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How To Make BIG Profits With Short Term Rentals

Charles Blair
Charles Blair
Charles BlairOwner and Founder at Real Deal MeetUp & Page One Success

One of the Most talked about Real Deal Meetup Event presentations is now LIVE In FULL HD quality Video & Sound. http://bit.ly/ShortTermRentalsVideo Brittney Calloway "How To Make BIG Profits With Short Term Rentals. Over 3 1/2 hour of FREE Content, No BS, No Gurus Allowed http://bit.ly/ShortTermRentalsVideo

How To Make BIG Profits With Short Term Rentals

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How To Make BIG Profits With Short Term Rentals
What are Short –
Term Rentals
•A short-term residential rental host (“host”)
is a person that receives rent in exchange
for providing short-term (less than 30 days)
accommodations in a residential structure.
Why do the Short-
Term Rental
Strategy
2018 Movement of Shared Economy
“Get Paid to Share”
Min and Chad Hurin pose with their
Model X and Model S vehicles paid off from TURO
Ad

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How To Make BIG Profits With Short Term Rentals

  • 2. What are Short – Term Rentals
  • 3. •A short-term residential rental host (“host”) is a person that receives rent in exchange for providing short-term (less than 30 days) accommodations in a residential structure.
  • 4. Why do the Short- Term Rental Strategy
  • 5. 2018 Movement of Shared Economy “Get Paid to Share”
  • 6. Min and Chad Hurin pose with their Model X and Model S vehicles paid off from TURO
  • 7. Statistics for MD • Between June 1, 2016 and June 30, 2017, Airbnb collected and remitted room rental and transient taxes that added up to $468,000 in tax revenue for Montgomery County • Between June 1, 2016 and June 30, 2017 In the DMV in total it was 6.787,000 • A typical host in Baltimore earns about $2,200 on the low end and $7,500 on the high end monthly and receives guests about 60 (low) to 150(high) nights a year, according to Airbnb. Hosts are already responsible for paying income taxes on Airbnb earnings if they are booked more than 14 nights a year.
  • 8. Short-Term vs Long-Term • Short Term Pro Long Term Pro • 1. More flexibility 1. Consistency • 2. Less wear and tear 2. Less Turnover • 3. Higher rental income 3. There may be no need to furnish/No $ • 4. Tax breaks and deductions 4. Charge High Security Deposit • Short Term Con Long Term Con • 1. More turnover 1. Owner has less flexibility • 2. Not Guaranteed Income 2. Pay more in taxes • 3. More Competition 3. Lengthy process to find/evict tenant • 4. Too Many Things to Manage 4. More expensive/time consuming to market
  • 9. • The Internal Revenue Service says • the most common rental expenses are: • Management fees. Mortgage interest. Points. Property management fees. Rental payments. Repairs. Taxes. Utilities. • Advertising. Auto and travel expenses. Cleaning and maintenance. Commissions. Depreciation. Insurance. Interest. Legal and other professional fees. Local transportation expenses.
  • 10. • On average Airbnb, VRBO, Trip Advisor hosts have been able to pay on average 75% of their mortgage in a 7-10 year time span vs. traditional landlords who will pay on average 75% of their mortgage in a 20-25 year span - WallStreetJournal Fall2016
  • 11. How to find Short- Term Rental Properties
  • 12. Internet Direct Mail Other Strategies Landlord Squeeze Page Probate Bandit Signs Buyer Squeeze Pages Pre-Foreclosure Networking Events Seller Squeeze Pages Back Tax/Tax-Lien Door Hangers Primary Websites Free n Clear Wholesalers/Realtors/Contractors Facebook Business Code Violations House Banners Google Business Listings Divorce Bank/REO Google Ad Words/SEO Expired Listings Box Truck You Tube Non Owner Occupied Eviction Court Real Dealers?!?! How do you find deals???????
  • 13. How to do market analysis on your potential property?
  • 14. Helpers for Calculations • https://www.eliotandme.com/estimator • Data scientists at Silicon Valley start-up Eliot & Me launched an AI- powered calculator that takes into account more specific details to determine the most accurate renting price for your Airbnb listings.
  • 15. What is the difference between 6 figure earners vs 7 figure earners? • https://www.rented.com/rentalincomecalculator/ • 1 - Your Fixed Costs –Mortgage, insurance, taxes, is their biggest fixed cost. • 2-- Your Marginal Costs -Marginal expenses only occur when someone uses your unit. Cleaning, utilities, • 3-Your Managerial Costs This is the cost to make the venture worth your time. ☺ • EX: $1850 per month. Utilities typically run $150 for electricity and gas combined. My house cleaner charges $120 per cleaning. And let's throw in $50 for my oversight. Therefore my total cost = $71/day = (($1850+$150+$120+$50) / 30.5 days)
  • 17. The Riches are in the _______ with Short- Term Rentals
  • 18. Who would be your most profitable short term rental tenant and why?
  • 19. Studies show in order….. •1. Corporate Renters •2. Large Groups- 8-15 ppl •3. Insurance Claim Renters •4. Disability Renters •5. International Travelers •6. US tourists
