Welcome to short-term rental riches will discuss investing in real estate but with a specific focus on short-term rentals quick actionable items to acquire manage and scale in your portfolio I’m your host Tim Hubbard.

Welcome back to the short-term rental riches podcast I was at the gym the other day I’m still down here in Brazil and I had just got on the treadmill and I was hit in the speed of getting ready to run popped my headphones in and they wouldn’t connect I’m Mike what the heck they just wouldn’t wouldn’t connect so then I looked down at my phone and my phone’s going into this weird mode where it just thank turn off it popped up to the screen that I’d never seen before and so I rebooted the phone and I started again and I popped up and I had this like old school das looking screen I use an android Google pixel by the way and I’ve never seen this screen before the phone’s amazing I love the phone and I was forced to reboot the whole phone I lost all my data and lost all my contacts I lost everything but it didn’t actually lose at all I have everything backed up right so wasn’t that big a deal but why am I telling this story how this happened 5 years ago it would have been challenging things would have been difficult I would I had to reach out to people to recover different that passwords and access to different things but I have everything backed up so for me it wasn’t a big issue but it got me thinking about this idea of breaking points and how stable is our business do we have weak spots with our properties with their short term rentals something that could maybe be small but have a big potentially negative impact so I want to talk about that this week some potential risks in the S. T. R. industry some weak points that you may have with your property that might leave you stressed out I want to finish the episode 2 with just a few points from a really good. And thought provoking book by Naseem Nicholas to lab if you haven’t heard about called anti fragile and it’s a really really interesting book on this topic so let’s just get right into a what ours potentially some weak points within S. T. R. business with the short terminal business or with your single property if you just have one well what if a housekeeper doesn’t show up and your gas is showing up. What do you do. As your gas going to have to cancel what if it’s a week long stay and it’s a really expensive reservation hopefully you have a backup plan was talked about that prior episodes but that could potentially be a weak point in your business and maybe it hasn’t happened yet so you haven’t taken the time to find that back up but you need to have those backups because when the time comes you don’t have it you’re gonna be losing money you’re gonna have unhappy guess you’re gonna have negative reviews and it’s just gonna be one hell cycle from there so make sure you have backups for your housekeeping it could be a professional housekeeper that’s likely the best option if you have one that you’re working with already maybe hired yourself but having multiple I recommend having 3 total so one the work with regularly and then to potential backups what if what if you have a manager running your operation and all of a sudden they just up and leave and you have no one to respond to your guests and they just kind of leave you high and dry hopefully that never happens but it’s possible it could happen right and so these are things that we need to be thinking about maybe a slightly less drastic one but for some people it might be a serious emergency one of the internet because now. We got to have a backup plan for that we lease out the letter our guests know that one ‘s very likely not going to break your business but just think about some of these things that could potentially really really impact your business impact your property and the more you think them through the more you think about any of these weak points or breaking points we can call them the more backup plans you have for them the less your stress level is going to be now maybe you’re not stressed out right now but I guarantee you if you have so many systems in place your sort of sub consciously going to be more comfortable you’re gonna be at ease more if you have more backup plan so those are just some really basic examples and now the bigger your operation gets the more fragile while it could become the more prone it could be too little breaking point because you’re gonna have more people working for you gonna have more properties in different areas so the more breaking points you’re going to have but there is a bright side to all of this. In one of these things happens when one these little breaking points happen happen something unexpected well we can learn from that and we can make our business better. I’m gonna stop right here for one quick second and ask you have you been enjoying the podcast well I hope so and if you haven’t already left this review I’d really appreciate if you could head over to iTunes or Spotify reverie been listening just leaves a real quick one did you know you can find a ton of resources for free all of our prior episodes in our videos on our website S. T. R. riches.com he didn’t know head over there and check it out one last thing if you find a lot of value in any episode in particular take a screenshot of it sentence one of your friends or send it to one of your family members we’ve talked to about short term rentals it’s going to help them it’s going to help you continue your journey that’s going to help us to continue growing our channel and getting good content back to yourself I want to thank you so much for listening and without further ado let’s jump back in. I want to talk about anti fragile the book by Naseem necklace to lab and in just give us a few. Really good thought provoking ideas that come out of that first of all anti fragile means it’s basically things that benefit from shocks they prefer volatility they get stronger with shock so let’s give an opposite example let’s take the U. S. economy for example things have happened right we just had code which was huge but we buffered all these impacts with a moon bunch of money that we printed from the central reserve from the that the fed printed so do you think our economies stronger because of them. Or is a weaker well I would go with the latter right we didn’t give the economy a chance to to heal some of these things on their own so you could think of it like a muscle right you go to the gym you work out you break those muscles down but they grow back stronger and bigger and so these are the things I can actually benefit our businesses benefit our short terminal operations when we uncover some of these breaking points but then we rebuild stronger he points out another flaw in the thinking too cold it was it was he has and still has been a huge huge impact on so many so many things right but he points out in in the book anti fragile that it’s flawed thinking to assume that. Our prior experience with negative events those negative and so the worst thing that can happen something else could happen right we can have a black swan event no I don’t want to be all doom and gloom on this this podcast I just want to get you thinking about any weak points you potentially have related your real estate business related your short term rentals or for that matter in your personal life as well things that maybe you have some breaking points in there that you need to throwing things through a little bit more so with all that said what do we do about this right wall my strategy has been diverse vacation so I’ve got properties multiple cities I’ve got properties and multiple countries and I have properties. Different all different shapes and sizes right now we don’t all have that luxury but the the point is we don’t want to put all of our eggs in one basket or at least I don’t some people say they do and they’re they’re more open to rest but I sleep better at night knowing that if something happens in one place it’s not necessarily going to affect everything so diverse vacation is a big stab at becoming anti fragile. So think about your business think about your properties where they’re weak points do you have employees helping you and if one of them were to leave for the last one for example what would you do would you be super stressed out or do you have a procedure in place to handle that so minimizing your wrists where you can buy thinking these things through and the great side to all this is remember when these things happen they break down our business the volatility the unexpected things like Coleman well we learn from them and we come back stronger just like our muscles after working out in the gym so think about that over the week thanks for joining me again and if you haven’t yet if you’re enjoying the podcast hopefully you are if you’ve listened to listen to this episode you’ve been listening since we started I can’t believe we’ve we’ve been doing this over 2 years now but you haven’t leave us a quick review on iTunes and Spotify helps other people find us help spread the word and help says keep creating content for you guys so until next week I hope you have a wonderful wonderful week and everything’s going well in your world C. St. I want to get on the fast track to financial freedom for short term rentals what all searching the properties you choir you want to make sure that you acquired the right properties I want to give you my you doctor will show you how to do just that there is no charge to my gift to you for being one of our subscribers just go to rest methods.com that’s R. E. S. T. message.com.

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