Building Massive Wealth w/ Short-Term Rental Investing (Part 2)
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- เผยแพร่เมื่อ 28 พ.ค. 2024
- You can build wealth with short-term rental investing quite easily. All you need is a great location, a solid property, a good strategy, some phenomenal cleaners…wait maybe it isn't all that easy. But it’s certainly doable if you’re willing to put in the time, effort, and work to make your vacation rental stand out from the rest. This is exactly what investors David Greene and Rob Abasolo are doing with their current partnership-buying luxury homes and turning them into once-in-a-lifetime getaways for wealthy vacationers.
But maybe you’re not ready to drop a few million on a multifamily mansion. Even so, you can still make a phenomenal return in the short-term rental space, you just need to know how to do so. Back in episode 578, David and Rob walked through the first three steps in their short-term rental success strategy. Steps like finding a short-term rental market, choosing your location, and defining your strategy.
In this part two episode, David and Rob walk through the more granular steps to getting your vacation rental up and running. Steps like what property type works best for which investors, understanding your timeline so you can build wealth while obtaining financial freedom, and divvying up work between you and your partners (or investors). Follow all five (six) steps in this episode, and you’ll be on your way to cashing in the profits from your vacation venture!
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Join BiggerPockets for FREE:
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Check Out Last Week’s Part 1 Episode:
www.biggerpockets.com/blog/re...
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Sign Up for BiggerPockets Events Like Short-Term Rental Bootcamps:
www.biggerpockets.com/events?...
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It's Not Too Late to Join the Short-Term Rental Investing Game:
www.biggerpockets.com/blog/sh...
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How to Analyze a Short-Term Rental Before Buying:
www.biggerpockets.com/blog/an...
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Subscribe to David’s TH-cam Channel:
/ davidgreenerealestate
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Watch Rob’s Video “This is exactly how much your property will make on Airbnb”:
• This is exactly how mu...
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Invest with David on His Upcoming Projects:
www.investwithdavidgreene.com/
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Connect with Rob (Roubilt) on TH-cam, Instagram, and Tiktok:
TH-cam: / robuilt
Instagram: / robuilt
TikTok: / robuilto
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Connect with David and Rob on BiggerPockets:
David: www.biggerpockets.com/users/d...
Rob: www.biggerpockets.com/users/r...
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Follow David on Instagram:
@davidgreene24 or / davidgreene24
Episode 579
Show notes at: www.biggerpockets.com/blog/re...
0:00 Intro
5:27 Step 4: Choosing Your Vacation Rental Property
18:49 Mitigating Your Investing Fears
20:16 Step 5: Establishing Your Investment Timeline
27:56 Bonus Step 6: Divvying Up Partner Responsibilities
33:57 Bookkeeping
36:07 Setting Up The Property
40:25 Working with Investors
45:18 Ready to Get Into the Short-Term Rental Game?
YES. Give me more David and Rob. I have a Short Term Rental group and I will be using these videos to educate my members
Would you consider matching the Bigger Pockets' title to the TH-cam title and placing the episode number on TH-cam? It would be much easier to find.
Great show guys. Best BP yet and I’ve watched a lot of em. Give us more!
I think having a video inside one of your properties on how you do a walk through in between guests would be interesting.
Analyzing a deal live would be beyond awsome
I just found y’all’s podcast a couple months ago. You all have changed my life and my outlook on life. On the outside looking in, people may not realize yet. I’ve been physical disabled for 16 yrs. Since I was only 33yo. Because of the bigger pockets you tube. I am taking on something I didn’t think I could do and am going to increase my income from $3k per month to 9.6k. So that I can get into short and long term rentals. Thank u guys so much for these 2 just break downs of it.
I love the levity Robuilto brings to the pod!
Great advice about handling worries. Don’t let them keep you up at night. Write them all down and then capture how you plan on handling these worst case scenarios. Not only is this a good practice for yourself, but your partners and investors will also appreciate the efforts.
