All Forum Posts by: Michael Sjogren

@Syed Lateef I am planning on attending. It is a mastermind for operators with over 50 units or over $1M in annual revenue. I am going for the networking and masterminding around operations and continuing to grow our business. Eric is a good guy and has been in the game a while. I own and cohost, I do not master-lease but I am sure there will be a mix of all 3 models. 

@Rafael Zavala 12/05/18 06:00PM - 08:00PM in Lynnfield, MA

@Jose Castro glad to hear you're taking action. It's a great strategy to maximize cash flow and build yourself a nice portfolio of properties that you can also enjoy for yourself!

Hi @Jay Hinrichs, I am in the process of writing one so I'll keep you posted. As of what's out there right now, there's not much. I am in a couple mastermind groups where I received most of my education. Ideally you're going to need a good team just like traditional rentals. Add in a good cleaning crew to manage turnover cleaning, supply inventory, any damage claims, etc. Then it's about automation. Use wifi locks (we use August Home), a good channel manager to manage all messages and sync calendars from different platforms (Guesty, Tokeet and some others out there) and don't cheap out on furnishings and decor. As I'm sure you know, success on Airbnb is about creating a great experience for your guest and being able to stand out from the competition, especially in a strong market like Charleston. 

Charleston is a great market, just keep an eye on regulations. Google Charleston short term rental laws or ordinances. 

Check out Airdna to get a benchmark for what the property could bring in. I've found it's not perfect but it's a starting point. Then cross-reference is to other airbnb listings as far as average daily rates and what their calendar looks like from an occupancy standpoint, i.e. how booked up are they? 

Put together an investment summary for a bank as well as investors and show them the data. I just threw in quick numbers (no idea what your taxes/ insurance would be - I use a company called www.proper.insure for my short term rentals). Compare the nightly rate and occupancy rate to what Airdna is showing to see if the numbers match or exceed what your targets are. If you can rent the pool house AND the barn then it sounds like the property would exceed the projections but this would be a starting point. 

To @Luke Carl's point, also run the numbers to see if you could still make money/carry the property if regulations change and you had to go with a traditional rental. Rule #1 always have multiple strategies. Hope this helps.

Congrats on the 11 units! I agree with the Roku comments above. They are well-priced and super easy to use. We stream DirectTVNow with HBO and Netflix. No one has complained. We also use an Orbi wifi system to ensure a strong signal throughout the property since we have multiple TVs, wifi locks, noiseaware device, etc. 

@Jose Castro welcome to the wonderful world of REI. This group has been meeting since September. If you're ever in the area feel free to pop in.

Airbnb Mastery is a mastermind group of real estate investors who are interested in doubling or tripling cash flow and building wealth all while being able to personally enjoy their vacation or short-term rental properties. There are endless ways to invest in real estate but this group is purely focused on purchasing short-term rental (STR) properties locally or anywhere in the world for the purpose of renting it out as a fully furnished corporate or vacation rental.

@Marie Fries and @Tarun Bhalla here is the link to the meetup group. We meet the 1st Wednesday of every month in Lynnfield from 6-8pm. 

http://meetu.ps/c/41Zmr/l1LcK/f 

Another point to keep in mind around regulations. My prediction is that you will continue to see major cities with a lack of affordable housing, i.e. Boston, NYC, San Fran, Miami, continue to push back on short-term rentals because they see us as taking their housing inventory away from people who need homes.