What we're learning from buying our next Airbnb property

Many STR hosts have dreams of turning their Airbnb business into a real estate investing company. But what does it look like to buy a property for short-term rental? How, exactly, does the process work?Eric and I are currently in negotiations to buy an existing short-term rental business, including its four Airbnb properties and the land they’re on. And we’re learning a lot along the way.On this episode of Get Paid for Your Pad, Eric and I sit down to share what we’re learning from buying this Airbnb property, explaining why it’s crucial to start with a vision of what you want to build and be patient through the process.We walk you through our plan to improve the guest experience and increase revenue at the STR community we’re buying, eventually refinancing the property to build personal wealth and expand our portfolio. Listen in for insight around the top three reasons to build a STR hospitality brand and learn how you can turn your Airbnb hosting business into a short-term rental investment company.Topics CoveredWhy it’s crucial to manage your emotions when you buy real estateBuy on numbers, overpay when attached to outcomeMust be willing to let go (‘this or something better’)How to recognize if the STR brand you’re buying is a good dealValue in opportunity to upgrade guest experienceIncrease revenue right away with technology, systems Our plan to increase revenue at the STR community we’re buyingImprove experience, raise prices by 30% to 50%Costs stay fixed = profit doublesIncrease number of units from 4 to 14 income streamsThe beauty of investing in real estate for short-term rentalsIncrease value of property to refinance in futureReturn cash to investors, pay selves and buy more STRs How Airbnb hosts can become STR real estate investorsUse other people’s properties to build hospitality brandLeverage profits to invest in real estate for STRsOur top lessons learned from buying our next Airbnb propertyDevelop clear vision of what you want to buildBe patient through process vs. saying YES to everything The top 3 reasons to build an Airbnb hospitality brandLifestyle businessScale to sellGenerational company (wealth to pass on) Resources Get Paid for Your Pad on YouTubeLegends X Short-Term Rental AcceleratorEric on InstagramEric on TikTokSTR Legends MastermindHicksville Trailer PalacePatrick at EXSTR ApartmentsGet Paid for Your PadEmail [email protected] Sponsor Hostfully [Discount Code PAD] Hosted on Acast. See acast.com/privacy for more information.