Expected Air Date: 11/08/18
You don’t get far these days in talking about rental properties before someone wants to bring up the AirBnB strategy. It’s relatively new, but I suppose we should not be surprised that people have already developed a strategy around this. At first I was skeptical but I’ve looked at the actual financial results from several friends and I’m convinced if you are willing to put in the work or hire it done, this can be the most lucrative form of rental ownership out there. The trade off is either greatly increased work load or higher expenses. But those expenses should be offset by the profit potential. If done well and located optimally, your short term rental house could produce income that doubles what you could get from long term residents. This is also a fine solution for 1 and 2 bedroom homes.
I’m trying to say “short-term” more than AirBnB, not because I have anything against AirBnB. In fact the opposite is true. But I want you to know there are other providers out there as well including VRBO and HomeAway. But AirBnb has come from nowhere to dominate this industry and those who use these services will tell you there’s a reason. And that reason has to do with payment policy. But I’m not going to repeat hearsay at this time. If you are interested in this, make it a point to call the service provider and ask them how long it takes to received payment from them.
Jason Sterner is a pioneer of the AirBnB strategy. He has mastered the process and is one of their highest rated Hosts. He’s going to join us in a few moments to tell us how he did it and how you can as well.
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Guest: Jason Sterner
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- Winifred, Villages of Ocala, FL “My husband only wants to use the cheapest paint, the cheapest carpet, the cheapest fixtures and cheapest everything in our investment houses. He says the tenants don’t care and wouldn’t appreciate better things. He also won’t do anything about controlling bugs or termites. He says that’s the tenant’s responsibility and it says so in the lease. I know we don’t want to put the finest products in our houses, but it seems like we ought to be better than the cheapest. I’d like to know how you handle this.”
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Motivational Thoughts for the day
“Even if you are on the right track, you’ll get run over if you just sit there.” – Will Rogers