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

Latest Episodes:

Finance Your STR Investment with Host Financial Feb 21, 2020

Show notes

Do you have dreams of investing in a short-term rental (STR) property but don’t know your financing options? Opportunities beyond the traditional bank loan DO exist to help investors like you start building or expand your portfolio of vacation rentals.

Adam Windham is the Cofounder and COO of Host Financial, a firm that provides alternative financing and creative capital solutions for STR investors. Today, Adam joins me to discuss the pros and cons of using a conventional mortgage or hard money loan to finance a STR investment and explain what differentiates Host Financial from your other financing options.

Adam shares the three factors that determine the interest rate on a Host Financial loan and walks us through the process of securing a loan with his team. Listen in for insight on how Host Financial hedges against potential regulations and learn how to determine the best market for your next STR investment!

Topics Covered

The pros and cons of using a conventional bank loan

Loan size based on borrower’s income
Borrowing power eventually tapped out
Challenge for self-employed investors

The pros and cons of using a hard money loan

Short-term (one to three years)
Interest rates vary wildly from 7%-12%

What differentiates Host Financial from the other options

Qualify deals based on property’s income potential
All loans fully amortizing over 30 years

Where investors can buy property through Host Financial

Properties must be in US at present (plans to expand)
Borrower does not have to be US citizen

The three factors that determine interest rate

Borrower FICO or credit score
Level of income property likely to generate
Loan size (maximum approx. $2.5M)

Host Financial’s ability to make loans to entities

Keeps personal borrowing power separate
Owner of LLC remains personal guarantor

How to provide income projections for a property

Experience as operator in given market
AirDNA report

The process of securing a loan from Host Financial

Enter specs of deal on Host Financial website
Receive term sheet of options within 48 hours
Complete commercial loan application
Submit underwriting documents
Appraisal and close (within 30 days)

How Host Financial thinks hedges against regulations

Consider market-rate value for long term rental
LTVs increases if cashflow positive both ways

The trends Adam is seeing based on loan requests

Seasoned investors looking for multifamily financing
Growth in invisible service boutique hotel model
BRR method and master lease with option to buy

How to determine the best markets for STR investments

High gross income relative to low asset price
Pigeon Forge/Gatlinburg, TN + Poconos in PA

Adam’s advice for aspiring STR property investors

Create folder in shared drive for underwriting docs
Do due diligence (demand, regulatory risk, etc.)

Connect with Adam

Host Financial

Email adam@hostfinancial.com

Resources

AirDNA

AirDNA Blog on Best Cities for STR

Email jasper@getpaidforyourpad.com

To subscribe to the podcast, please use the links below

Click Here to Subscribe via iTunes

Click here to Subscribe via Stitcher (Android users)

If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks!

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

How to Choose the Right Account Setup for STR Operators Feb 06, 2020

Show notes

“2020 is going to be the year of the professional host, regardless if you’re running one unit or if you’re somebody that’s trying to hit a hundred or a thousand units. All of it, the standards need to be world-class at this point. We have to truly treat even one unit as a real business.”

Eric Moeller is the creator of Cohost Mastery and the cofounder STR Legends Live. Today, Eric and I sit down to discuss our top takeaways from STR Legends Cartagena, describing the trend toward professionalism in the industry and the challenges around operations that all hosts share regardless of size.

Eric and I weigh in on how to approach your STR as a business, sharing Simon Lehmann’s challenge to define your values and align your messaging accordingly. Listen in for insight on how big brands are likely to impact the future of the STR industry and learn how YOU can benefit from the culture of sharing among the STR Legends community!

Topics Covered

The Hosting at Scale Video Series

Four episodes, each feature one operator
Explore what makes them legend in space

Eric’s top takeaways from STR Legends Cartagena

Shift to professionalism
Operations + people = greatest challenge

The evolution of operating in the STR space

‘List it and forget it’
Listing optimization
Approach from business perspective

How to stand out as a host as competition grows

Determine USP (i.e.: standards, theme, etc.)
Design messaging to attract ideal client

Simon Lehmann’s STR Legends Cartagena challenge

Describe your business in one sentence
Who are you and what are your values?

