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.
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.
Remember, the government provides tax cuts and incentives as a...
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.
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
*Put out Yellow Signs (Bandit Signs)
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,...
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...
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!
WHAT BOOKS, PRODUCTS, SERVICES, OR LINKS WERE MENTIONED...
Here are just a few of Garrett Sutton's amazing books that Michelle referenced in today's podcast. Note, these are...
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).
[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...
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.
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...
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...
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.