SHOW NOTES & LESSONS

Here are Seven Things you can do to prevent parties in your Short Term Rental:

• In your listing and in your House Rules, make it very clear that NO PARTIES ARE ALLOWED EVER. Be so clear as to add that those who break the rules will be responsible for any damages, all repairs, all fines, and fees, including but not limited to all legal fees by you and the owner to recover costs, lawsuits, fines, and fees you incurred.

• Use tools like Noise Aware: a noise detector that measures the sound in decibels without infringing on a guests’ privacy. When the level rises above your set amount, you will be notified by text and email.  You should then notify guests by message THROUGH PLATFORM and by a quick phone call right away.  Document everything.

• Party Squasher (please use our affiliate link below) can be purchased on Amazon for the same price as on their website. This device allows you to monitor the number of devices...

Have you heard a lot about people making lots of money through short term rentals on Airbnb?

Do you have a property that you would love to list on a platform like Airbnb but resisting the temptation because you do not have the time to devote to hosting?

Do you think you need to learn more before you begin hosting a property on Airbnb?

Are you unable to devote the necessary time because of health or circumstances?

Are you just not sure if you can handle the challenges of managing your listing on Airbnb?

There is no doubt people are making a great living off of platforms like Airbnb.  Some began supplementing their income by just renting out a room in their home but soon learned that there was a much larger opportunity out there than they had even imagined.

However, earning a good income from your listing on Airbnb has not remained easy.  There is more competition than ever and hosts are using so many creative and innovative...

SHOW NOTES & LESSONS

What is a virtual assistant?  What do they do?  Where can I find them?

Michelle has made it super easy to answer these questions and get you started on your journey to freeing up your time.

She's given you a Mini-Course (a Quick Start) on Virtual Assistants.  Use the link below to go directly there and claim your seat for Free!

Take me to the course!

WHAT BOOKS WERE MENTIONED...

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WHAT LINKS WERE MENTIONED...

Recommended Podcast Episode that is paired with this one like a Fine Wine:

Episode 034 - Creating Your SOP: How to Put Your Business on Autopilot

Get This Episode's Show Notes in a pdf form...

Go To Our Download Page 

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...

SHOW NOTES & LESSONS

What Type of Things Go into an Addendum?

Title the Addendum to Link it to the Original Contract, Date, and attach to the original.  State effective dates and any additional payments (or state the fact that there are none).

Define everyone involved and what roles they play. Make it crystal clear who you are, what you do, and who your guests are and what part they play in your business.  Be clear in and make it understandable to those not in our business.

State clearly, in easy to understand language and using examples if possible, what each term is meant to do.  You may wish to restate things in your lease that are remaining the same and things you are adding to or taking away from that changes the original terms of the lease.  Terms usually add to your lease, like the fact that you won't be the main resident, but plan on using it to clarify what each party is responsible for and exactly what they have...

SHOW NOTES & LESSONS

COMPARE INCOMES FROM A SHORT TERM RENTAL TO A LONG TERM RENTAL

2 Bed/1 Bath

Long Term Rental

1 Year Lease

$1200 month

2 Bed/1 Bath

Short Term Rental

Daily Rate

$87 per night

82% occupancy

$2140.20 month

2 Bed/1 Bath

Short Term Rental

Airbnb's Weekly

10% Discount

$609 for 7 days

-$60.90 discount

$548.10 per week

rent out 3 times

$1644.30 per month

A Loss of $495.90 mo

or $5950.80 per year

2 Bed/1 Bath

Short Term Rental

Airbnb's Monthly 

28% Discount

$2610 for 30 days

-$730.80 discount

$1879.20 per mo

 100% occupancy for

$1879.20 per month

A Loss of $261.00 mo

or $3132 per year

Use Vacancy Instead

Short Term Rental

Our Monthly 

18% Discount

$2610 for 30 days

-$469.80 discount

$2140.20 per mo

Same as your original Single Day!

WHERE DO I FIND MY PER DAY RATE AND OCCUPANCY RATE?

If you've been a host more than a year, use last year's numbers.

If you haven't been a host for a year yet, then use...

Investing in Out-of-State Real Estate

Buying real estate rarely goes smoothly, and buying property out-of-state has even more potential challenges. If you are planning on renting property out-of-state, there are similar challenges involved.  However, either are entirely manageable if the potential trouble areas are planned for and addressed.  Many people rent and own property out-of-state, and you can too. 

Also, whether you decide to buy a property or rent it, let’s just call it what it is: Controlling the Property.  Whether you rent or own, you are “controlling” the property in order to run a Short-Term Rental Business out of it and you must be able to “control” the use of that property within the eyes of the law.

Reasons for Buying Out-of-State Real Estate

There are several reasons why you might consider owning or renting a property in another state. Maybe local real estate prices are simply too high...

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,...