All Forum Posts by: Cole Simpson

Airbnb’s growth has been propelled by several factors, including popularity among millennial travelers (millennials are defined as between 18 and 35 years of age).

Millennials are the largest generation in history, and by 2025, millennials and younger generations will account for 75% of all consumers and travelers.

Here's why Airbnb has become so popular amongst the younger generation:

1. Travel is deeply important to millennials. Most millennials would prioritize travel over buying a home or paying off debt.

2. Millennials are always looking for something new when they travel – more
adventurous, local, and personal.

3. Millennials are passionate users of Airbnb and a substantial, growing part of
Airbnb’s community and the number of young people who have booked on Airbnb have grown more than 120% in the past year.

This is just one of the many reasons why I believe buying short-term rentals is a fantastic long-term play.

Do you agree?

Occupancy plays a very important role for those wanting to generate a notable income from short-term rentals. It goes without saying that bookings are your bread and butter – having an empty, un-booked property is obviously never ideal.

In some cases, a low occupancy rate indicates that something is wrong with the property, such as its location or available amenities. In other cases, low occupancy rates may mean the facility is poorly managed by its existing owners or it is in an undesirable location.

The key is to always do your research first.

You can use AirDNA or rabbu and they will give you an average of the occupancy rates in your area. If you want more anecdotal reach out to hosts and buy them coffee, ask them about their experience (offer value, I’ll book your place when it usually wouldn’t be, etc) Hope this helps!

What about you? What data provider are you using for your occupancy metrics?

If you’re a busy Airbnb host who needs a break from the daily grind of guest communication and check-ins, why not consider adding a co-host to your listing?

A co-host is someone who helps you take care of your Airbnb property and guests in return for a percentage of your rental income. They take the pressure off you and assist in making sure your Airbnb runs smoothly.

How can co-hosts help?

Handling the listing: If you’re someone who is not computer savvy and would prefer to spend less time sitting in front of a screen managing your listing – you can ask your co-host to handle the online side of the business. They can be the ones responsible for communicating with guests and sending check-in information to them ahead of their arrival.

Checking the space: A co-host can be a good way of double-checking things inside the property – whether it’s the cleanliness of the bathroom or whether more clean tea towels are needed in the kitchen. They can also help you create a house manual.

Greeting guests: Some hosts work full-time jobs and do not have the flexibility to meet guests at various hours of the day to hand over the keys and welcome them to a property. A co-host can handle the meeting/greeting – letting you get on with your day job without interruptions. This can also include handling problems with the property during the stay and liaising with guests.

What do you think about co-hosting?

When things are good (ie busy season), even the mediocre Airbnb host does well. It’s the slow season that separates the mediocre from the great Airbnb hosts.

A great way to approach the slow season is to set a one-night minimum. However, if you are one of those hosts who have a 2+ night minimum, the Airbnb slow season would be a great time to test out a single night minimum, even if it is just for weekdays.

I would love to hear your thoughts.

Rentals provide quite a few perks. There are many reasons to choose a vacation rental when visiting a new destination.

Here are the top 3 reasons why people prefer vacation rentals:

Kitchen access

Value for money

Privacy

A vacation rental is different from a hotel or inn because it's typically a regular house or apartment. So, when staying in a vacation rental, you'll get to live like a local and have access to things that you wouldn't normally have in a hotel. Plus, vacation rentals are decorated according to the individual taste of the owner, so the atmosphere is often homier than an impersonal hotel room. 

If your vacation rental has a kitchen, for example, you can save money by cooking your own food. And this doesn't just go for bigger groups - even singles or couples might be surprised at how much less a one-bedroom apartment or small cottage costs on the vacation rental market compared to a hotel room.

You might find a vacation rental to be less costly, in general, rather than a hotel. Plus, if you're staying more than a few days, there's often a discount applied.

What are your thoughts on this?

No matter the definition, everyone wants to gain financial freedom or (if you prefer) financial independence. 