The other advice I really like is to start small and work your way up. One of my favorite businesses books is called Little Bets, and it’s all about this approach.
I’m looking forward to seeing you walk through all the different steps in your vacation rental journey from analyzing a deal through rehabbing and furnishing to day to day running of the property.
Rob is my favorite post-Brandon co-host!
My wife and I have 1 single family long-term rental and we are thinking about getting a STR for our next investment. I’ve loved this series!
And Dave Meyer 💯
@@blanquitodjj6660 I recently made the move from long term to short term rentals a little over 3 months ago. It is definitely more work (although you can automate a lot) but it's worth it to see all the 5-star reviews and seeing people across the country (no international guests yet) enjoy their stay with us. I'm rooting for you.
11:05 the flex and the come-up is real! Way to go @rob!
I would definitely consider Rental Investing soon, thank you for this great video.
Great video. Rob has really helped me get into the short term rental game and it is paying off!
I heard talk of a part 3 and 4. When are those coming? Really looking forward to it! Thanks!
Thank you David and Rob! This was very informative and easy to follow. My husband and I are considering a future in the short term rental market and would like to purchase our first property in 2025. I would like to know if there are opportunities to for bootcamp events in 2024 and even consulting with either of you that can help us get started. We are also interested in learning more about David's property management company that he mentions in this podcast.
Thank you, Kim
Hell yeah make Rob the official co-host! Loving this!
Great video & content! I’d love to hear more and going into depth helps. Definitely vote yes on analyzing:) thank you!
Thanks for a great episode! I'd really love for you guys to do a deal deep dive, specifically on the analysis part. In particular, I'm super interested in the matrix you use to analyze.
Definitely agree with Liam!
Me encantaría que hagas un episodio en español. Mi esposa es peruana y le he estado enseñando sobre invertir en casas pero sería genial si lo hacen en español para que entienda mejor. Estoy dispuesto a ayudar!!
Love seeing Rob on the BP podcast! You two (David and Rob) have a great rapport. I also really enjoyed the STR subject matter. I would love to see a future episode with a deep-dive analysis of a potential luxury version STR acquisition.
Some related questions:
- For my area at least, it is much harder to find comps with respect to income projection (there aren't many similar offerings on Airbnb) whenever I analyze high-end properties for sale. How do you navigate this?
- If you are offering a luxury home for STR, how do you determine a bottom-line price? In other words, you might be able to boost your occupancy significantly if you slash the prices for a mid-week offseason booking, but are you opening yourself to greater risk? The guest that pays $250 a night on a Wednesday in offseason might not treat your high-end property with the same respect as someone who pays $1000+ per night for a peak-season weekend. Do you set your minimum to self-select the guests, even though it means a lower overall occupancy rate?
- How does your furnishing/decor budget change for a luxury STR vs a lower-level property?
Absolutely loved Parts 1 and 2! Would definitely love to see a live analysis of a potential STR! Thank you so much for all you guys do!
Thank you so much David and Rob, this is a wonderful podcast with great explanations of best strategies to consider from the experts in the field! All the while making it so easy to watch/listen to from fun people, outstanding job please keep up the great work you are inspirations to so many of us!
Thank you for keeping me motivated. You guys are changing my life in the best way! Shalove Geter you need to here her story, Mother/Broker/Property Manager/ Owner/Beast! You need to get this women on the pod she so is so inspiring and I think it would be great to see things from a property manager's perspective too. Trust me she is remarkable!
Absolutely loved this series.
Wow, super insightful episode. Short term rentals are a plan C option for us, but might be moving them up the list after watching this.
Make Short Term rentals your #1, here's why:
- Less wear and tear on the property as opposed to long term tenants
- Less maintenance costs due to less wear and tear. Plus guests have a security deposit so they take good care of the home
- MOST IMPORTANT REASON: Even when you only get bookings for half of the month, you end up making the same amount as a long term renter while having half of the utility cost and property use.