The culture of sharing at STR Legends Cartagena

Authentic connection among community
Value openness, integrity and support

What we learned about the future of the STR space

Larger companies buy out midsize operators
Must understand profitability to thrive
Efficiencies of scale offer competitive advantage

Why vacation rental hosting is a hyperlocal business

Knowledge of area important in hospitality
Opportunity for small hosts (personal connection)

Connect with Eric

Cohost Mastery

Airbnb Mastery Summit

Eric on LinkedIn

Resources

STR Legends

GPFYP on YouTube

STR Legends on Instagram

Y Combinator

Simon Lehmann on GPFYP EP308

Carmen Cartagena

Traction: Get a Grip on Your Business by Gino Wickman

Who by Geoff Smart and Randy Street

Sonder

Lyric

Vacasa

Email jasper@getpaidforyourpad.com

To subscribe to the podcast, please use the links below

Click Here to Subscribe via iTunes

Click here to Subscribe via Stitcher (Android users)

If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks!

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

Takeaways from STR Legends Cartagena Jan 31, 2020

Show notes

Topics Covered

The Hosting at Scale Video Series

Four episodes, each feature one operator
Explore what makes them legend in space

Eric’s top takeaways from STR Legends Cartagena

Shift to professionalism
Operations + people = greatest challenge

The evolution of operating in the STR space

‘List it and forget it’
Listing optimization
Approach from business perspective

How to stand out as a host as competition grows

Determine USP (i.e.: standards, theme, etc.)
Design messaging to attract ideal client

Simon Lehmann’s STR Legends Cartagena challenge

Describe your business in one sentence
Who are you and what are your values?

The culture of sharing at STR Legends Cartagena

Authentic connection among community
Value openness, integrity and support

What we learned about the future of the STR space

Larger companies buy out midsize operators
Must understand profitability to thrive
Efficiencies of scale offer competitive advantage

Why vacation rental hosting is a hyperlocal business

Knowledge of area important in hospitality
Opportunity for small hosts (personal connection)

Connect with Eric

Cohost Mastery

Airbnb Mastery Summit

Eric on LinkedIn

Resources

STR Legends

GPFYP on YouTube

STR Legends on Instagram

Y Combinator

Simon Lehmann on GPFYP EP308

Carmen Cartagena

Traction: Get a Grip on Your Business by Gino Wickman

Who by Geoff Smart and Randy Street

Sonder

Lyric

Vacasa

Email jasper@getpaidforyourpad.com

To subscribe to the podcast, please use the links below

Click Here to Subscribe via iTunes

Click here to Subscribe via Stitcher (Android users)

If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks!

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

Branding for Short Term Rental Hosts Jan 23, 2020

Show notes

Standing out in crowded STR markets can be difficult. With new rental properties cropping up in desirable locations every day, developing a brand for your STR business is key to long-term success in a short-term market. Branding is one of the best ways to beat out competition.

Airbnb Superhost, model, and musician Sharon Middendorf founded GO-Cottage, an STR business in Lake Placid, New York. Long before Airbnb existed, Sharon bought, renovated, and restored two 1920s bungalows on the same piece of property. Over the course of 17 years she’s successfully marketed her short-term rentals as modern-style, California-esque lodging for adventure seekers. Sharon’s property has been featured in Country Living, Domino, and on HGTV’s Small Space, Big Living.

On this episode of Get Paid for Your Pad, Sharon describes the importance of branding and how it can give rental owners the control they crave in a market dominated by listing platforms. Sharon explains how diversifying her rentals and capitalizing on their uniqueness helped her stand out amongst more than 700 STR listings in a small village. Listen in for Sharon’s insight on how Airbnb Plus has affected her listing and whether she would recommend the program to other property owners.

