Episode Details
Back to Episodes
Don't Start an Airbnb Business, Buy One
Description
As Airbnb entrepreneurs who help people start and scale their own short-term rental companies, you may be surprised to hear that, right now, we don’t think you should start a STR business.
You should buy one.
There's value creating your own hosting business. If you’re brand new to the industry, it’s a good place to start.
But if you’re an experienced host with funding, you can create wealth by taking over another business and increasing its value. So, what does that look like?
This episode of Get Paid for Your Pad, Eric and I sit down to discuss the opportunities we see in buying an Airbnb business rather than starting one from scratch.
Listen in for insight on where to find vacation rental businesses to buy and learn how YOU can acquire and then increase the profits of existing Airbnbs!
Topics Covered
Why we’re taking over an existing Airbnb business
- Save money on operations to increase profits
- Improve guest experience, property value
Eric’s insight on raising money through investors
- All based on NETWORK
- Invest in PEOPLE and IDEAS
What investors are looking for
- Rule of 7 (7% return doubles $ every 10 years)
- Strong relationship makes risk manageable
Eric’s advice to someone who doesn’t have a network
- Focus on one social platform, e.g.: LinkedIn
- Surround self with people in industry
- Be patient
STR market opportunities
- Management model to generate cashflow
- Scale quickly and bring investors into pipeline
- Buy older STR businesses in secondary markets
How to find existing vacation rental businesses
- Choose market carefully
- Become part of community (network)
- Share your vision, ask for properties
Resources
Rich Dad Poor Dad by Robert T. Kiyosaki
The Psychology of Money by Morgan Housel
Review Get Paid for Your Pad on Apple Podcasts
Email jasper@getpaidforyourpad.com
Sponsor
Hostfully [Discount Code PAD]
Hosted on Acast. See acast.com/privacy for more in