Short Term Rental Riches

As a real estate investor our goal is to acquire more properties leading to more cash flow and ultimately more wealth. But, as you continue to grow so does your bookkeeping! Even if you love math you may find yourself strongly disliking bookkeeping. It can be tedious and timely. QuickBooks offers a great solution to help streamline all of those expenses and keep you organized. How should you set it up? Tracking multiple properties? Listen in this week as Tim discusses a few tips he’s picked up along the way to help manage the income and expenses for all your properties! 

• How does QuickBooks online work? 
• Setting up multiple properties with one account
• Tracking your 1099 contractors
• Automatically syncing ALL of your transactions
• Sharing QuickBooks online with your accountant and bookkeepers

You can view pricing and details here: https://quickbooks.intuit.com/oa/online 

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.

Let’s face it, for those of us that live in the US we are living in one of the most litigious countries in the world. You’ve heard that you need to protect yourself and your properties, but what is the best way? Is it necessary to form an LLC in which to hold your property? There are multiple steps we can take to protect ourselves, but which ones are the right ones and when are they necessary? 

Tune in this week as Tim answers those questions and more! 

• A story to illustrate when we need extra protection 
• Having the basics: house rules, deposit, insurance, general liability policy, umbrella policies
• Forming an LLC and what you may not know 
• Are you being sued? 

To hear the episode on house rules tune in to episode 24 “Essential House Rules for your STR”

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.

Let’s face it, for those of us that live in the US we are living in one of the most litigious countries in the world. You’ve heard that you need to protect yourself and your properties, but what is the best way? Is it necessary to form an LLC in which to hold your property? There are multiple steps we can take to protect ourselves, but which ones are the right ones and when are they necessary? 

Tune in this week as Tim answers those questions and more! 

• A story to illustrate when we need extra protection 
• Having the basics: house rules, deposit, insurance, general liability policy, umbrella policies
• Forming an LLC and what you may not know 
• Are you being sued? 

To hear the episode on house rules tune in to episode 24 “Essential House Rules for your STR”

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.

Hotels have recognized the trends in travel and know that a huge majority of the market that was once their customers have moved to short-term rentals. This is evident in the way they have been developing new hotels, but the world and our current environment has pushed them even further! COVID-19 has now forced them to be more like short-term rentals! This is leaving hotels with many unused areas (pools, banquet rooms, buffets) and also a big hole in their bank account. Tune in as Tim discusses some of the industry changes and impacts of COVID-19.

• What a hotel used to be and what it is now
• Hotel’s lost revenue from unused spaces 
• COVID-19 impacts 
• Short-term rentals are nimble
• Customers “forced” to short-term rentals

Here is a link to Tim’s interview on The Real Estate Guys Radio. 

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 share it, like it, and subscribe! This helps us reach others that may find the info helpful as well!

We used to find them in paper formats, sometimes with the last guest’s wine stains or food crumbles mixed into the pages but times have changed! Guests want information at their fingertips. Providing a digital guidebook will make a huge impact on your guest experience, your reviews and the amount of time you spend on your business!

• It answers the basic questions (your guests will always ask)
• Easy images to direct guests how to use things
• GPS coordinates to find your property
• How to use email collection for marketing later on! 
• An easy way to prove that guests accepted your house rules

There really are too many things to list! Its very affordable and worth every penny for you and your guest. 

Tim uses and recommends Hostfully. You can get one guidebook for free and there are more plans that go up from there. He actually only uses a few guidebooks and tailors them to the building, not the specific listing, which is less to keep track of in the long run.

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 that Tim co-authored: “Resilience, Turning Your Setback Into a Comeback.”

There are many reasons why someone may attempt to book one of our properties for someone else (a 3rd party booking). Should we accept those reservations? We have to ask the guests (and ourselves) why would they be booking for someone else. Sometimes, these can be great reservations but sometimes they can be, well, not so great. Tune in with Tim this week as he gives you his experience and recommendations on 3rd party bookings: 

• Who exactly is making these types of reservations? 
• Airbnb work travel
• How can we protect ourselves? 
• What if we meet them at the property? 
• A common Craigslist scam :(

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 to financial freedom, email us at [email protected] for a free copy of the Amazon Best Selling book co-authored by Tim: “Resilience, Turning Your Setback Into a Comeback.”

How can we possibly handle so much information coming at us from every direction? The plans we have for our short term rentals, the markets we’re researching, the contacts in those markets, pros and cons from one neighborhood to another? We have to have a place to put all of that data and if you try to keep it in your head you will fail! (Or at least forget most of it)

Tim will discuss how to use a digital note system to store your ideas so your brain doesn't have to.
How fast is our data expanding?
Health benefits of having a "clear" mind
Available tools - What Tim uses and other options
Accessing your research from anywhere (on any device)
The GTD method by David Allen

[6:03] Recommended digital note-taking platforms: Evernote, Microsoft OneNote (works on Android & Apple)

[9:19] Get a summary of the The GTD method from David Allen: collecting, processing, organizing actions, reviewing and execution.

For info on finding the best markets and setting them as short-term rentals the right way check out 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 co-authored by Tim: “Resilience, Turning Your Setback Into a Comeback.”

There is more information available online than ever before and it's growing at an exponential rate but not all of it is credible. Not all of it is helpful. Not all of it is useful for your STR. This week Tim will give you his favorite learning resources and some points to consider: 

• Best podcasts
• Best YouTube channels
• Best Conferences Conferences 
• Mentorships

[3:07] Recommended YouTube channels: 

STR University (Richard)

Airbnb Automated

[6:48] Recommended Podcasts: 

Get Paid for Your Pad

Vacation Rental Success

[7:54] Recommended Conferences: VRMA, VRSS, HomeAway and Specific software conferences (Israel) REST methods event 

VRM intel Magazine: vrmintel.com (for an updated calendar of events)

With recent advances in technology we can build our “remote” team easier than ever (and there are more people in the remote working “pool” than ever before). The best time to higher a new team member is before you actually need them. There are numerous aspects to managing short-term rentals but almost all of them can be managed remotely! You can also take advantage of the differences in currencies and hire help at a fraction of the price but still with excellent skill sets. Hiring virtual or remote help is an essential step to managing our rentals as passively as possible. 

This week Tim will discuss: 

• The best time to hire new team members
• How remote work can help with your STR
• Where to find them
• How to hire the right one
• Tools to managing them from afar

Check out www.restmethods.com for more info

Book references:

“The One Minute Manager” by Ken Blanchard & Spencer Johnson

“Who: A Method for Hiring” by Geoff Smart & Randy Street

Find potential team members on www.upwork.com, www.fiverr.com or www.onlinejobs.ph 

Track your remote team with www.tsheets.com or www.hubstaff.com or Upwork’s built-in platform

The world has gone remote. More people are working from home than ever before. Will this uninvited “work from home” experiment debunk some employers' stigma that employees who work from home are not productive? I believe it will. A change in our normal work environment means a whole lot for commercial real estate and the short-term rental industry. In this episode Tim will discuss some of these potential changes and what it means for your short-term rental; 

• Just how many people are working from home? 
• More “extended stay” reservations from remote workers
• What do longer reservations actually mean
• Impact on commercial real estate

For more on Tim’s story on how he went remote email [email protected] for a free copy of the Amazon #1 best seller “Resilience”

For more resources on finding the best properties for short-term rental check out www.restmethods.com