Topics Covered

Sharon’s STR story

Loved vacationing in Lake Placid
Took 4-5 years to find the right property to purchase
Renovated two bungalows on property
Started booking short-term renters in 2003

Why Sharon focuses on branding

Differentiates her rental from all the rest
Branding lasts longer than an STR platform like Airbnb

How Sharon developed a brand

Built website and began tracking it using Google Analytics
Started creating on-brand content for social media like Facebook and Instagram

How Sharon marketed her listing before Airbnb

Used local listing sites and craigslist
Relied on word-of-mouth

Why Sharon releases a quarterly newsletter

Helps her stay in touch with former guests
Releasing a newsletter quarterly avoids overwhelming subscribers

What Sharon includes in her newsletter

Local upcoming events
Information on availability and cost

How Sharon got national exposure for her property

Networking and reaching out to media organizations
Knowing someone at Country Living helped her listing get featured

Sharon’s insight on creating a brand

Name the property to give it an identity
Hire outside help if needed

Sharon’s take on Airbnb Plus

Good experience working with professional photographer
Meeting Airbnb Plus requirements can take time and effort
Airbnb Plus doesn’t necessarily enable you to raise rates
Less control over Airbnb Plus listing

Connect with Sharon

GO-Cottage

Email: info@go-cottage.com

Resources

STR Legends Mastermind

Get Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa Kapadia

STR Legends Mastermind

Email jasper@getpaidforyourpad.com

To subscribe to the podcast, please use the links below

Click Here to Subscribe via iTunes

Click here to Subscribe via Stitcher (Android users)

If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks!

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

What to Do When a Natural Disaster Hits Your STR Rental Business Jan 17, 2020

Show notes

It’s never fun to think about worst case scenarios. But for Airbnb hosts, it’s important to have an idea of what you might do should the worst happen. And there are few things worse that having a natural disaster hit your STR.

Peter Counsell is the Superhost behind Clyde River Cottage, a STR in Nelligen, New South Wales, with its own private jetty on the river. Peter also coaches new hosts on getting started in the STR business and optimizing their listings, and he builds personal websites for hosts looking to expand their reach beyond the Airbnb platform.

On this episode of Get Paid for Your Pad, Peter joins me to share his difficult experience during the devastating bushfires in Southeast Australia. He explains how the fires are affecting his business, what Airbnb is doing to help hosts in his position, and how the disaster is likely to impact tourism in the area. Listen in for Peter’s insight on how he might use his STR property during the recovery process and learn what to do should a natural disaster hit your STR business.

Topics Covered

The devastating bushfires in Southeast Australia

1M acres in six weeks (two full states)
Caused by extreme drought + lightning strike

Peter’s harrowing experience with the fires

Evacuated three times before leaving area entirely
Highway closed, followed fire engine to Ulladulla

How the fires are affecting Peter’s STR business

Cancellations as fires got worse, no new bookings
Smoke and highway closings make travel difficult

Airbnb’s process for helping hosts in the fires

Team in place to contact guests for Aussie hosts
No cancellation penalty for guests or host

Peter’s advice for hosts in natural disasters

Waive fee for cancellation (return 100% of deposit)
Request that Airbnb waive fees for guests

How the fires will impact tourism in the area

Known for beaches, nature and wildlife
1B animals killed + bushwalks burned

Peter’s insight on the long recovery process

Charge realistic prices, allow one-night stays
Stay in touch with potential guests

What Peter might do until the area has recovered

May be good time for upgrades to space
Offer STR for recovery workers to stay

What we can do to support Peter

Travel to SE Australia (quite safe, still much to do)
Use his website building or coaching services

Peter’s best tips for aspiring Airbnb hosts

Read Get Paid for Your Pad, listen to podcast
Model STR on your WHY + ideal guest avatar
Work to get good reviews right away

Connect with Peter

Clyde River Cottage

Clyde River Cottage on Airbnb

Resources

Peter on GPFYP EP129

Airbnb Open Homes

Divi Themes Software

Get Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa Kapadia

STR Legends Mastermind

Email jasper@getpaidforyourpad.com

To subscribe to the podcast, please use the links below

Click Here to Subscribe via iTunes

Click here to Subscribe via Stitcher (Android users)

If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks!

