Do yourself and your business a favor and stop renting out your
personal space as soon as you possibly are financially able to.
Always pay yourself and even your kids for jobs that you perform. This is an expense for your business, which lowers the income, which lowers your business' tax burden. As long as your kids make under a certain amount, $12,200 in most cases, they do not have to pay taxes on it.
Get your mindset away from your old thinking. Employees and Self-Employed people think incorrectly about money - which usually is one of the main reasons they're stuck on the E and S side of the Quadrant!
THINK AND ACT like a business owner. Pay yourself! Hire the right professionals to get the job done! Don't step over dollars to save cents!
Stop Thinking Like an Employee
Start Thinking Like a Business Owner!
The vacation rental business has become fiercely competitive these days. You are not alone with a vacation rental in your city or town and there are owners who will always try to wrest away your customers through competitive pricing. You must be careful in your pricing to attract many guests. These days, offering discounts during the offseason is a strategic part of pricing, as well as knowing when you can and should charge more for certain dates, like special local events and holidays. Using Dynamic Pricing during those times, and really all of the time, can bring in more money and keep your occupancy rates for your vacation rental high.
Setting prices very low is not a very good idea for your vacation rental. Never compete for last place. But how do you know where to set your prices? You can look online at other properties but you’re only seeing the units that haven’t been rented out yet. Plus, how do you...
Every "Business" is in business to make money. Non-Profits may give money away but they still want to raise money for their charity.
Insurance companies do a Cost Analysis based on a variety of factors but mostly LOCATION. They make sure that more money is coming in than going out. They invest the "extra" income further to make more money, The riskier the location, the greater the cost of insurance.
Can you get Hurricane Insurance when a hurricane is nearly at your doorstep? Not likely. And if you can, you are going to pay DEARLY for it. If the smoke from a brush fire is creeping up the mountain towards your house, the time to get the insurance coverage you need is already gone. The Door of opportunity has most likely closed.
A loss of income policy may not be cheap but it is nice to have, especially when the Governor declares a...
What you want to look for when acquiring properties for you STRs or your Portfolio:
Look for a Neighborhood that Looks & Feels Good.
Check it out at all times of the Day and Night.
#1 Thing - as always - Location, Location, Location!
How's the Parking? At night? I look for Designated Parking!
What to Avoid:
Noise! - Whether it's being backed-up to a busy street or barking dogs, noise is one of your worst enemies when it comes to renting out a property.
Bathrooms - Optimally, one bathroom for each bedroom. At the very least, no bathrooms that force you to walk through bedrooms. No good! Masters need their own bathrooms, always!
No converted rooms or quirky floorplans. A house has to have flow & it has to be re-sellable. You have to be able to sell fast and quirky floorplans and converted rooms JUST DON'T SELL WELL.
Stairs should be wide and clear, and everything should be standard. Steps' risers...
The comfort of your guests during their stay inside your vacation rental is paramount for the success of your business. Whether your property is in the US, the EU, or Canada, your AC or HVAC unit(s) needs to be working optimally to make it comfortable and convenient for your guests. This way you can not only keep guests happy but also keep a tab on your monthly energy bills.
Filters in air conditioners catch a lot of dust all the time form the environment. It is imperative to clean the filters of your air conditioners once a month to make sure that your air conditioning is working at an optimal level. Because you may or may not be in your unit all the time, you need to come up with a way to remind yourself and your maintenance staff to change these filters every single month like clockwork. If your STR is in your home, you can install thermostats with lights reminding you to change the filters. This is especially necessary...
First, knock on your neighbor's door and try to talk to them.
If they aren't home, leave a note. Give them time to fix it.
Check your HOA or city ordinances. Follow their guidelines, which usually asks you to contact the police or a local authority, make written notices, keep a (video) log, and follow up.
That airport didn't just go up overnight and that dog has most likely been there the entire time. Make certain you do your due diligence BEFORE you rent or buy a property. Know your neighbors. Knock on their door. Ask questions like, "is there anything you wish you were aware of before you bought your home? Is there anything you think I should know?
We split this episode into two parts because Michelle began going into the Types of Things She Avoids when Purchasing or Renting a...
Napoleon Hill coined the term Mastermind in his book, Think and Grow Rich.
He said a mastermind was “a friendly alliance with one or more persons who will encourage one to follow through with both plan and purpose.”
When two or more are gathered together like that, a THIRD intangible mind is present. God or Source, it is absolutely a higher being in which we tap into and that taps into the group. It is the MASTER mind.
Throughout time they have spoken of ideas, thought, creation, and inspiration coming from this source and not much has changed today.
The Greeks called the inspiration Muses. They believed there were nine muses who were the source of inspiration and creation for artists.
But not just art, much more. Everything really.
The Greek word “mosis” refers to desire/dreams/wishes. They believed that with the desire came the ability to achieve the desire. After all, a God that gave...
If you have small children in your family, you know how difficult it can be to plan and enjoy a vacation along with them. A vast majority of guests who use Short-Term or Vacation Rentals are families with kids. If you want to attract large numbers of guests to your property, like people with children, it is imperative that you make your properties family-friendly. Families look for a place where they can feel at home, enjoy, and relax during their stay but have the peace of knowing that their kids aren’t going to be stuck in a “touch-free” zone. You know, “Don’t touch that! Don’t touch that!” Yeah, a “touch-free” zone. Here are some useful tips to make your vacation rental Family Friendly.
Families with small kids are always worried about the safety and security of their children. If you want to attract families, it is important to make your...
I tend to think a little farther than the guy from the video because his brain DOES understand it. It just can't do it - yet. 8 months later, it clicks!
Just because you know something doesn't mean you understand it. Just because you understand it doesn't mean that you have the ability to make it work.
Although the KNEW that moving the handlebars left would turn the front wheel right, and vice versa, didn't mean they could do it. Plus, they understood the mechanics of it completely. However, it still took six long months to "retrain" their brain!
If you want to become a Business Owner or Investor, you have to start to think like a Business Owner or Investor. You must re-train your brain - rewire those old pathways and ACT like a Business Owner...
If a family likes your home and they enjoy their vacation destination, they can potentially come back year after year after year! Make certain you do all you can to make your place family-friendly so you can build that "fan base."
· High Chair
· Portable Crib
· Inexpensive Strollers
· Baby Bath
· Baby Monitors
· Sippy Cups
Get This Episode's Show Notes in a pdf form...
[00:01] Over the last two centuries, nearly 90...
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Not only does Michelle do weekly podcasts but she and her team write informative articles each month. You may know that Michelle does weekly Q&As and Accountability Calls with her members. But now, she's been allowing some of her trainings and check-in's to spill over into her Insiders.
Beginning in August, she's doing a Monthly "10 in 10 at 10" for her subscribers only. So, you'll be able to check in with Michelle and ask her questions or get some advice LIVE.
Plus, she's doing a Spotlight Member and Hotseats to help you grow your business learning from people just like you with families just like yours. Be around people who can assist you in building and growing what could potentially be the very business that carries you to financial freedom!
Become an Insider Now!