In the short-term rental riches will discuss investing in real estate with a specific focus on short term rentals quick actionable items to wire. Scale your portfolio I’m your host Tim Hubbard.

Welcome back to the short-term rental riches podcasts excited everyone is here for another week and this week we’re going to answer some questions we’re gonna answer quite a few questions from you guys so this will be the first time doing this we do get lots of questions I usually try to bundle them up and put them in a podcast episode but there’s a lot of other ones that I’ve been coming in so I just wanted to take a chance to kind of do like a rapid fire Q. NA so I’m just going to read the questions that I got and give you my best dancers and hopefully it helps you out there because the reality is we usually don’t ask enough questions we kind of worked frankness when we were in school growing up right like no one want to ask a stupid question and that I’m guilty of that myself there’s lots of questions I’m sure I I never asked that could have been beneficial so hopefully this week we can answer some of those for you the first one is from bill and Mississippi if just getting started can we hire VA’s virtual assistants to help set up and run the automation like smart Airbnb in price labs or should we do this ourselves I’m trying to purchase my first one so smart BMB and that is a management software for short term rentals price labs is a pricing dynamic pricing tool for short term rentals specifically for short term rentals and my suggestion my answer to this question would be to set those things up yourself at least for your first property or your first couple properties but after that absolutely you can have your VA help you set up anything really as long as you’ve provided the training and the access to the tools you’re using so my VA’s help me. With all those types of things that’s a good question bill next question is from Austin and it’s about building your network he says Hey Tim currently I’m aggressively searching for my first property the biggest challenge I’m dealing with right now is not working my circle hasn’t yet reached out to the people I would like to have on my team I’d love to know a little bit more about how you would advise for a young real estate investor looking to get some skin in the game sincerely Austin this is a great question Austin because as you may have heard our network is our net worth and that really is true or at least a lot of that is true is it we get more more opportunities if we have a bigger network you know we can get more real estate deals we can learn of new lenders we can get all these resources we might not otherwise be able to get if we have a smaller network so that’s a great question and I think it’s very very important and my answer would be we just got to get in there so a great start listening to the podcast you know hopefully your checking out some YouTube channels and checking out some of ants in your area or virtual events but you gotta go one step further in that you really have to reach out to the people providing the content or on social media platform so you really have to reach out and you’d be surprised a lot of people are much more accessible than you might think they are so give it a shot I think you’ll find that you get some good feedback and it’s one of those things it just takes a little bit of time but at least acknowledging that it’s going to set you off on the right the right path so good question awesome next question comes from skip in Tennessee says quick operational question do you have one Netflix and YouTube TV account for multiple units are you setting up one account per unit it’s a good question so you tube and Netflix those are 2 different subscriptions and I both work a little differently. I don’t currently have a YouTube subscription our premium subscription for all of our properties but I do have Netflix and the Netflix account I believe allows for like 5 simultaneous users so I try to set up an account for each 5 or so properties the reality is that in those 5 properties it’s pretty unlikely that everyone’s going to be watching Netflix at the same time she might feel the stretch that use one Netflix account for a few more properties but I do think Netflix is really important I mean it’s kind of replaced TV right that YouTube so make sure you’ve got a smart TV at this next questions also from skip in its which mattress to Hughes this is a tough question because there’s not a one size fits all mattress read some people like a mattress it’s slightly firmer some like one that’s slightly softer but the one that we use almost exclusively is a queen size mattress off of Amazon and it’s made by zenith Z. I. N. U. S. it’s called a 12 inch so it’s 12 inches thick green tea memory foam mattress we get really good feedback on this again from the majority of all of our guests we can’t have a perfect matches for everyone unfortunately but this one ‘s worked out really well and I know personally I like it I sleep in a lot of these different rentals when I’m busy in the US and I really like it and it ships in a box it’s easy to get by the way we have this mattress and we have a lot of other favorite resources on our website rest methods.com under recommended resources so you can go there and check out the door locks we use a lot of software use other things we talk about on this podcast so great question skip. Next question from Wayne in Arizona says first congrats on the hundredth episode well thank you Wayne I found your web in our in your weekly podcast to be very helpful practical thank you for that since participating in your weapon are almost a year ago and now it’s 3 short term rental properties to local in Tucson and one in Michigan using an Airbnb co hosts so congrats Wayne that is very very good news glad you took the leap I bet you’re glad as well haha oops you the tools he suggested such as price labs smart BMB and their DNA have made this more manageable especially why I still have my full time job it’s all gone very well this now qualifying as Airbnb super host and generating nice profit so thanks once again for being a big part of this success all that leads up to this question what resources would you recommend for me to begin more direct bookings. So that is a good question direct bookings or bookings that we can take with our short term rentals directly so not through Airbnb not through VR BO in my answer to this question I think the easiest way to handle this is to use a management software platform and those management platforms like the one I use host away has a built in option to list your rentals online on your own website so that’s the easiest way and then he also asks how you can go back taking payments on that we use a