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Episode 028 - How Legal Is My Short Term Rental?

 

 

SHOW NOTES & LESSONS

You want to diversify and invest in many things, like stocks & bonds, gold & silver, and real estate.  However, Specialize in one area of Real Estate Investing - like Short Term Rentals, for instance!

Attorneys specialize. Doctors specialize.  You should, too.

Each state has a variety of rules and regulations when it comes to Short Term Rentals. 

You can go to Airbnb's Page about Legal & Regulatory Issues. Read what they have to say, then google your city and state with search phrases like, "do I need a permit or license for my short term rental in Tucson, Arizona?"  Then just start reading.

 

  • Find out all you need to know for your state government's page and from your city's official government website.

 

  • Ask your Real Estate Agent if the property is Short Term Rental friendly but still, ask for a copy of the HOA's CC&Rs.

 

Remember, the government provides tax cuts and incentives as a...

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What Types of Insurance Do I Need for My Short-Term Rental?

insurance Feb 01, 2019

Well, here is it.  The truth about insurance that no one is telling you.

 

If you have a home that you are doing short-term rentals out of and you only have a regular Home Owner’s Policy, you probably are wasting your money because you are NOT covered.

 

If you have a Landlord’s Policy, you have the same problem.  You are probably not covered.

 

If you are depending on Airbnb’s $1,000,000 policy, you are leaving huge gaps in your insurance needs.

 

So, now that I’ve scared the bejesus out of you and have your attention, let me just add that’s it’s an easy fix.

 

First, you want to ask your agents some questions and you want to SEE, with your own eyes, meaning have your agent point out to you, specifically where in your policy that these things would be covered by a short-term renter. 

 

Questions like:

  • What if a guest starts a fire in my kitchen?
  • What if a guest’s child drowns in my pool? In our...
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Episode 027 - No Cash? No Problem! How to Get Started on a Dime

 

SHOW NOTES & LESSONS

LIES WE ARE TOLD & HOLD AS LIMITING BELIEFS... It takes money to make money. NOT TRUE! You just have to work harder.

Co-hosting is to Short Term Rentals what Wholesaling is to Real Estate Investing.

The Key to Any Type of RE Investing is Marketing! Consistent Marketing is best but you have to FIND the properties. Actively go looking for the type of homes you need.

What type of property do I look for? You are looking for a home that no one lives in but is furnished. It could even be a staged house for sale. Just non-owner occupied, no one living there, but furnished.

Where and how do I find these properties?

*Buy a list on Listability.com

*Craigslist

*Zillow

*Put out Yellow Signs (Bandit Signs)

*Realtors

*Attorneys

You are looking for homeowners who are open to allowing you to host guests in their already furnished home.

What is my job as Co-host? You will run the STR business. You will get the property BNB ready. Clean & Stage,...

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Episode 026 - Real Life Horror Stories and How to Avoid Them

 

 

WHAT WERE THE LESSONS?

Here are the stories and the takeaways...

Story One: Having your STR guests steal your furniture and electronics from you. Yikes! Imagine walking in and finding your place empty. How long before your unit is up and running again?

Takeaway: Only accept Guests with Government IDs and Good Reviews. Even then, there's always a chance this can happen, so make sure you have umbrella coverage to fill the gaps from Airbnb and Business Income Insurance to cover your lost revenue.

Story Two: You move into a place with really scary neighbors.

Takeaway: Real Estate Investors often talk to the neighbors before buying a property - at least two. You want to know what they know about the property AND the neighborhood. They'll tell you things that the Seller and the Agent won't.

Story Three: Troubled Young Man gets stoned and poops on your bed... gross!

Takeaway: Run a background check and take extra security measures for anyone staying in your home. It's not...

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Episode 025 - Real Estate Investing: It All Depends

 

 

SHOW NOTES (and downloadable PDF)

LINKS to SITES

You're getting a free audiobook!  Click to try Audible Free for 30 Days and discover the power behind reading a book a month (or more!).  With audible, it's easy!  Try Audible now, using our affiliate link, and you will get your first book right now for free!  After that, you can pay by credit or purchase a membership.  With a membership, you get 1 audiobook and 2 Audible Originals each month for only $14.95 per month.  Michelle has been a member of Audible since 2006 and says it's her secret for reading so many books.

