All Forum Posts by: Ruben Kanya

@Amy Greenwood if she booked via airbnb definitely do everything through the platform for visibility, I've done it multiple claims they're good for it. Request the claim and take pictures on the platform, Guest will have 72 hours to respond/pay the claim. Make sure you do this BEFORE another booking, they're very strict on the timing. Take pictures and provided the estimated repair cost to fix or replace item.

If she doesn't do this, Aircover will pay for it. And then you can then write the review based on how cooperative she was in the process. If she immediately pays and addresses the issue, it's actually worth praising her for it in the review at a high level without going into detail. Its good for another host to know that when and if a mistake happens in the future, she's the type of guest to own it and address it (that's all we can ever ask for right?). 

If she ghosts you then it is fair for the community of hosts to know that she's the type of guests that will ghost when things go wrong. If it gets to that point the review can be as simple as saying "we were disappointed not to have heard back from "x" when it was time to fulfill her claim to cover the damages that occurred during her stay"

Happy hosting!

@Yonah Weiss is one of the greats @Nathan Kanya -- had a pleasure having him on my podcast, a leader in the space! Yes @Yonah Weiss luckily the outskirts of metro Atlanta i.e. Decatur, Ellenwood are not impacted by the STR licenses yet but the process isn't rigorous we've done it for our properties that are located in Atlanta. Thanks for looking out for my brother, I'm sure you see the connection with our last names ;)

Definitely Guesty for hosts if you're looking to put up a site in less than 5 minutes. It will pull all of your listings, photos, descriptions etc.

@Jim Davis  I can't speak on Texas because that's not my playground but I noticed you said "where" ...are you considering investing out of state or staying local? If you stay local are you looking to invest to live in or simply rent out. I'll give you my bias answer and then I'll tell you how you can use it as an opportunity for yourself as well. 

NUMBER 1 - We started in short term rentals BUT...the big BUT is...I'm a realtor here in Georgia so anything that I buy for ourselves / family and clients when it comes to STR, my rule of thumb is that IT MUST AND HAS TO be able to convert into an LTR if $%!@ was to ever hit the fan. That's my number one rule, so run the numbers like an LTR (as in, can a traditional tenant lease cover my mortgage?) If the answer is yes, proceed to evaluate it like an STR...

NUMBER 2 - Don't be so intimidated by operating STRs...that's like when people who are not real estate investors use the excuse that they don't want to invest into real estate because they don't want to fix toilets. The reality is that there's property management that exists...and better yet in STR, you can self manage without lifting a finger. In STRs, our cleaners, runners and handyman run our business. I can tell you from experience because we live in New York 85% of the year while our STRs are all in Georgia. Surprised by out of state? How about out of the country? I helped my brother and my sister in law buy one here in Georgia and they live in Toronto, Canada -- you guessed its all self managed by them. There are multiple hosts who are always looking to co-host with owners who don't want to be involved, I find that to be better than property management especially if your co-host is a superhost that understands the business and treat it like their home. The thing with investing in STRs, it's upfront work (like setting up the ring cameras, dynamic pricing tools, pms) that pays you dividends in the future! i.e. not having to pay 25% to a property management company or co-host if you self manage with revenue that is 2-5X than what you traditionally get as a long term rent, makes more than "cents" to me! :P (see what I did there?)

NUMBER 3- Get a Real Estate Ninja CPA ASAP! Don't sleep on this one, you wan't someone who truly understands how to leverage tax advantages of being a real estate investor which will benefit you across the bored financially for a lifetime. Take the time to ask the right questions to assure they understand concepts such as cost-segregation, renting out to your LLC, etc.

I trust that regardless of your decision it's hard to go wrong with real estate if you stick to the numbers and stay discipline and persistent in your search! Let me know if you have anymore STR related questions :)

@Bailey Kramer well done my friend. Also lightning bolt response lol

@Bailey Kramer curious what's your setup fee for creating listing and all the tech?

 Let's connect on my show, my audience will probably find this interest, good chance for us to connect as well. I'll DM you.