credit card company called stripe and you want to link that directly into your management software and then if you get a direct booking it’s gonna it’s all going to sync up and just work pretty seamlessly now keep in mind if you’re taking direct bookings you don’t have the Airbnb host guarantee like you would have so you want to make sure you get a deposit you really that your gas well so you don’t have any issues popping up so great questions waning congrats congrats on getting several Runnels already that’s that’s great news Alec in Arizona he has a luxury type vacation rental and his question was I have an extra living room an extra space essentially that’s not being used it’s essentially a second living room should I add more sleeping space so this is a good question as well and I would say it depends so it depends on your type of rental depends on the type of gas you have coming so luxury rental I would be much more inclined to add more sleeping space because usually have families headed there on vacation so the more space the more opportunity you have to get your property booked now I experiment a lot with this with a lot of my smaller rentals and I found that sometimes the rentals too small you’re adding the extra sleeping space like on a sofa couch or something like that it’s kind of cramming too many people into a space that was just my experience. The more people you have in your property the more people you have to comedy to keep that in mind it could be a little more difficult on the management side. One thing you can do is charge an extra per guest fee over a certain amount so let’s say your vacation rental had spots for 8 to sleep and so but she wanted to add another spot maybe get a ninth in the tenth gas well you can advertise for 8 people and then charge an additional amount on your ninth and tenth guests and so that’s an option available in Airbnb so take a look at that good question now can congrats on the property next question from Michael Tim I’ve got to say you have the best resource out there I’ve run into I went through a few training sessions for short term rentals to get different perspectives and I’m so glad I ran in yours first. You have set the standard at delivering value thank you Michael the other 2 compared to your training just doesn’t compare I just wanna thank you from the bottom my heart because you’ve guided a good portion of my goals and businesses here you’re welcome Michael and that is great to hear question any tips on utilizing host fully guide books so Michael is referring to are R. as C. R. playbook that we added not too long ago on our our website breast methods I really do try to jam packed out with as much info as I can it’s actually a recording of the virtual event that we do and the next ones coming up so if you don’t get a chance to attend it live virtually we will have a copy and that’s what will become R. as T. R. playbook so it is jam packed as much as I can possibly fit in there. So his question says any tips on utilizing hopefully guide books I was attempting to do one guidebook for property but that would cost a lot I want to do that because each property is different instructions on entering into the property so that’s a good question end host fully is the guide book resource that I recommend it’s one that I use with all my properties. And I would say you know they do charge you per property now a lot of my properties are very similar they’re multi family properties so I might have 4 units that are pretty much identical I don’t send my check out instructions in the guidebook because those are changing with each gas and would just be a little too much hassle so I have a pretty generic information my guidebook but that’s still very helpful so it has all my favorite local recommendations that has information about parking for multiple units if they all happen to be in the same building or complex so I don’t have a guide book for every single property individually I do have a guide book available for any guests visiting that’s going to match their property but it’s not going to be as specific as having check instructions and stuff like that I would say this can save you a heck of a lot of questioning and it does make it very nice for your gas so if all your properties are totally different I would definitely consider just kind of paying a little extra money and having one guidebook per property self hopefully that helps answer question Michael and thanks everyone for all the questions we actually have a lot more so I’m going to do another episode and hopefully I can answer as many as they come in and bundled together we can keep keep doing these podcasts over the really good questions so thank you for sending them by the way we like to get the feedback and and you guys can check us out on YouTube now we’re on all the podcast platforms you can also find us on Instagram at at breast methods if you’ve got a question please don’t hesitate to ask it I can’t promise that I’ll get back to you right away but I do want to get back to everyone so until next time have a wonderful day. If you haven’t got a chance to come to one of our last 3 live events which were a ton of fun and we learned a ton while I’m excited to share the dates for next virtual event November 13 and fourteenth you can find out more information at rest methods.com R. U. S. T. methods.com we are going to jam pack those 2 pages full of information if you haven’t got a short term rental yet or if you have a few or if you have a lot you’re going to learn a ton in this weekend event we’re going to share everything that my team and I have learned managing thousands and thousands and thousands of gas we’ve learned a lot we’ll take it from start to finish requiring these properties will run some case studies I will use my property analyzer tool which also get if you join the virtual then we’ll talk about setting up the perfect online listing like approach to attract the most gas and then we’ll talk about operations and standard operating procedures and some of the tools that you can use to manage these properties as passively as possible but maybe what I’m most excited about is after sharing all that is answering your guises questions live I love hearing all the questions and we always get a lot of good ones so come join us November 13 and fourteenth for our next virtual event again you can check it out at rest methods.com look forward to seeing you there.
RELATED PODCAST EPISODES

• Episode 92: Luxury VS Affordable Airbnb? What’s A Better Investment
• Episode 21: Money coming your way and Industry Updates
• Episode 18: Having reserves for your short-term rental losses
• Episode 15: Have You Incorporated These in Your Rentals‪?‬
• Episode 08: How to Price Your Short-Term Rental Perfectly – EVERYDAY!