Village Impact, formally known as World Teacher Aid, is a Canadian charity dedicated to bringing education to students in rural areas of Kenya.  The American chapter works through the publishing company, Hay House.  Yes, THE Hay House!  Marianne Williamson, Wayne Dyer, Mike Dooley, and Louise Hay - that Hay House!

AFFILIATE LINKS

DOWNLOADS 

...

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Episode 024 - LLCs: How to Form Them, Use Them, Pick Your Taxation and Why

llcs protection Jan 11, 2019
 

SHOW NOTES & LESSONS

Find out more about Garrett Sutton at his website, CorporateDirect.com.  You can pick up his free guide, The High Cost of Cheap Corporations, there.  Also, you can apply for a free 15-minute consultation. 

Garrett is also the author of several MUST-HAVE books for your library.  My favorite is Loopholes of Real Estate but I don't think I would be anywhere without Own Your Own CorporationBuying and Selling a Business, and Writing Winning Business Plans

WHAT BOOKS, PRODUCTS, SERVICES, OR LINKS WERE MENTIONED...

Also, if you would like to try  WAVE Financial, you can go to their website, WaveApps.com, and check them out.  

Please use our Affiliate Links whenever possible and help support the show.  Thank you!

Here are just a few of Garrett Sutton's amazing books that Michelle referenced in today's podcast. Note, these are...

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Episode 023 - What Types of Insurance Do I Need for My STR?

insurance Jan 04, 2019
 

Find out more about

 

Here are the books that Michelle referenced in today's podcast. Note, these are Affiliate Links.  Plus, you can try Audible for 30-Days Free and get your first audiobook free.  After that, you can pay by credit or purchase a membership.  With a membership, you get 1 audiobook and 2 Audible Originals each month for only $14.95 per month.  Prime members get 2 FREE Kindle books this month (January 2019). 

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[00:00] 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 podcast we're going to be talking about insurance and this...

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Want Fewer Requests for Refunds Due to Cancellations? Try This Trick!

for your guests insurance Jan 01, 2019

 

 

You may have a Strict Cancellation Policy on your Airbnb listing but that’s not going to stop people from canceling and requesting a full refund.  Nor is it going to stop some less-than-scrupulous characters from holding a negative review over your head in order to get their money back.

 

Unfortunately, this is becoming a thing.  More and more, I find that I come across a feed in one of the Airbnb Hosts’ Groups that talk about these types of guest using extortion tactics (yes, it’s a real crime) to get money back although the guest read the policy and agreed to the terms that were stated clearly.

 

What can you do?

 

Well, aside from ignoring them, risk getting a bad review, and crossing your fingers during a long and drawn out back-and-forth with Airbnb to get the review removed – I find that you can avoid the entire situation altogether.

 

I bet you’re wondering how?  Well, you are going to love me so...

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Episode 022 - Real Estate Talk with Expert Maria Giordano

re investing Dec 28, 2018
 

Find out more about Maria and her training at Real Estate Profit System.  You can pick up her free guide, The 7 Powerful Steps to Finding Motivated Sellers, there.  Also, remember to send Maria an email and ask her to register you in her free Webinar series coming up in January.

Find out more and register for our "Plan Your Portfolio Webinar," January 10, 2019, at 7 pm Arizona Time here.  

 

 Here is the book and audio book, as well as the Cashflow Game, that Michelle referenced in today's podcast. Note, these are Affiliate Links.  Plus, you can try Audible for 30-Days Free and get your first audiobook free.  After that, you can pay by credit or purchase a membership.  With a membership, you get 1 audiobook and 2 Audible Originals each month for only $14.95 per month.

 [00:00] 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...

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Episode 021 - Why is Pricing so Dang Hard?

pricing Dec 21, 2018
 

Find out more and register for the "Plan Your Portfolio Webinar," January 10, 2019, at 7 pm Arizona Time here.  Find out more about Airbnb's Smart Pricing and Dynamic Pricing sites, UseWheelhouse.com and BeyondPricing.com .  Also, editing the episode we left out the fact that Dynamic Pricing on other sites is not always offered in all areas, so check to make sure they serve your location first.  

 

Here are the books Michelle referenced in today's podcast. Note, these are Affiliate Links.  Plus, you can try Audible for 30-Days Free and get your first audiobook free.  After that, you can pay by credit or purchase a membership.  With a membership, you get 1 audiobook and 2 Audible Originals each month for only $14.95 per month.

 

[00:00] 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, is...

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