In this video, I am talking about the Airbnb & Short Term Rentals Boot Camp. Over the past two years, as Airbnb has become more and more popular, we have seen many of our students transitioning to Airbnb & Short Term Rentals. You can earn 3 times the rental income (or more) than you would if you were renting the same property to a long term tenant. In hot tourist markets like Miami, you can earn even more.
One huge advantage of short term rentals is scalability. Once you have put your first Airbnb Short Term Rental on the platform, and know how to manage it (and have good reviews) it will be relatively easy for you to replicate the process by buying more properties and putting them on the platform as well. One key crucial component is your cleaning crew and making sure that the property is in great shape before every check in. Once you have a good crew in place, it is relatively easy to scale.
Another big advantage of short term rentals on platforms like Airbnb & VRBO is that the guest has to use their credit card for the deposit. This means that on every check out, the property can be inspected and any damages can be billed to the guest. This allows the owner of the property to keep their property in pristine condition. Compare that to the way long term rentals get treated by tenants. So be a good host and make sure your guests have a 5 star experience by checking your properties often and making sure that your cleaning crew is doing their job.
Some of our students have created financial freedom and have been able to quit their jobs because of the income that their Airbnb Short Term Rentals have created for them. My student Andy who is on the screen behind me in this video makes more than $50,000 a month from Airbnb and he is only 32 years old. Andy will be at the Airbnb Boot Camp sharing his knowledge as a super host on the Airbnb platform.
Watch this video to see Andy giving a walk through tour of one of his Airbnb Rentals in Miami that generates $800 per night:
Here is another Airbnb Rental video interview with Andy at another property:
Many of our students that purchased their first property to fix and flip have decided to instead pursue keeping the property and turning it into an Airbnb. I am personally converting some of my long term rentals and fix and flips into Short Term Airbnb’s. Converting a fix and flip is a natural fit, since the property is already completely renovated and just needs to be furnished before it can be listed on Airbnb. We are seeing more and more of our students do this as we recommend to them that they focus on financial freedom and building wealth as opposed to making a quick short term profit from a flip.
If you want financial freedom, just 1 Airbnb can replace your income from your job. One good Airbnb can generate $100,000 per year. Having 3 or 5 Airbnb’s will give you financial freedom for life. Make that your goal!
But when you are buying, make sure that you are buying at wholesale prices and purchasing properties at a discount that need to be renovated. If you are buying and putting down 20% or 25% you are doing it wrong. The goal is for you to buy at a discount, repair, rent, and then refinance. The only twist is that the rental part is simply a short term rental on Airbnb versus a long term tenant like the traditional BRRR Method.
The strategy is the same. The returns are 3 times higher (or more). And that is why buying a house at a discount, renovating it and then furnishing it and putting it into Airbnb is such a great strategy. Create cash flow and financial freedom by employing this strategy.
We also have students with Airbnb’s in other places that are less touristy that you would think may not do as well on Airbnb (but they do). We have students with Airbnb’s in places like Lehigh Acres, Palm Bay, Port St Lucie, and other places where you would think that they would not work well as short term rentals. But they do!
Many people simply prefer staying in a house instead of a hotel. And many people visit a town with their family and kids to see the grandparents, relatives etc. Those people prefer the comfort of a house. Many are traveling as a group and it’s more economical for the entire group to all stay together at one house than for them to get multiple hotel rooms.
Traveling nurses and executives also often prefer a house over a hotel and are willing to lock in longer term agreements of up to 90 days at a time. The rental income is at least 3 times higher than a long term rental.
Andy and some of my other students will be at the Airbnb Boot Camp sharing their experience with their Airbnb rentals. I hope to see you there!