Get Paid For Your Pad | Airbnb Hosting | Vacation Rentals | STR Revenue Management

Latest Episodes:

How to Acquire Land and Build Your Own Unique STR Structures Aug 02, 2021

Show notes

The future of travel is in unique experiences. And the more Instagrammable your short-term rental listing, the more likely you are to succeed in the long term.

So, what if you could design your space from the ground up, building your own A-frame, log cabin or tree house to rent out on Airbnb?

Alex Jarbo is an Airbnb Superhost out of Asheville, North Carolina, who builds his own unique vacation rental properties. He is also the host of Alex Builds, a YouTube channel dedicated to documenting his journey as a vacation rental developer and manager.

On this episode of Get Paid for Your Pad, Alex joins me to explain what inspired him to build his own vacation rentals, walking us through the process of buying land and sharing his checklist of things to consider before you build.

He offers advice on finding the right architect and contractor for your job and working with lenders to finance a STR build.

Listen in for insight on navigating county zoning laws to secure the proper permitting for your Airbnb and get his advice for hosts looking to build their own unique short-term rental properties!

Topics Covered

What inspired Alex to build his own STR properties

Got into bidding wars for homes on market
Realized could design to be vacation rental

The process of buying land to build STR properties

Find real estate agent specializing in land
Secure necessary permitting

Alex’s insight around county zoning laws

Make sure land zoned for vacation rentals
County website, talk to local authorities

Things to consider when you buy land for STRs

Access to state-maintained road
Access to electricity
Availability of satellite TV/internet
Ability to accept septic system
Depth of water well

Alex’s advice around finding an architect

Connect through Fiverr
Purchase pre-made plans

Alex’s tips for working with contractors

Be sure passionate about unique houses
Choose one who communicates well
Set up closing draw or line of credit

Working with lenders to finance an Airbnb build

Host Financial (uses AirDNA projections)
Use regular home loan, live there for 6 mos.

Alex’s advice for hosts looking to build STRs

Research to find perfect land
Uniqueness of property is key

Connect with Alex

Alex Builds on YouTube

Alex on Airbnb

Email alexbuildschannel@gmail.com

Resources

Fiverr

Alex’s Video on Finding an Architect for Airbnb Builds

Den Outdoors

Host Financial

AirDNA

Alex’s Video on Financing Your STR with a Regular Home Loan

Host Financial on Get Paid for Your Pad EP315

STR Legends

Get Paid for Your Pad on YouTube

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

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Roadmap to Go from Hectic Host to Legend Jul 30, 2021

Show notes

So, your Airbnb side hustle has turned into a full-time job.

You’d like to scale the operation and run a true hospitality company, but at the moment, you’re the only one who knows what to do. And you don’t feel comfortable outsourcing any of the work to someone else.

You’re the epitome of the hectic host, and you’re not sure how to get to the next level.

On this episode of Get Paid for Your Pad, Eric and I sit down to discuss the five stages of STR hosting, describing what it’s like to be a hectic host and why it’s so challenging to scale from that position.

We explain how to transition from hectic host to rising star, sharing the three things you need to build a true hospitality brand.

Listen in for insight on creating a vision for your vacation rental company and learn how our STR Business Assessment can help you leave your hectic hosting days behind and take the first steps to becoming a STR Legend!

Topics Covered

The 5 stages of short-term rental hosting

Traditional host
Side hustle host
Hectic host
Rising star
Legend

The characteristics of a hectic host

Starting to feel pressure of business
No documentation, can’t outsource
Want to grow but don’t know how
Lack of clarity re: vision for brand

How to shift from hectic host to rising star

Discipline to document processes
Team to move vision forward

The 3 things you need to build a STR brand

Systems
Technology
People

The 3 components of the Legends X framework

Vision
Operations
Scale

How to use our STR Business Assessment

Take 10-minute quiz to generate score
Get clarity around what to focus on
Free trainings tailored to your business

Resources

STR Business Assessment

STR Legends

Overnight Success

Sean McGregor on Get Paid for Your Pad EP390

The Founder

Better Talent

The DISC Assessment

Get Paid for Your Pad on YouTube

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

Hosted on Acast. See acast.com/privacy for more information.

Creative Financing Strategies to Acquire Airbnb Properties – with Isaac Moore & Andrew LeBaron Jul 26, 2021

Show notes

If you have dreams of buying properties to list on Airbnb but you don’t qualify for a traditional mortgage, all is not lost! You can still acquire real estate and build a portfolio of short-term rentals by way of creative financing.