 Is self managing completely out of the question? Just curious especially since you have several. The core foundation of building your own team is the upfront work which takes some effort to setup the technology the right way (dynamic pricing, PMS software, smart locks) but once that's done it's about hiring cleaners who have experience cleaning airbnbs, they're the ones who will give you insights on what is best practice and what makes the most sense. You're paying them to clean and tell you what to do and you have a team.... it's certainly not the snap of a finger, but depending on how long you plan on doing this for and with respect to the amount of units you have, you could be putting thousands of $$ back into your pocket to get more units... it all depends what your goals are of course, respectfully. We built a remote team out of state and our cleaners handle everything and run our business essentially, that;'s when you've built it correctly...Happy to provide more insights on self management if you need it... :)

Interesting concept.

Quote from @Bailey Kramer:

I bet you have no idea what I actually do…

In the past 10 months, I’ve been able to grow my co-hosting business from 0 to 30 Airbnb units and the properties are on pace to bring in $1.7 Million dollars in Gross Revenue, netting me roughly $135,000 (This is after paying my 3 employees who run the day to day)! 

But how’d I ACTUALLY do it!?

Here’s the backstory on how it all happened:

The frame by frame on how I built a 6 figure co-hosting biz at 21 years old:

Ever since I was a kid, I always knew I wanted to be an entrepreneur! I was obsessed with the show Shark Tank (and I still am to this day) and I realized I wanted to be just like the Sharks- have a lot of money, make the decisions, and be in control of my time and location!

The only problem was that I had no idea what kind of business I wanted to start!

Fast forward to the 1st day of college, I made a promise to myself that I would start a business in college that I could continue building after I graduated (instead of having to get a w-2 job)... 

I simply didn’t want to have to work for someone else and I was determined to start building a company now so I didn’t get trapped in the rat race!

I looked up every side hustle you could imagine on Youtube, but ultimately nothing stuck with me! Then in my Sophomore year of college, I read the book Rich Dad Poor Dad and my eyes opened to this thing called “Real Estate.” 

Discovering “real estate” felt like I was discovering the gold rush, it was the light bulb moment… …until I realized that I didn’t have a lot of money, a great credit score, and real knowledge of real estate!

So I “talked the talk” for over a year. 

Trying to figure out how to finagle my way into my 1st property, with no success… 

👎 I was feeling discouraged, I thought:

👎 I had to have a lot of money to get started

👎 I felt like I was too young to actually make any money with Real Estate

👎 I thought I needed to have a perfect credit score to get started

Until I met a mentor of mine who showed me the ropes!

With their help, I ended up buying 6 properties while still in college, and built the foundation of my Airbnb co-hosting biz!

✅ I learned the power of having a mentor so I didn’t have to recreate the wheel

✅ My limiting beliefs went away

✅ I turned the past year of “talking the talk” into “walking the walk”

✅ I learned the power of relationships and your network

After a while, I realized that I needed an income stream that I could scale quickly without taking over my life… 

That’s when I discovered Co-Hosting!

I started with 1 Airbnb property and scaled my co-hosting biz to 30 units in just 10 months!!

Not long after that……

🔥 I was able to work from anywhere in the world while my Airbnb income consistently increased

🔥 I was able to achieve my dream of having a successful business and decided to drop out of college to work on my biz full time!

🔥 I have students young and old that are doing the same because of my coaching

🔥 Life is almost like I am dreaming while awake! 

I have to pinch myself sometimes to make it feel realIt’s all been a bit of a whirlwind… 

If I can leave you with anything that might help you succeed…

I will leave you with this.It is definitely hard work to make money in real estate and build a 6-figure co-hosting business, make no mistake about it…

But the good news is…

The process, the method, and the system are easier than you think.

All you need to do is learn the foundations of Co-Hosting Airbnbs!

👍 Learn how to find owners who NEED your co-hosting service

👍 Learn how to setup a property from ANYWHERE in the world!You can do this by Leveraging systems and a team

👍 Learn how to manage properties from ANYWHERE in the world!

👍 Leveraging systems, software, and people!

👍 Scale, Scale, Scale!

Follow these core 4 and you’ll get there before you know it.

Don’t give up,

-Bailey

 I am a witness. I've connected with @Bailey Kramer several times and even had an honor to feature him on my podcast, he's the real deal. Very proud to see another young practitioner taking strides and control of his life and freedom. Well done brother!