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How Eric Got Started with Airbnb
Description
Today, Eric and I are focused on buying property and building a hospitality brand. We also run a Short term rental mastermind as well as the Legends X coaching program.
We started just like everyone else, hosting a single property on Airbnb.
And the reason why we can teach at such high level is because we’ve been through it all; Run into challenges, made mistakes, figured out how to problem-solve and move forward.
On this episode of Get Paid for Your Pad, Eric explains how he got started with Airbnb: his transition from house flipping real estate investor to STR entrepreneur.
He describes what inspired his vision to build an online business in the real estate space, how he discovered STRs and why he pivoted from rental arbitrage to a management model.
Listen as Eric shares his craziest guest experience and learn how you can benefit from our mistakes and scale a STR business of your own!
Topics Covered
Eric’s real estate investing background
- 10 years raising money to flip houses
- Added Section 8 apartment buildings
Eric’s introduction to being a digital nomad
- Met John Lee Dumas 7 years ago
- Vision for online business in real estate
Eric’s move: New Jersey to San Diego
- Built network of entrepreneurs in CA
- Room at Epic Entrepreneur House
What inspired Eric’s focus on STRs
- Met STR entrepreneur as Airbnb guest
- Realized could automate with tech
Eric’s first Airbnb property in San Diego
- Opportunity to lease 2BR in La Mesa, CA
- Made $2K profit in first month
Why Eric pivoted from an arbitrage model
- Ups and downs of market in crash
- Recognized leasing too risky to scale
The power of the management model
- Managed vacant units for HNWI as STRs
- 3X revenue of leases without paying rent
- Use profits to buy property, build wealth
What Eric would've done differently
- Focus on building portfolio in single market
- Stick to one business model, property type
How Eric dealt with challenging guests
- Recognize where failed and solve problem
- Grow as person, make better decisions
Resources
John Lee Dumas of Podcasters’ Paradise
Eric on Get Paid for Your Pad EP175
Get Paid for Your Pad on Apple Podcasts
Email jasper@getpaidforyourpad.com
Sponsor
Hostfully [Discount Code PAD]