Isaac Moore and Andrew LeBaron are the Cofounders of Buy More Time, a short-term rental property management company out of Arizona. Isaac and Andrew are also experienced real estate investors who specialize in using creative financing techniques to scale a STR portfolio and helping others do the same.

On this episode of Get Paid for Your Pad, Isaac and Andrew join me to share their top creative financing strategies for acquiring Airbnb properties. They explain how to leverage seller financing, hard money or personal lenders to build your short-term rental portfolio and offer advice on using non-qualified mortgage products to purchase properties. Listen in for Isaac and Andrew’s insight on selling a lender on your hosting track record and get their five-step plan for buying your first STR properties with creative financing.

Topics Covered

How Isaac & Andrew got into short-term rentals

Seller financing deal in Mesa, Arizona
List on Airbnb to earn 3x market rent

Isaac & Andrew’s journey to starting Buy More Time

Sold lease on first unit for $30K
Use profits to arbitrage additional listings
Start property management company

Isaac & Andrew’s first seller financing deal

Take over mortgage, no money down
Lease with option to purchase
Control property without ownership

Why a property owner would do seller financing

Lessee makes upgrades to property for STR
Lessee takes over mortgage payments

The note and deed of trust method of seller financing

Offer small non-refundable down payment
Pay 1% or 2% interest on balance of home
Pay mortgage (through 3rd-party company)

How Isaac & Andrew partner with a personal lender

Friend in network willing to loan $30K
6 arbitrage units up and running in 30 days
10% interest-only payments for 12 months

The benefit of non-qualified mortgage products

Prove rental income with Airbnb statement
Put toward purchase of another property

The difference between hard and soft money

Hard = at least 10% interest, short-term
Soft = 7% to 9% interest, long-term

What makes hard money a good tool for STR

Lenders willing to finance based on ARV
Refinance and use equity to buy more units
No pre-pay penalties

Isaac & Andrew’s 5-step plan for getting started

Find landlord willing to do lease option
Furnish, beautify and list on Airbnb
Document everything to show income
Ask landlord to deed/seller carry property
Refinance property with Isaac

Connect with Isaac & Andrew

Buy More Time

Email information@buymoretime.com

Resources

Live Let Thrive Podcast

Weststar Mortgage

Get Paid for Your Pad on YouTube

The Obstacle Is the Way: The Timeless Art of Turning Trials into Triumph by Ryan Holiday

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

Hosted on Acast. See acast.com/privacy for more information.

Airbnb Host Leverages Peloton Bike to Increase Revenue by 15% – with Aaron Hanauer Jul 19, 2021

Show notes

During the pandemic, smart Airbnb hosts focused on making it easy for guests to work from home. But Aaron Hanauer took it a step further and made it easy for his guests to work OUT from home as well!

Aaron is an Airbnb Superhost out of Minneapolis, Minnesota. He got into the STR space in 2017, renting one unit of his 1916 Tudor-style home on the platform and investing the profits to add a garden apartment to his STR portfolio soon thereafter. During COVID, Aaron and his wife Colleen focused on the health and wellness niche, adding Peloton bikes as an amenity in their Airbnb units.

On this episode of Get Paid for Your Pad, Aaron joins me to discuss the benefits of marketing to Peloton users, explaining what’s special about the Peloton experience and how the bikes have led to a 15% revenue increase. He shares the cost of adding a Peloton to your STR units and describes what he is doing to ensure guest safety in his listings. Listen in for Aaron’s insight on making your Airbnb a health and wellness destination and get his advice on adding smart home gym equipment to your STR strategy!

Topics Covered

How Aaron got into hosting on Airbnb

Rent one of three units in historic home
Invest profits in getting second STR

What Aaron did to navigate COVID

Improve work-from-home experience
Add Peloton bikes for guest use

Why guests book units with Pelotons

Don’t miss workouts while traveling
Do rides with friends and family

The benefits of marketing to Peloton users

Loyal following of 5.4M members
Free advertising on sites like Pelo Buddy

What’s special about the Peloton experience

Engaging instructors, library of classes
Workout at home at any time

How much it costs to add a Peloton to your STR

$1800 for bike, $39 monthly subscription
Less than $100/month with financing

Aaron’s stats from May through December 2020

85% occupancy, 16-day average stay
Able to raise prices by 15%

What Aaron is doing to ensure guest safety

Umbrella insurance policy
Must be 16 years old to use bike

How Aaron is creating a wellness destination

Add strength machine, yoga studio
Japanese soaking tub and sauna

Aaron’s tips for STR hosts adding a Peloton

Secure warranty ($200 for three years)
Provide water bottles, disinfectant

Connect with Aaron

Colleen & Aaron on Airbnb

Email aaronhanauer@gmail.com

get_surly on Peloton

Resources

Christian Gissing on GPFYP EP301

Wil Slickers on GPFYP EP382

Legends X

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

Hosted on Acast. See acast.com/privacy for more information.