  • 20. Steps to Building Your Niche • Check out the Government Services Administration website: Look up your GSA.gov local housing rate HERE. • Call companies in your area, hospitals, insurance companies, military bases, • Figure out what your niche likes: i.e miltary may like sleep machines, international travelers may like a map of the city, things to do
  • 21. Affiliate Market Your Niche •My Niche- International Travelers – How many ways do you think I made money of one property? • James Henson- Convention Travelers • Tremi Clark-Families for Hospital Members • Viola Brentwood- Insurance Clients
  • 24. • Step 1 –Do market research to determine if you have a good short term rental. • Step2 -- Identify your niche and all the sites associated with it • Step 2 – Identify the features/benefits that fit your niche • Step 3 – Furnish and Take Professional Pictures of your place • Step 4– Set up accounts, Come up with Catchy title, Description, Rules Regulations, Check in , Check out Policy, Budget Worksheets, • Step 5– Hire help if you need it in advance • Step 6- Market to every segment that you are in, SEO, Advertisements • Step 7-- Implement new profit centers Steps to get this off the ground
  • 25. But Brittney I work a 9-5 and can’t manage the property
  • 26. Automation Tools to Help • Guesty -Takes out per booking 5-10% • Channel Management- Have Va’s answer all of the inquiries 24/7 • Property Management Software • Autoresponders • Banana Desk- Small monthly $35.00 • Channel Management- Hire own Va’s to answer inquiries 24/7 • Property Management Software • Student Interns …Free.99 • Slybroadcast • Call Fire/Call Rail • Podio • Automatic Locks
  • 27. Who is the team? • Front Desk Manager (Depending on How many beds) • Cleaning Staff • Linen Service( Depending on how many beds) • Handy Man (property management) • VA- to answer inquiries • Lock Box Key Code
  • 28. But Brittney what about Airbnb police?
  • 29. Rules and Regulations for AirBnb/Short Term Rentals • The big debate is over your primary residence being used for Airbnb vs investment properties. • Washington DC/MD laws • This list is not exhaustive, but it should give you a good start in understanding your local laws. If you have questions, contact the Department of Consumer and Regulatory Affairs or other city agencies directly, or consult a local lawyer or tax professional. • Zoning Laws. The DC Zoning Code and Maryland Zoning Code contains definitions that may be relevant to your listing, including but not limited to “accommodations, transient,” “boarding house,” “hotel,” “inn” and “motel.” These types of uses are permitted only in certain parts of the city. • Transient Use Licenses. The DCRA provides this information page about the process for obtaining transient housing licenses. To obtain the proper transient housing license, you may first have to apply for a basic business license. • Get a Bed and Breakfast License • Get a Boarding House License • Get a Hotel License • Get an Inn and Motel License • Get a Rooming House License • Other Rules. It's also important to understand and abide by other contracts or rules that bind you, such as leases, condo board or co-op rules, HOA rules, or rules established by tenant organizations. Please read your lease agreement and check with your landlord if applicable.
  • 30. Rules and Regulations for AirBnb/Short Term Rentals • Taxes. The District of Columbia applies two taxes totaling 14.5% that apply to various transient accommodations. More information is available in the DC Code, Sections 47-2002 and 47-2002.02. Airbnb collects and remits these taxes in the District of Columbia; more information about that process is available here. • Montgomery County Guests who book Airbnb listings that are located in Montgomery County, MD will pay the following taxes as part of their reservation: • Montgomery County Room Rental and Transient Tax: 7% of the listing price including any cleaning fee and guest fee for reservations 30 nights and shorter. For detailed information, visit the Room Rental-Transient Tax Information page. •
  • 31. What documents do I need?
  • 32. Documents to have your Business in Check • SOP for the front desk manger, cleaning staff, delivery services, supplies you will need throughout the business • Rules and Regulations/Check-in Docs • Insurance Docs • License depending on what category your short-term rental falls in • Lease agreements if doing Rental Arbitrage (multiple leases at a time) • Business plan/Marketing Plan/ Calendar of weekly “To Do’s”
  • 33. Brittney I don’t have money to do the deal?
  • 34. Private Money Identify your potential lenders Understanding your lender needs Put together a STELLAR package (credibility packet; deal analyzer; financing request package; promissory notes;mortgage docs)
  • 35. Finding Lenders Researching and building cash buyers list Advertising in and researching investor group Conduct direct mail or email campaigns to lenders
  • 36. Private Money Part II Docs to have: Lease Agreement Preliminary Title Report Title Insurance Proof of Funds Proof of Insurance Promissory Note Mortgage Doc
  • 38. How quickly can I do this?
  • 39. Let’s Find Out • https://www.hostelculture.com/hostel/us/washington-dc/elite- sleep-365-
  • 40. Why do you have a coach?
  • 41. • It’s lonely at the top • Very few people can do the things I want to do • Need the Right Blueprint, Environment, and someone to help you along the way