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 podcast got a super sexy topic for you this week maybe the most exciting out of the almost 90 episodes that we’ve had so far yep this week we’re talking about flooring okay I’m kidding obviously not the sexes topic it’s obviously not the most fun topic but it is a super important one why because we have flooring and all of our properties so I am currently changing flooring and a couple of my rentals and so I wanted to bring up this topic and some of my recommendations and things to consider for changing our flooring and one of our short term rentals or for putting in new Flooring so stay tuned let’s jump right in. There’s gonna come a time where we need to change our flooring right because he wears out not all flooring last forever although I do have properties in over 100 years old and they still have the original hardwood so this leads me to my favorite flooring options I’ve got 3 of them I am one of them is hard wood because it can be re sanded it can be resurfaced it can be sustained to change the color and so it’s very durable and can last a lifetime so I really really like hardwood floors special in these older properties it just gives it a ton of character so that’s a really good option but it’s not the cheapest right 2 of my other favorites one is going to be tile and tile is great but it doesn’t fit all applications right if you put Thailand a whole property well it might not feel as warm and of course this depends on the tile there’s so many options at so many different price points that it’s really hard to break down but I really like tile because it’s durable and a lot of times we’ll see this in mud rooms or entryways places where we are gonna have more water dirty shoes and things like that so I think it’s always pretty good in those entry places a third option these are my top 3 saw hardwood floor tile and then vinyl plank and if you haven’t heard of vinyl plank before it’s probably one of the most popular options it’s popped up in the last few years because there’s some really good affordable prices the application the installation can go over existing flooring it depends on the type of flooring obviously if it’s not a smooth than even underneath then you’re gonna have to fix that first but there’s 2 different types of vinyl plank foreigners like at the click in. The type which you see if with a lot of engineered hardwood and then there’s the glue down vinyl plank and it’s a really good affordable option there’s lots of different colors to really brighten up your rental but the thing I like about all 3 of these options is that they’re easy to clean and with short term rentals this is something that we need to be cognizant of it’s super important if we don’t have clean floors if they don’t look clean and we’re not gonna have good reviews people are gonna look at the flooring and think of you know if that doesn’t look clean then they start looking at other things and pretty soon you’ve got I guess it just doesn’t happen they’re not having a good experience so those are my top 3 favorites the question comes up wind should we change our foreign well are you getting negative reviews about your flooring is it hardwood floor that maybe has ran its lifetime in it can’t be resurfaced anymore or there’s a few places where it’s messed up if you’ve got carpet in there think that’s probably the first type of flooring to go and buy because it gets stained and there’s only so many times you can clean it I would say that carpet adds a whole kind of cozy sense to our rentals and so it’s nice to have but we want to have a whole floor is carpet instead we can add area rugs and some of the the better ones you might find some exterior area rugs they’re gonna hold up a lot better but you can Adam over your tile or hardwood flooring or vinyl plank it’s going to give a little more warmth a little more coziness to your rental just as an option but remember you’re going to have to clean those rugs also and they do get stained so those are my top 3 I would say in terms of cost well that is just across the board there’s so many options these days which is great but also makes a little more hard to decide. Good news everyone travel is coming back and so I’m super excited to announce our next upcoming live event takes place in Memphis Tennessee it’s gonna be July August 30 first an incredibly jam packed weekend packed with info and all the tools and all the resources and all the procedures that my team and I have put in place to manage over 15000 guests as you guys know I’ve acquired a multi $0 portfolio across several cities across several countries and I’m really excited to share everything with you guys everything I’ve been doing to acquire these properties to set him up like a pro and to operate them as passively as possible it’s going to be a ton of fun you’re gonna learn a ton and I really hope to see there all be flying back from Colombia and you can find out more information by heading to rest methods.com to save your spot there is limited space because we’re gonna be going through some my actual properties the last one sold out so I really hope you guys can make this one a look forward to seeing you in Memphis. I like to use a floor in the can be combined with a lot of different furniture options to something not too dark and not too light very neutral there’s tons and tons of good options depends on where we are in the states for where we are in the world no when it comes insulation tile if you didn’t have time to begin with for replacing tile that takes the most work right you’ve got to make sure the services super level otherwise your tiles are gonna crack if they get put down you’ve got to grab them and you got to put the mortar underneath and so that’s that’s gonna be a lot of work hard road course can also be a ton of work vinyl plank is the easiest and so that’s what we’ve been gone with recently for a lot of my properties just because it’s easier and it’s faster and that faster point brings up another good point if we have a rental it’s already furnished and are already operating as a short term rental well then we need to make sure we block our calendar for enough time and don’t block it for too short we want to give ourselves some cushion because these things always tend to take longer than we expect or want them to take so make sure you’re blocking your calendar for a long enough period of time but you also get a considering going to put the furniture right if we had a whole house full furniture we got a whole living room if only changing room or something like that we’ve got to have a place to put it so consider that that’s gonna take a little bit of work as well the other thing we want to consider with Florian is how long it’s gonna last for we’re in this for the long run right we’re building wealth that’s why we’re investing in real estate real estate is made more people wealthy than any other asset class in the United States and probably the world I would argue so amazing amazing amazing wealth builder and we want to have materials in our properties are gonna last for a long time so don’t go too cheap if if if it’s not gonna last long you know different laminate flooring hardwood flooring. Has different thicknesses don’t get the finished one you know people can feel this too you know when they’re walking so just remember that not the Florian’s really gonna shape our environment you know let’s say we walk into a at an old school rental in Paris that has flooring that’s 400 years old giant wide oak plank flooring that can have some Nixon and scuffs in it and and that’s still going to work because it fits the property right but if that is what flooring in the 19 eighties or 19 nineties property and it’s got scuffs and dings in it well people are just going to think that it’s dirty and and not well maintained so we got to make sure that our flooring fits our environment remember that whatever type of flooring we added and changes the way that we feel when we walk into the space so I would say tiles got more of like a kind of colder feel especially if you don’t have any area rugs or anything on top of it hardwood can be a little more cozy same with vinyl plank so just keep that in mind Florence super important I know this wasn’t the most fun topic but it’s something that’s going to come up we’ve got to change our flooring at certain times so let’s go with something that’s gonna last for a long time let’s consider the time that it’s going to take to change. The Florida property if it’s already operating that’s super important and we don’t want to cut herself short so until next time you’re going through a renovation project keep these things in mind and I will see you next time take care and have a wonderful day. There’s so much money to be made the short term rentals but it all starts by having the right property if you guys haven’t yet seen my free ebook on our website rest methods.com head over there and get a copy it’s going to break down what I look for in a property in some great short cuts so that you don’t have to spend hours and hours researching at over rest methods.com and you can grab your free copy there if you want a crash course in everything I’ve really learned to short term rentals in over 5 years managing over 15000 Gasol recorded on our last live event I am happy to say we broke it down really nicely into a bunch of different modules that you can watch at your own pace it takes you from start to finish finding a property we talk about analyzing the property but then also some of the more important pieces how to find your team and how to set up everything so that you can run your operation is passively as possible and free up your time you can find that it rests methods.com forward slash virtual.

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