How To Pivot From Masterleasing to Management Jul 13, 2021

Show notes

Airbnb was a crazy saturated space pre-COVID and once the whole world shut down, it caused everyone, including people in real estate to have to majorly pivot and pivot quickly. Now, as some city regulations are slowly being lifted, where do you even start with the market with the way it is right now? How do you manage to do Airbnb successfully when the guidelines have become so strict, let alone grow it into a reliable business during this time? How do you eventually get to a place of holding dozens of units at a time?

Michael Kiriazis and Peter Francis, are the founders of Goat Hote, known as the GOAT (“Greatest Of All Time”) of recommendations for food, fun, and experiences in the travel world. Michael and Peter started their management company only three years ago, now with over 60 units across the U.S. In the past 2 years during COVID, they were able to massively pivot from a master leasing model to predominantly a management model. The two have been active members of our Legends X community even before the existence of Goat Hote.

On this episode of Get Paid for Your Pad, Michael and Peter join me to explain how they have managed to become a well known Airbnb management company in only 3 years. They not only take me through the ups and downs of their journey, but they also share pieces of advice along the way on how to successfully do what they do. Listen in for Michael and Peter’s biggest pieces of advice on taking advantage of one of the most exciting times in the Airbnb world.

Topics Covered

How Michael and Peter get started and come up with the brand name of Goat Hote

Started with flipping homes and wanting to make money on them
Airbnb was very crowded place at the time, so they wanted to stand out and be the GOAT

Where all of the properties are located across the U.S

Started in Chicago
Now in over 10 different markets

How Michael and Peter manage the 60+ units

Find the best of the best management/cleaning teams
Found that couples and family owned companies do the best work with the units

How Michael and Peter find their management/cleaning teams

Reach out mainly through Yelp, Facebook, and turnoverbnb.com
Usually give each company around 8 units and shoot to have at least this many units per city

Michael and Peter’s experience losing a bunch of money with their master leases, once COVID hit

Had just signed 2, 4 unit apartment buildings in San Diego in February right before COVID (near 10k a month for each lease and 20k in furniture)
Lost 90k in about a 24 hour period

What Michael and Peter’s goals are for the company

To own enough real estate assets to eventually use to retire and have the lifestyle they want
To grow as much as possible and keep growing to different cities, having the chance to sell in the next 5 years

Michael and Peter’s advice for those who want to grow but are struggling to find new clients

Talk to everyone and clients will come
Start with distressed properties

What has been most beneficial for Michael and Peter in the Legends X program so far

Organization and extensible steps
Allowed a place for all the systems in place, helping their VA’s and team as a whole

Connect with

Goathote.com

Goat Stays on Instagram

Email at goathote@gmail.com

Resources

The 4-Hour Workweek: Escape 9-5, Live Anywhere and Join the New Rich by Timothy Ferriss

‘Alive Time or Dead Time. What Will It Be?’ in the Daily Stoic

Thumbtack

Matterport Virtual 3D Real Estate Tours

Starlink

Julie George on Clubhouse

Legends X

Get Paid for Your Pad on YouTube

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

Hosted on Acast. See acast.com/privacy for more information.

Scaling a Remote Co-Hosting Business While Maintaining a 5-Star Guest Experience – with Sean McGregor Jul 05, 2021

Show notes

The best business strategy is a satisfied customer. And if you host one or two short-term rental properties, it’s fairly easy to earn five-star reviews on Airbnb. But how do you maintain a high-quality guest experience at scale? How do you rack up 2,000-plus reviews and keep a 4.99 rating?

Sean McGregor is the Founder and CEO of Stay Work and Play Co-Hosting, otherwise known as SWAP Lofts. Sean and his wife Lindsey have been hosting on Airbnb since 2012, garnering 2,212 reviews and a 4.99 rating overall. Sean pivoted to the cohosting model during the pandemic, and so far, he has built a portfolio of 15 listings in five states. He is also an active member of our Legends X community.

On this episode of Get Paid for Your Pad, Sean joins me to explain how he pivoted his STR business during COVID, sharing what he did to connect with property owners and build his management portfolio. He discusses using Thumbtack to find good team members in a new location and walks us through his plans to scale SWAP. Listen in for Sean’s top four strategies for maintaining a five-star guest experience—even as you grow your STR business!

