Mack Owen’s 7-Year STR Journey in Seattle

For short-term rental hosts in urban markets, the last few months have not been easy. So, how do you stay sane in such a stressful time? Mack Owen credits the network he has built through the STR Legends community (and a willingness to pivot) for his ongoing success in the vacation rental business.Mack is the Founder and CEO of Day One Stays, an Airbnb management and luxury corporate housing company out of Seattle, Washington, that offers furnished apartments for 30-day stays. Mack got his start in 2013, and since then, he has developed an expertise in the master leasing model and scaled up to a portfolio of 100 units. In response to the pandemic, Mack is developing a real estate investing and property management company in a nearby secondary market.On this episode of Get Paid for Your Pad, Mack joins me to explain how he built a STR empire in Seattle, describing what he did to pivot when the city introduced regulations and how he might do things differently if he could start over again. He reflects on how the STR Legends community helped him get through the Coronavirus crisis, sharing how the friendships he established at live events have proven invaluable in the last few months. Listen in to understand why now might be a good time for the master lease model and learn about the new business Mack is building in response to current circumstances!Topics CoveredHow Mack built a STR empire in SeattleGot start in 2013 using master leasing modelScaled to 100 units before regulations introducedPivot to 30-day stays, downsize to 30 units in COVIDWhat Mack would do differently if he could start overHire VA sooner to focus on maximizing revenueStructure deals differentlyManage cashflow better in seasonal marketRach out to network to learn about land useDon’t cut corners on safety or professionalismWhy now might be a good time for the master lease modelRents lower, many units availableNegotiating power shifted to renterHow Mack got through the stressful Coronavirus crisisDaily bike ride with daughterPhone calls with Legends communityStart new company in secondary marketMack’s experience at the STR Legends live eventsIncredible networking opportunityLearn about different models and get adviceSee deals in action (acquiring assets)Mack’s vision for his new STR management companyAcquire real estate in drive-to destinationManage units for other owners in marketConnect with MackDay One StaysMack on LinkedInMack on FacebookResourcesSTR LegendsRebecca Slivka on GPFYP EP352Noise AwareAutohostVRMAHicksville Trailer Palace on InstagramGet Paid for Your Pad on InstagramGet Paid for Your Pad on YouTubeEmail [email protected] or [email protected] Hosted on Acast. See acast.com/privacy for more information.