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

How to Invest & Crush It in Competitive STR Markets Jan 10, 2020

Show notes

Airbnb Superhost Rebecca Cramer lives by the philosophy that it’s better to regret something that you’ve tried than to regret something that you didn’t try at all. And that attitude has served her well, inspiring Rebecca to invest in short-term rental (STR) properties in highly competitive markets and absolutely crush it—proving that big risk, when done right, can reap big rewards.

Rebecca is the founder of Mad Men Vacation Rentals, a STR business with listings in Maryland and Florida. She invests in vacation spots she and her family love, creating the Mad Men Beach House listing in Ocean City, MD, and the Mad Men Magic Kingdom House near Disney World. Rebecca started hosting on Airbnb in January of 2018 and has quickly proven that newcomers can be successful in crowded STR markets.

On this episode of Get Paid for Your Pad, Rebecca is back to discuss her decision to invest in competitive locations like Maryland and Florida. She walks us through the process of finding, buying and renovating STR properties, explaining what she did to research profit potential and why her listings surpassed expectations. Listen in for Rebecca’s insight on furnishing your STR (without breaking the bank) and learn her top strategy for getting more bookings in the off-season!

Topics Covered

Rebecca’s STR portfolio

Start with Ocean City vacation home in 2018
Added Disney World property last year
Deep Creek Lake location will go live in 2020

How Rebecca found the Ocean City property

Discovered neighborhood on vacation there
Outdated house on Zillow (9 months on market)

How Rebecca researched STR profit potential in Ocean City

Look at similar listings in neighborhood on Airbnb
Talk to realtor, friends with vacation homes there

Why Rebecca’s listing surpassed profit projections

Renovations, updated furnishings and amenities
High level of customer service

What Rebecca did to command a higher price for her listing

Offer kayaks, pool and tennis courts
Made property dog friendly

How well the Ocean City property performed

Covers mortgage, updates and cleaning fees
Provide down payment for next investment

Why Rebecca chose to invest in Florida

Open to risk, confident in ability to recreate success
Family loves Disney + can escape there themselves

How Rebecca furnished her listings for less

Sold furniture that came with properties
Utilized Craigslist, Facebook Marketplace
Willing to paint/refinish distressed pieces

Rebecca’s strategy for getting more listings in the off-season

List property twice (e.g.: 3BD/2BA AND 1BR/1BA)
Fill booking gaps with solo travelers + small groups

Connect with Rebecca

Mad Men Vacation Rentals

Mad Men on Instagram

Mad Men on Facebook

Mad Men Beach House

Mad Men Magic Kingdom

Resources

Rebecca on GPFYP EP309

AirDNA

STR Profit Academy

STR Legends Mastermind

Email jasper@getpaidforyourpad.com

To subscribe to the podcast, please use the links below

Click Here to Subscribe via iTunes

Click here to Subscribe via Stitcher (Android users)

If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks!

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

How to Create an Incredible First Impression as a Host Through Your Airbnb Listing Dec 26, 2019

Show notes

What’s the most important part of a short-term rental (STR) listing? Most hosts focus on the space itself, making it a point to have beautiful photographs that make the property look as attractive as possible. But it’s just as important to communicate who YOU are through the Airbnb listing, creating a very positive first impression so that guests feel comfortable booking with you. But what does that look like?

Rebecca Cramer is the Superhost behind Mad Men Vacation Rentals, a small STR business with listings in Ocean City, Maryland, and Kissimmee, Florida. Her third property in Deep Creek Lake, Maryland, is scheduled to go live in the summer of 2020. Rebecca started hosting on Airbnb in January of 2018 and quickly realized how much she loved helping guests make memories in the very places she and her family love. The success of her Mad Men Beach House and Mad Men Magic Kingdom prove that newcomers can still make it in a competitive STR market.