Topics Covered

How Sean got his start with short-term rentals

Helped then-girlfriend Lindsey host on Airbnb
Managed remotely during family trip to Europe

How Sean pivoted to cohosting during COVID

Draw on experience managing family property
Find property owners in Facebook groups

How Sean uses Thumbtack to find team members

Hire photographer, cleaners, handyman, etc.
Narrow down by reviews, they bid on job

Why Sean pays for a photographer to do a 3D tour

Makes it easier for cleaners to bid on job
Help guests and team members find things

How Sean maintains a high guest satisfaction score

Make it as easy as possible to check in
Personal connection via text throughout stay
Make it right when things go wrong

Sean’s top strategy for getting a 5-star review

Write detailed, friendly review for guest
Text screenshot and they reciprocate

Sean’s plans to scale SWAP Co-Hosting

Document processes through Legends X
Build team so business can run without him

What Sean did before he got into short-term rentals

College VIP discount cards for students
Golf VIP (access to/discounts on courses)

Why Sean recommends the Legends X program

Accountability pods to stay engaged
Community going through similar things

Connect with Sean

Stay Work and Play Co-Hosting

Resources

The 4-Hour Workweek: Escape 9-5, Live Anywhere and Join the New Rich by Timothy Ferriss

‘Alive Time or Dead Time. What Will It Be?’ in the Daily Stoic

Thumbtack

Matterport Virtual 3D Real Estate Tours

Starlink

Julie George on Clubhouse

Legends X

Get Paid for Your Pad on YouTube

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

Hosted on Acast. See acast.com/privacy for more information.

How Sergio Quit His Job to Go All-In on Airbnb – with Sergio Castaneda Jun 28, 2021

Show notes

So, you don’t quite make enough money to support yourself as a short-term rental host. But you know you need to spend more time on the business if you want to grow. Do you wait and try to save more money? Or do you take a leap of faith, quit your job and go all-in on Airbnb?

Sergio Castaneda is a part of our Legends X community and the founder of Jungle House, a short-term rental company out of Columbus, Ohio. Sergio was running two successful Airbnb units on the side while he worked full-time. But after a particularly stressful week on the job, Sergio quit to run his STR business full time. Today, he supports himself fully with the revenue from four listings and Jungle House was recently named one of the top 18 vacation rentals in Columbus.

On this episode of Get Paid for Your Pad, Sergio joins me to explain why he quit his job to go all-in on Airbnb, describing how it felt to walk away from his 9-to-5 and what the transition to full-time host looks like. He offers advice on how to attract bookings, challenging us to tell a story through photos and build trust with prospective guests in our listing. Listen in for Sergio’s insight on increasing your STR revenue and find out what he has planned for the future of Jungle House!

Topics Covered

What inspired Sergio’s interest in Airbnb

Passion for real estate and hospitality
Way to give back to travel industry

How Sergio got his start in short-term rentals

Lease small studio for test run
Use money to buy first home
Rent spare bedroom to cover mortgage

How Sergio felt about quitting his job

Confident (other STR units doing well)
Didn’t want to look back with regret

Sergio’s advice on how to attract bookings

Invest in professional photos
Tell story with pictures
Brag about listing in description
Build trust with About Me

What Sergio does to increase his revenue

Use dynamic pricing tools
Offer late checkout, early check-in

Sergio’s plans for the future of Jungle House

Create systems that don’t need me
Focus on brand and growing company
Partner with likeminded investors
Add units (some in other locations)

Connect with Sergio

Jungle House

Email hello@junglehouse.org

Resources

Arthur Colker on GPFYP EP386

MailChimp

Legends X

Get Paid for Your Pad on YouTube

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

Hosted on Acast. See acast.com/privacy for more information.

Scale Your Airbnb Business by Building Relationships – with Liam Carolan Jun 21, 2021

Show notes

To scale a short-term rental business, you need more properties. And the best way to expand your portfolio is to build relationships with the right people. People who can help you find new units to manage. So, who should STR operators be connecting with? And how do we go about building those relationships?

Liam Carolan is the short-term rental expert behind Ginger & Gold, a property management company out of Norwich in England’s Norfolk County. Liam started hosting on Airbnb in January of 2019, and today, he and his partner have a 10-unit portfolio of master lease and management properties. Liam is also a member of our Legends X community.

On this episode of Get Paid for Your Pad, Liam joins me to explain how he builds rapport with letting agents, challenging STR operators to get out of our comfort zone and provide value before we go for the ask. He explores who to build relationships with as you scale and how to build trust by considering what’s important to the other person and following up on what you say you’re going to do. Listen in for Liam’s insight on being clear about what you want and learn how to leverage relationships to find new properties and scale your STR business!

