Short Term Rental Riches

You may have heard of these little bugs. Little bugs that have the potential to wreak havoc on your short-term rental(s). Little bugs that only seem to come out at night like the boogie man! They’re what you think of when a bed just doesn’t look that inviting or when you get a random itch at night in an unfamiliar accommodation. Yes, this week Tim dives into his encounters with bed bugs! He’ll break down:

• Where do they come from? 
• How to get rid of them 
• Tim’s experience in one of his rentals
• How do you handle your guests… 

For more info on finding the best properties get our free guide and more at www.restmethods.com

If you want to learn more about Tim’s journey, email us at [email protected] for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”

Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.

Almost every real estate investor has been or will be involved with property improvements, repairs, or general maintenance at some point which means they’ve had to talk and deal with contractors. Tim is no exception. He has worked with almost 200 different contractors in different cities in the US and other countries! Tune in this week as we cover some basic rules you NEED to follow:

• 3 tips for getting good estimates from contractors
• 3 tips for working with contractors
• How to ensure you’re not getting ripped off
• A recent example where Tim saved over $20,000 for one job
• How to find good contractors

For more info on finding the best properties get our free guide and more at www.restmethods.com

If you want to learn more about Tim’s journey, email us at [email protected] for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”

Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.

Covid-19 has had tremendous effects on the whole world. Many of those effects have been obvious but there are few underlying changes that could potentially have a big impact on our housing supply and demand. When the supply and demand changes so does the price of each individual market. Tune in this week as Tim discusses a few Covid impacts you may not have considered such as:

• What happens if roommates get their own place?
• Divorces
• A baby boom?!
• Seeking more home space for office 

For more info on finding the best properties get our free guide and more at www.restmethods.com 

If you want to learn more about Tim’s journey, email us at [email protected] for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”

Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.

There’s no doubt about it, your properties will require maintenance. Broken glasses, scuffed walls, stains on rugs, etc. Let’s take a deeper dive into your rentals and expected maintenance in the long run: 

• Top 3 things that will cause damage
• Luggage racks
• Airbnb prevents users from booking under the age of 25 (without 3 positive reviews)
• Blocking the calendar for routine maintenance
• The danger of getting behind!

Refer to Episode 12 on budgeting for furniture and Episode 18 on having reserves to cover those costs. Episode 24 for our recommended house rules to protect you from any potential damage.

For more info on finding the best properties get our free guide and more at www.restmethods.com

If you want to learn more about Tim’s journey, email us at [email protected] for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”

Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.

Is there anything anymore that doesn’t require a password? Not really. From banking to your Kindle account and everything in between - you can’t access it without a username and password. It’s not different for the short term rental industry. We have countless subscriptions  to manage and have consistent access, too. So, let's discuss some best practices this week. You can literally save days of your life by using one of these handy tools!

• What passwords you need for your STR
• How to manage them and some useful pointers
• Which one Tim personally uses 
• How to share them effortlessly with your team 
• Is it really secure to use one of these apps? 

The password app I use:

Keeper - www.keepersecurity.com

For more info on finding the best properties get our free guide and more at www.restmethods.com

If you want to learn more about Tim’s journey, email us at [email protected] for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”

Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.

Often when we hear about real estate it’s usually referring to housing and the places we live in. But real estate goes so much further than that! Changing the use of real estate (much like converting long term rentals into nightly rentals) is where value is created. Let’s broaden our horizons a bit in this episode as we discuss some of the likely “less conventional” uses for real estate and why we would change the use in the first place. 

• Trends leading  to changes in the use of real estate
• Are STRs increasing the value of our residential real estate? 
• 10 alternate uses for real estate you may not have thought about

For more info on finding the best properties get our free guide and more at www.restmethods.com

If you want to learn more about Tim’s journey, email us at [email protected] for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”

Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.

Often when we hear about real estate it’s usually referring to housing and the places we live in. But real estate goes so much further than that! Changing the use of real estate (much like converting long term rentals into nightly rentals) is where value is created. Let’s broaden our horizons a bit in this episode as we discuss some of the likely “less conventional” uses for real estate and why we would change the use in the first place. 

• Trends leading  to changes in the use of real estate
• Are STRs increasing the value of our residential real estate? 
• 10 alternate uses for real estate you may not have thought about

For more info on finding the best properties get our free guide and more at www.restmethods.com

If you want to learn more about Tim’s journey, email us at [email protected] for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”

Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.

We mentioned it before but now it’s official! Some of the world’s largest hotels are now using self check in. Tune in for a brief first hand encounter as Tim discusses his experience using keyless entry at the Bellagio Hotel in Las Vegas, Nevada compared with a more remote self check in at an Airbnb in the wine country of Northern California.

• Self check in in northern California wine country VS. the Bellagio by MGM Grand
• Why management will get easier as people get accustomed to less personal interaction

For more info on finding the best properties get our free guide and more at www.restmethods.com

If you want to learn more about Tim’s journey, email us at [email protected] for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”

Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.

Quite possibly the most intimidating piece of managing short-term rentals is the time involved. But how much time does it really take? Can you really make them passive? How much more involved is it than your traditional long term rental? Listen in this week as Tim breaks down the determining factors of how much time you can expect to spend managing your short-term rentals. He’ll give you the time he actually spends on his and how you can eliminate it ALL from the equation. 

• Not all rentals require the same amount of time
• Which factors have the biggest impact on management
• Importance of your team
• The STR evolution

[10:40] Tim explains how many hours he spends managing his STRs

For more info on finding the best properties get our free guide and more at www.restmethods.com

If you want to learn more about Tim’s journey, email us at [email protected] for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”

Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.

Perhaps one of the best tools ever for creating wealth for real estate investors is the section of the tax code 1031. This special little tax advantage lets us exchange property without paying the taxes on our capital gains! You have to be strategic with this one but it is a fabulous tool. Tune in this week as Tim breaks down some of the details and gives you his experience on past exchanges he has completed.

• The basic rules
• Using an intermediary
• Identifying and closing on the property
• Can you buy multiple properties in one exchange?
• What happens if you don’t use all of the exchange funds? 
• What’s a Reverse 1031 exchange?
• How much does it cost? 

For a potential 1031 intermediary check out http://www.exeter1031.com 

For more info on finding the best properties get our free guide and more at www.restmethods.com 

If you want to learn more about Tim’s journey, email us at [email protected] for a  free copy of the Amazon Best Selling book Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”

Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.