On this episode of Get Paid for Your Pad, Rebecca joins me to discuss her Airbnb origin story, explaining how renting the family’s beach house to afford the mortgage quickly turned into a small business. She describes how she creates a unique experience for families at her Madmen Magic Kingdom property near Disney World and offers insight around staging your space for photos and managing units remotely. Listen in for Rebecca’s top four strategies for earning exceptional reviews and learn how to build a trusting relationship with guests through your listing on Airbnb.

Topics Covered

How Rebecca got into Airbnb

Dream of having beach house in Ocean City, Maryland
Rent on Airbnb to afford mortgage, turn into business

What prepared Rebecca to be a good host

Family goes big on hospitality at gatherings + holidays
Work in retail, as nurse (make people feel cared for)

How Rebecca builds a relationship through her listings

Humor and enthusiasm in captions, description
Profile picture = family photo

How Rebecca creates an experience at Madmen Magic Kingdom

Themed rooms (princess castle, Pirates of the Caribbean)
Pool with inflatables + unique game room
Costumes for kids to play dress-up

Rebecca’s tips for staging units for photos

Help guests envision themselves in space
Details like glass of wine on patio table

What sets Rebecca apart as a host

Quality photos AND very positive reviews
Go above and beyond to show you care

How Rebecca earns exceptional reviews

Guidebook with info about house and area
Communicate desire to give best possible experience
Automated message re: 5-star experience
Respond right away when guests reach out

Rebecca’s insight on managing units remotely

Connect with handyman and cleaners willing to help
Put together good team of people you trust

How to be successful as a newcomer in a competitive market

Leverage heart and passion
Don’t need degree, just need to really care

Connect with Rebecca

Mad Men Vacation Rentals

Mad Men on Instagram

Mad Men on Facebook

Resources

Hostfully

STR Profit Academy

STR Legends Mastermind

Email jasper@getpaidforyourpad.com

To subscribe to the podcast, please use the links below

Click Here to Subscribe via iTunes

Click here to Subscribe via Stitcher (Android users)

If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks!

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

Simon Lehmann Shares His Predictions for the STR Industry in 2020 and Beyond Dec 21, 2019

Show notes

Though home-sharing and hospitality is nothing new—we’ve been sharing our spaces since Prehistoric times—the industry has evolved a great deal in the last decade. And the short-term rental (STR) space will continue to grow and change in the years to come. So, what current trends are likely to continue in 2020? And how can we grow as hosts to stay competitive in the decade to come?

Simon Lehmann is the CEO and cofounder of AJL Consulting, a boutique firm with a focus in the private accommodation and STR industry. Prior to AJL, Simon served on the boards of HomeAway, Travelwindow and Inntopia, and spent eight years at the helm of Interhome, where he oversaw a total of 32K STR units in 29 countries. A globally recognized thought leader in the vacation rental and online travel space, Simon has delivered keynotes at VRMA International, the World Tourism Forum and the Vacation Rental World Summit.

On this episode of Get Paid for Your Pad, Simon joins me to discuss how Airbnb has (and hasn’t) changed the STR space, describing the platform’s major achievements in the last 10 years. He shares the trends around professionally managed inventory and predicts whether Airbnb will realize its ambition to become the world’s OTA superbrand. Listen in for Simon’s insight on growing your own property management business and learn how to meet changing guest expectations for STR in 2020 and beyond!