I think financial freedom describes what financial independence offers, freedom and choices.⁣
⁣
Financial freedom can help you take ownership of your finances and, more importantly, your life. It's about living within your means, being a bit frugal, and making sure that money is spent on things you really need like food, shelter, and yup even vacations (relaxation is important too, you know).⁣

Here are 7 actionable Real Estate Investing Tips on the Path to Financial Freedom:

1. Put the right pieces in place before you start to invest

2. Learn how to perform a market analysis

3. Gather your team of qualified professionals

4. Come prepared for showings

5. Run the numbers to find the right deal

6. Carefully budget for your carrying costs

7. Use a CMA to determine the right sale price or rental value

⁣
You see, people who aren't successful in their journey often don't have a real motivation behind the effort. And to get there, YOU HAVE TO KNOW YOUR WHY.⁣

Daily Inquirer!

3 Best Books to Read on Multifamily Investing:

1) ABC’s of Real Estate Investing

Ken McElroy's ABCs of Real Estate Investing is my #1 recommendation. This book lay down the fundamentals of multi-unit investing so thoroughly that I had no choice but to act. The due diligence section of the book was the section that I found most useful. Due diligence is usually the most nerve-wracking aspect of investing for me.

2) Best Ever Apartment Syndication Book

The Best Ever Apartment Syndication Book by Joe Fairless is a must-have for everyone who values practical learning and hands-on activities. The book's biggest feature is that it includes a number of activities and spreadsheets that are ideal for honing your analytical skills while being guided through the process.

3) How to Create Lifetime CashFlow Through Multifamily Properties: The New Rules of Real Estate Investing

Rod Khleif provides over forty years of knowledge in his book How to Create Lifetime CashFlow Through Multifamily Properties: The New Rules of Real Estate Investing, which is a wonderful companion to his in-person boot camps and podcast. Rod lays out his tried-and-true strategy for running his prosperous multifamily real estate investing business, as well as a comprehensive road map for newcomers. The countless examples of mistakes to avoid are among the book's most important features.

What books do you recommend?

Daily Dose!

3 Must Haves:

1) You Still Need Cash

You won't be able to finance 100% of the purchase price and renovation costs in the vast majority of circumstances. To make the arrangement appealing to your lender, you'll almost certainly need a large sum of money. This holds true whether you're applying for a standard loan or a loan from a hard-money lender. 

2) It's Not Always Easy

If you have less-than-perfect credit and are new to the fix-and-flip business, you'll almost certainly hit some hurdles. These types of investments are considered dangerous by traditional mortgage lenders, banks, and credit unions, who shun them. This type of loan also takes a long time to complete, which could result in you losing the opportunity and having to start over. 

3) There is a Risk Involved

Investing in real estate is a dangerous business, even if you perform rigorous market research. There is no certainty that your property will sell, especially if you are selling it quickly. You should expect to lose money on a fix and flip deal, just as you would on any other investment. You can reduce some of the risks by getting guidance from other successful business people.

What other must-haves do you have in mind?

@Mike Hern

Have to agree with the majority of the comments zillows stock price means very little to me in regards to the housing market. I’m not worried about a crash, but if there is one we will adapt.

7 Financial Steps to Take in Your Thirties:

1. Build an emergency fund
2. Make a plan to pay off debt
3. Start (or keep) maxing out your 401(k)
4. Start investing now
5. Figure out the right investment strategy for you
6. Diversify your investments
7. Start saving for college

Financial Steps in the Long Term

"Setting goals is the first step in making the invisible apparent," says Tony Robbins, an author, entrepreneur, and motivational speaker. This is especially true when it comes to your financial situation. To determine the appropriate steps to take today while working on a financial plan, you must examine the long-term viewpoint – the far-off personal and financial goals you wish to reach.

You have power over your financial life, even if it doesn't always feel like it. Making informed judgments and acting quickly can put you on the road to financial security and attaining your objectives.

What else do you think?