Topics Covered

How Liam got into short-term rentals

Wanted to spend more time with son
Found mentor doing master leasing

How Liam builds rapport with letting agents

Drop into office multiple times
Explain how you can help them

Who to build relationships with as you scale

Letting agents
Local property networking groups
Other local STR operators

How to build trust in a business relationship

Follow up on what you say you’ll do
Demonstrate competence
Put yourself in their mindset
Lean on transferable skills
Tell stories, real world examples

The value in being clear about what you want

Easier for letting agent to help you
Create preferred investment area map

Why Liam joined the Legends X program

Help with focus
Strategies to scale up business

What Liam has learned in Legends X

Leverage values to make decisions
Build detailed playbook of processes
Power of bold brand promise

Connect with Liam

Ginger & Gold

Liam on LinkedIn

Resources

Get Paid for Your Pad on YouTube

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

Hosted on Acast. See acast.com/privacy for more information.

Streamline Your Cleaning and Maintenance with Breezeway – with Jeremy Gall Jun 14, 2021

Show notes

If you manage one or two properties on Airbnb, it’s fairly easy to keep track of your communications with cleaners and maintenance personnel. But as you grow a STR business, it gets more and more challenging to oversee quality control and keep up with routine maintenance on multiple listings. So, what can you do to streamline your cleaning and maintenance processes and maintain a high-quality guest experience—no matter how many properties you manage?

Jeremy Gall serves as CEO of Breezeway, the leading property care and operations platform for short-term rentals. The Breezeway software helps coordinate, communicate and verify detailed work, supporting STR hosts in delivering the best possible guest experience across a portfolio of properties. Jeremy got his start in the STR space in 2006 as the cofounder of vacation rental marketplace FlipKey before shifting his focus to management and founding Breezeway in 2016.

On this episode of Get Paid for Your Pad, Jeremy joins me to explain how Breezeway helps hosts scale a STR business, facilitating communication with cleaners and other service personnel and automating as much of the turnover process as possible. We explore the role cleaning and maintenance staff play in helping us build a brand and tailor the guest experience as we grow. Listen in to understand how the Breezeway guest messaging product works and learn how Jeremy’s software is tailored specifically to YOUR vacation rental business.

Topics Covered

What inspired Jeremy to build Breezeway

Host needs around property maintenance
Higher guest expectations for experience

How a STR cleaner’s job goes beyond cleaning

Support host in delivering guest experience
Manage inventory, identify maintenance issues

How Breezeway helps hosts scale a STR business

Smart technology to manage cleaning schedule
Plan recurring maintenance, quality control
Automate as much of turnover as possible
Coordinate with all external service providers

Jeremy’s insight on how the Breezeway system works

Connect with main marketing channel or PMS
Set up workflows (tailored to your business)
Deploy with existing service providers

How the Breezeway messaging product functions

Text guests shortly after arrival
Offer guests concierge service

Communicating with service personnel on Breezeway

Create task in system, sends auto alert
Service personnel provides feedback

Connect with Jeremy

Breezeway

Email vip@breezeway.io

Resources

STR Profit Academy

Legends X

Get Paid for Your Pad on YouTube

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully [Discount Code PAD]

Hosted on Acast. See acast.com/privacy for more information.

Automatically Collect Guest Emails with StayFi – with Arthur Colker Jun 08, 2021

Show notes

There are two ways to get more direct bookings: You can either find new customers or get current customers to return. And when you try to recruit brand new guests, you’re competing with the marketing budgets of well-known OTAs like Airbnb. But past guests are much easier to market to and sending an email is free. The question is, what’s the best way to collect our guests’ email addresses?

Arthur Colker is the Founder and CEO at StayFi, the premiere provider of Wi-Fi marketing services for vacation rentals. Founded in 2018, StayFi is on a mission to help short-term rental managers seamlessly collect guest information, build brand awareness and drive more direct bookings. Arthur also serves as the editor-in-chief of VRM Insider, a content platform for the vacation rental business.

On this episode of Get Paid for Your Pad, Arthur joins me to explain why it’s important to collect guest emails and describes how StayFi can help us build a stable of return customers. He offers suggestions for content to send during and after a guest’s stay, challenging us to provide value and keep customers engaged with our brand. Listen in for insight on how StayFi impacts the guest experience and learn how YOU can benefit from using Arthur’s Wi-Fi marketing tool.