Topics Covered

How Airbnb changed the STR space

Created new vertical in existing industry
Accelerate supply growth exponentially

Airbnb’s major achievements in the last 10 years

Established incredible marketplace
Created many entrepreneurs + businesses
Made tourism available to new generation

Simon’s top prediction for the STR space in 2020

Supply will become more professionally managed

What aspiring PPMs should consider in growing a business

Take on quality inventory in good location
Maximize availability + bookability

Simon’s advice on scaling up a PPM business

Bring on staff, limit self to tasks that add value
Be selective in onboarding new properties

How guest expectations are changing in the STR space

More ‘hotel guests’ with higher standards
Improve quality to remain competitive

How small property managers can stand out

Spend 2 to 3 days in each property yourself
Little things make big difference (e.g.: personal note)

The potential for Airbnb to go public in 2020

All signs point to YES
Strategic acquisitions

What’s behind Airbnb’s ambition to expand beyond STR

Pressure from current investors
Leverage customer base to sell additional things

Connect with Simon

AJL Consulting

Simon on LinkedIn

Resources

Vacation Rental World Summit

Airbnb’s Acquisition of HotelTonight

STR Legends Mastermind

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

To subscribe to the podcast, please use the links below

Click Here to Subscribe via iTunes

Click here to Subscribe via Stitcher (Android users)

If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks!

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

The Airbnb Way Dec 12, 2019

Show notes

More than 500 million people have stayed in an Airbnb since its inception in 2008. And a mind-boggling 350 people check into an Airbnb every minute. So, what makes the short-term rental (STR) platform so successful? And what do the best hosts do to deliver an exceptional experience that makes every guest feel welcome?

Joseph Michelli is the New York Times bestselling author of several books about world-class customer experience providers, including the Ritz-Carlton, Starbucks and Zappos. A sought-after keynote speaker and business consultant, Joseph has been recognized as one of the Top 10 thought leaders in the realm of customer service by Global Gurus, and his most recent title is The Airbnb Way: 5 Leadership Lessons for Igniting Growth Through Loyalty, Community, and Belonging.

On this episode of Get Paid for Your Pad, Joseph joins me to explain what prompted him to write The Airbnb Way and discuss the book’s major themes around how the sharing economy has changed the hospitality industry. He walks us through the five sections of The Airbnb Way, describing how Airbnb hosts deliver belonging and what we can do to cultivate trust with our guests. Listen in for Joseph’s insight on how Airbnb promotes the idea of enlightened hospitality, fosters a sense of community, and empowers its hosts to improve their lives!

Topics Covered

What prompted Joseph to write The Airbnb Way

Work with Ritz-Carlton on book in 2008
Saw changes in how travelers experience hotels

The major themes of The Airbnb Way

How Airbnb came to be, what makes it great
What Airbnb and hosts do to drive belonging

How Joseph thinks about BELONGING

Create safe physical + emotional environment
Offer sense of what it’s like to live in city

The concept of enlightened HOSPITALITY

Chip Conley brought mindset to Airbnb
Anticipate needs, create personal connection

Joseph’s insight around cultivating TRUST

Demonstrate genuine care for guest
Live up to claims made in listing

How Airbnb EMPOWERS its hosts

Leverage asset to unlock what’s important
Provide housing security, power to travel

How Airbnb fosters a sense of COMMUNITY

Supports communication among hosts
Activate to protect rights of home sharers

The values Airbnb guests and hosts have in common

Global citizens
Positive view of people

Connect with Joseph

The Airbnb Way

Resources

The Airbnb Way: 5 Leadership Lessons for Igniting Growth through Loyalty, Community, and Belonging by Joseph Michelli

Chip Conley on GPFYP EP024

Peak: How Great Companies Get Their Mojo from Maslow by Chip Conley

Get Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing by Jasper Ribbers and Huzefa Kapadia

News Story on Airbnb Halloween Shooting

STR Legends Mastermind

STR Profit Academy

Email jasper@getpaidforyourpad.com

Sponsor

Hostfully

To subscribe to the podcast, please use the links below

Click Here to Subscribe via iTunes

Click here to Subscribe via Stitcher (Android users)

If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks!

