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Special Quickie Ep: Will Coronavirus kill your business? Or make it stronger?
Description
Myka records a solo episode on March 11, 2020, as the coronavirus pandemic begins shutting down short-term rentals across the U.S. South by Southwest just canceled, wiping out his Austin timeshare bookings, but his Arkansas properties are fully booked because travelers are driving to markets without international airports instead of flying to cities. He argues hosts should study which markets are still thriving, build direct booking channels to control cancellation policies instead of relying on Airbnb's extenuating circumstances clause, and use the downturn to load up on capital.
Myka shares his plan to buy a four-plex to move into and a six-unit-or-larger multifamily with investor partners, where each investor gets units deeded to their LLC, runs them as short-term rentals, and refinances in 12 to 18 months to pull the down payment back out while keeping the cash flow. He closes by predicting the pandemic will be over in three to four months and encourages listeners to treat the disruption as a learning opportunity.
Work with us. Interested in professional management or consulting?
Myka — Sharebnb: www.sharebnb.com
Steve — Argest Rentals: www.ArgestRentals.com
Sign up for PadSplit with Steve's link and get a free 1-on-1 PadSplit strategy call with Stevie Stacks: padsplit.com/hosts
Myka's other podcast, Entrepremarriage — building wealth without losing the marriage: youtube.com/@Entrepremarriage
All our links: linktr.ee/liveletthrive
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