Episode 090 – How CoVID Changed Our Industry & How to Market Your Property Now
SHOW NOTES & LESSONS
The world is going through some challenging times. Whether there will be a “new normal” or whether we will go back to our old normal is yet to be seen. One thing we know for sure is the Short-Term Rental Industry has been impacted dramatically by the Pandemic. What, exactly, has changed the and what can you do to roll with the punches until normal becomes normal again? How can you market your property so potential guests understand the new measures you’ve implemented in your business? What words can you use? Find out in this episode and be sure to get all our checklists for cleaning, plus a lot of other great advice for, not just surviving but thriving during the CoVID Pandemic.
Some Changes:
More people are keeping their travel closer to home, less than 50 miles
What it means:
We need to accept more locals but still, check them out carefully.
Some Changes:
More people are looking for...
Want to Take a Virtual Vacation?
Planning a vacation has become more complicated these days. Airlines are offering fewer flights. Schools are unable to predict when they’ll be open or closed. You may be tightening your budget while you spend more time at home.
Still, taking time off is essential for your mental and physical health. That’s especially true when you’re struggling with stressful situations.
Even when Walt Disney World and Universal Studios are closed, you can create your own magic. Try these ideas for making your next vacation a virtual adventure.
Enjoying a Virtual Vacation Online
The internet gives you instant access to any venue or experience. Design an itinerary based on your personal interests.
Consider these ideas:
01) Appreciate art. Gain free admittance to great museums around the world and in your neighborhood. Browse for special features including lectures, artist talks, and family-friendly crafts.
...
Episode 089 - Make Your STR "CoVID Clean:" Cleaning Advice from Our Favorite Nurse
SHOW NOTES & LESSONS
When making your property as safe as you possibly can cleaning against the coronavirus, first, remember that there are a couple of potential sources of the virus when cleaning; it could be left in your property by your guest and/or it could be carried into your property from you and your cleaning/maintenance crew. Therefore, you have to fight it both ways. Protect your crew FROM it and protect your crew from SPREADING it.
There’s not much you can do about guests bringing the virus in but you can absolutely prevent you and your crew from bringing it in. The steps we share in this episode have the duel purpose of teaching you how to clean in order to protect your crew from potential contaminations from your guests while, at the same time, keeping the potential virus from someone on your staff from contaminating your property.
Please, download or view our Cleaning Checklist here. This is a step by step guide to...
Episode 088 - Who You Need on Your Team in Your STR Business
SHOW NOTES & LESSONS
When building your Short-Term Rental Business, you need a TEAM of professionals around you to support you and your business. This episode is all about your STR Team.
Here are the people you need:
- A Great Photographer
- An equally good Designer
- A Virtual Assistant or A Company like Smartbnb for messages
- An outstanding Cleaning Crew
- Laundry Service, if not part of Cleaning Crew
- A Co-Host or Onsite Manager
- A Maintenance Man or General Contractor
- A Property Manager if you’re out of town
- Pest Control/Landscaper/Pool Service
- A Bookkeeper or Accountant who specializes in STRs
- An Attorney to write up contracts and protect your assets
- An Insurance Agent who specializes in STRs
If you don’t have any friends and family who do Short-Term Rentals, a great place to find your Team Members is getting recommendations from other investors at your local REIA meetings. A REIA is a Real Estate Investment Association. ...
Basic Tips for Beginners Investing in Real Estate
Investing in real estate can be a challenging process for beginners. However, there are basic tips that make it easier. Real estate is a major investment, so ensure you approach it with care and consideration. Following these tips will help you get started.
Which Investment Method is Right for You?
Most real estate investors choose one of these methods:
- Buying shares of a Real Estate Investment Trust (REIT)
- Purchasing actual real estate to rent out or flip
The differences between the two are huge, so this is a big decision.
Investing in a Real Estate Investment Trust
If you select the REIT method, then you’ll be purchasing shares of a portfolio of real estate. REITs have professional managers that select the real estate in the trust. This method is similar to purchasing a mutual fund, where you just invest your money and don’t have anything to do with managing the real estate yourself.
A real estate investment trust can...
Episode 087 - Who You Need on Your Team When Investing
SHOW NOTES & LESSONS
Every Real Estate Investor needs a team of good people around them in order to get the deals done right. Pick Your Team carefully and...
Always Treat Your Team Well! That's literally the number one Rule when it comes to your Team.
Hire slow and Fire fast. That's the number two Rule. Take your time finding team members and do your due diligence. Ask for referrals from other investors and ask for references from potential team members themselves. You can't be careful enough. If and when something does go wrong, Fire Fast. Don't give second chances or you may be putting your entire business and your reputation on the line.
Who are your Team Members?
01) A great Real Estate Agent or Broker who understands investing
02) An awesome Title Company and Title Agent*
*Some states require Real Estate Attorneys, so use friends and family to find a good one.
03) A very thorough Home Inspector
04) A...
Episode 086 - 7 Rules of Purchasing Your STR Property
SHOW NOTES & LESSONS
When it comes to purchasing your Short Term Rental Property, Michelle's got 7 Rules you must know about the numbers.
#1 You make your money on the Buy: Meaning you never buy "hoping" the value goes up. You must make your equity when you purchase the property by buying it for the right price in the first place. Don't expect to make it up later.
#2 NEXT! If the numbers don't work, Next. If the location isn't right, Next. If the seller won't budge on the terms or the price, Next. There's always another property. Don't hang on to this one like a dog with a bone.
#3 Never buy a property that's in perfect condition...unless you can still get it for 30% under the ARV. Remember Rule #1: you need to make your money on the Buy. Very rarely will you find a seller with a property in perfect condition willing to discount the price of that property. Therefore, don't focus on properties that are...
Common Real Estate Investing Mistakes
Although real estate may seem like a sure bet for anyone, many investors make the same few mistakes. Eliminate these errors from your investing activities and you'll be well on your way to accumulating the wealth you desire.
Avoid These Mistakes
1. Poor research. Most of us do a lot of research when we plan our vacations or purchase a new television. If you were buying one that was worth $100k, you can bet you'd do even more research! Well, you should be doing that when you purchase a piece of real estate, too.
- Inadequate financing. Real estate investors frequently like to wheel and deal, and their deals can have a lot of moving parts. Balloon payments, interest-only payments, owner financing, subject-to, and many others are commonplace.
- To make a deal happen, we can get carried away doing everything in our power. Getting a great price doesn’t always justify the deal if the financing is inadequate. Are you really sure that you...
Episode 085 - Property Intention & Strategies: Buying for Long Term Renters VS Short
SHOW NOTES & LESSONS
Today, Chris Villela is teaching us some of what she has experienced as a long term rental investor. We talk about Exit Strategies, Holding Strategies, making your money on the "buy," and so much more. Enjoy this episode and the interview.
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Recommended Podcast Episode that is paired with this one like a Fine Wine:
Episode 046 - Why You Shouldn't Treat Your Short Term Rental Like a Long Term Rental
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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...
Episode 084 - Putting Your Money Where It Matters Most: Tightening Your Belt or Investing More
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 Podcast Episode that is paired with this one like a Fine Wine:
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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,