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

The “Airbnb Mother-in-Law” Strategy Explained Dec 05, 2019

Show notes

You’ve probably heard of the mother-in-law apartment, a small suite on the same lot as a single-family home, where an in-law (or other family member) can live while maintaining their own privacy and independence. But what if you want to list an in-law property on Airbnb? Is it wise to list two units on the same lot as short-term rentals (STR)? Or is there a better way?

Kyle Stanley is an avid real estate investor and experienced STR host. He is also the host of the Fearless Flipping Podcast, a show dedicated to helping listeners learn to flip houses and earn passive income with real estate. After buying a property with a secondary unit onsite, Kyle created the mother-in-law model to earn money on Airbnb and provide a unique opportunity for his long-term tenants.

On this episode of Get Paid for Your Pad, Kyle joins me to explain how he came up with the mother-in-law model, discussing how it can be a win-win-win for long-term tenants, Airbnb guests and property owners alike. He describes how to find willing onsite managers for mother-in-law units and the challenges of relying on an individual rather than a business. Listen in for Kyle’s insight around the current real estate market and learn whether the mother-in-law strategy makes sense for your STR business!

Topics Covered

How Kyle got into the STR space

Unexpected expenses with first house in Scottsdale
Friend introduced to idea of renting room on Airbnb

How Kyle expanded his STR business

Moved back to California for dad’s health in 2016
Airbnb guests generally in town for business or family
Discovered income potential of renting whole house
Increased portfolio to five listings in Fresno

How Kyle came upon the mother-in-law model

Nervous about listing two houses on one lot on Airbnb
Idea to make one long-term rental with reduced rent
Serve as onsite manager/cleaner of Airbnb property

The advantages of Kyle’s mother-in-law strategy

Win-win-win for tenant, STR guest and owner
Increased profits from $1500 to $2500/month

Finding a tenant who is willing to serve as onsite manager

Stay-at-home moms + individuals looking for low rent
Consider fair wage laws, track time and offer bonuses

How guests respond to having an onsite manager

Make clear on listing to attract right people
Guests inclined to break rules unlikely to book

The challenges of using the mother-in-law strategy

Relying on person vs. business
Backup plan in place for emergencies, trips

Kyle’s tips for replicating the mother-in-law model

Choose onsite managers you trust 100%
Ensure that model makes financial sense

Kyle’s insight around the current real estate market

Likely 12-18 months away from downturn
All-in on special terms and arbitrage model

How to approach a property manager about Airbnb

Use FORM sales formula to make friends first
Explain how differ from other tenants (pros + realities)
One of every nine will say YES

Kyle’s best advice for GPFYP listeners

Access likeminded people and information
Do research to expand mindse

Connect with Kyle

Fearless Flipping

Sponsor

Hostfully 2019 Report

To subscribe to the podcast, please use the links below

Click Here to Subscribe via iTunes

Click here to Subscribe via Stitcher (Android users)

If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks!

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

Our TOPPODCAST Picks

Follow Us

Stay Connected

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

Topics Covered

Connect with Adam

Resources

To subscribe to the podcast, please use the links below

Topics Covered

Connect with Eric

Resources

To subscribe to the podcast, please use the links below

Topics Covered

Connect with Eric

Resources

To subscribe to the podcast, please use the links below

Topics Covered

Connect with Sharon

Resources

To subscribe to the podcast, please use the links below

Topics Covered

Connect with Peter

Resources

To subscribe to the podcast, please use the links below

Topics Covered

Connect with Rebecca

Resources

To subscribe to the podcast, please use the links below

Topics Covered

Connect with Rebecca

Resources

To subscribe to the podcast, please use the links below

Topics Covered

Connect with Simon

Resources

Sponsor

To subscribe to the podcast, please use the links below

Topics Covered

Connect with Joseph

Resources

Sponsor

To subscribe to the podcast, please use the links below

Topics Covered

Connect with Kyle

Sponsor

To subscribe to the podcast, please use the links below

Related Podcasts

1

2

3

4

5

6