@@chibsryder people would argue theres more wear and tear with people vacationing and partying. You also have to hire cleaners and pay all the utilities
Hahahahaha! I love the Spanish part of this podcast. Well done guys!
LOVED these episodes. Gonna listen a few times. Would love to see y’all analyze some deals
Amazing analysis. Thanks for sharing
MORE SHORT TERM RENTAL VIDEOS! thank you :)
Yes! Go deeper on STRs :)
Great stuff. Would love to see you analyze prudential properties. Thanks!
Do you guys ever touch on developing a STR from buying land?
How do you handle city and county regulations and caps placed on non-resident owners of short term rental properties?
Looking for to future episodes. Thanks.
Great Show
Thank you alot for valuable information. Can u pls do deal Analyzer on STR on next episode
I would like to hear the process of analysis an STR
I would love to see an in depth analysis which shows how to analyze a rental property for more than just cash flow. How would you value a property using all metrics such as cash flow, rent rate appreciation, property value appreciation, etc etc and how much value you put on each of these. Where a property is currently and where you see it going in 1, 2, or 5 years.
STVRs are a business cash flow play not a RE play. You should not base a purchase on RE appreciation potential. It’s the business cash flow that’s the number one priority. Cash on cash return is everything and not overpaying for a property is a huge consideration.
Only buy properties or lease properties in vacation areas in neighborhoods zoned for STVRs.
Hi Rob & David G, love this episode with all valuable info you mentioned. Would appreciate you guys do a deep dive and analyze a property live using your matrix. I’m intrigued how the genius minds work! Haha
How do you find cleaner's?
Hey Rob, where you investing in WV? Falling Waters / Berkeley Springs?
Teach me the math. Thank you for the amazing intro to short term rental theory. How much should I budget for expenses like restocking toiletries, kitchens, and all those batteries?
More step by step analysis pls!
Yes please analyze a deal and show us the matrix. Thank you in advance
I loved this deep dive. Watched Pt 1 & 2 and it excites me. I’m currently active duty military but will be exiting the service soon. Just purchased a duplex in San Diego, which I where I plan on going to school. I have about 3 months of cash reserves. I want to eventually use the method Rob mentioned. The two units could sleep 12. Should I wait until I have 6months of reserves to execute both or should I try to do one unit first and see how it goes?
Taco Bell? How gauche. With Rob it's ALWAYS Chipolte. LOL
When is part 3 coming
Have you ever looked into investing in Aruba for Airbnb
Yes - I'd like to see you analyze a deal!
how do you qualify for the loan ?
David...how do invest with you guys?
Great and useful episode!
How do you deal with many states and small townships tighten more and more restrictions against short terms rentals?
Only buy in vacation areas, towns that support and or have a long tradition of supporting STVRs.
Lots of people around here buying up odl motels and renting em out for like 200 per week. No kitchen just a microwave and a minifridge.
How do you beat depression so you can do all this? Shits paralyzing
PLEASE show us how you use the matrix
I'm going to have a portfolio!!!
Would love to hear about the Matrix!
David keeps saying $1000 a month when I think he meant $1000 a night ...
Picturing my life 20-30 years down the road. I'm not going to be caught with my pants around my ankles. I'm taking action in 2022.
Part 3?
Part 1 link is broken
Thanks @james Crenshaw, it should be updated
Analyze a luxury deal please.
You said the light behind you is green, but it's blue! It's not "Seeing Greene" :)
@helloromie, this was just a little gag since our Sunday releases have been "Seeing Greene" episodes lately but we didn't want to leave anyone hanging on part 2 of this STR content. You will notice that briefly in the intro, David's light is in fact...green!
@@biggerpockets thanks for explaining😊
Rob, u keep ignoring my request to make a vid on your recommendations for asset/liability protection….Maybe here you will hear me calling 😂
I just secured my first lease for Airbnb arbitrage and looking for a JV partner
In Pretoria South Africa
Someone tell David to stop yelling at the mic