 080 - Are You Over-Improving Your STR? Why You Must Know Your ROI
SHOW NOTES & LESSONS
We are looking at a 2 bedroom/2 bath in Mesa close to everything.
Now, purchase the Airdna Data for your property and let's figure out the ROI for a Short-Term Rental.
Wait... 40% ROI sounds a little too good to be true. What did we miss?
So, the ROI on this property for a Long Term Renter is 22% and a Short Term Renter is 24%. That's a LOT of work for only 2% more on your investment. Figure out if it's worth it!
WHAT BOOKS, PRODUCTS, SERVICES, OR LINKS WERE MENTIONED...
Please use our Affiliate Links whenever possible and help support the show. Thank you!
Recommended Article or Blog Post Related to This Week's Podcast:
What Is After Repair Value (ARV) in Real Estate? How to Calculate ARV—The Equation and What It Means to Your Profits
Get This Episode's Show Notes in a pdf form...
Show Transcript
[00:01] Over the last two...
Top 10 Success Skills to Teach Your Children
Success is a skill. Being a great student doesn’t necessarily translate to being a successful adult. So, you’re not off the hook just because your child is doing well in school. The most important things in life aren’t taught in school.
As a parent (or grandparent), you can make up for this oversight and still prepare your child for a successful and fulfilling life.
Teach these skills to help your child to be successful in life:
01) Set goals. Even a child can set goals. A child’s goals might be to get an A on a test, earn a spot on the basketball team, or finish a long book. Learning to set an objective and develop a plan to achieve it are valuable skills for anyone of any age.
02) Work daily toward a purpose. Having a goal and a plan is the easy part. Executing that plan reliably is considerably more challenging. Help your child to put in the time each day to achieve something worthwhile. It might be studying for a...
Episode 079 - 7 Reasons You Should Give to Charity
SHOW NOTES & LESSONS
1. Give because you can: No matter how little you think you have, there is always someone worse off than you.
2. It’s a great way to commemorate love: Whether or not they are still with us in the physical sense, you can commemorate a loved one with a donation.
3. It’s an opportunity to give back: Charity can be given to your old school, your old neighborhood, or organization that at one time in your life gave so generously to you.
4. Charity boosts motivation: It makes them feel better about themselves and often drives them to work even harder so they can give even more.
5. Charity helps you earn respect: Giving “out loud,” as I call it, can not only gain respect, but you will inspire others to give, as...
Episode 078 - How to Keep Kids Safe in Your Short Term Rental
SHOW NOTES & LESSON
- Prevent Furniture from Tipping like Bookcases & Dressers.
- Prevent Heavy Objects, like TVs, from falling over on children.
- Remove or Place Up High Fragile or dangerous items.
- Secure Pictures.
- Lock Up Poison & Cleaning Supplies.
- Remove Buckets & Containers that collect & hold water.
- Safety Knobs on Stove & other dangerous appliances.
- Kitchen Cabinets should have danger high & plastics & less heavy items down low.
- Cover all Outlets.
- Locks on Dangerous Drawers.
- Cords Zip Tied & Tucked Away to prevent pulling them down.
- Drawer Locks on Dangerous Drawers.
- Blind Cords Cut & High.
- Windows Can't Open more than 3 inches.
- Doors have safety locks & alarms by pools/traffic.
- Water Heater turned down to 120 degrees to prevent scalding.
- Hair Dryers & Irons up high.
- Safety Latch for Toilet Lids.
- Foam Protectors on Sharp Cornered Furniture.
- Baby...
