Have you ever wanted to invest in vacation rentals aka AIR BNB's aka VRBO's? In this episode we spend time with Michael Hamilton, author of Vacation Rental Confidential. Mike is also the co-founder of Live Swell, a limited edition brand of coastal vacation properties. Live-Swell has a goal to help guests refresh from reality while sharing the mystique of the surfing lifestyle.
Mike has a ton of resources on his website live-swell.com for anyone looking to systemize their vacation rental business. Go check it out!
- 4:45 Mikes first ever real estate investing experience was with us, right here in Columbia SC! - 9:45 Noah shares the story of their first booking. -12:00 Is there a top market? What should investors look for? -14:32 Mike has a deal analyzer available on his website. It's great for running numbers on your vacation rentals. He didn't mention it but I know it's there because I got it from him. -15:40 There's a website called airdna.co that is awesome for analyzing your market for this strategy 18:00 Here mike talks about how he's separated himself from the competition. 32:54 What effects did Covid have on Mikes business. 37:00 Resources on on Mikes Website live-swell.com for beginners 41:47 Maria sighting! .
Here's a quick snapshot answer to the questions many of you were asking...Are there top markets and why? Different cities have visitors for different reasons. A great to look at this type of data is by using a website called airdna.co
How has Covid-19 affected business? There's a built up desire to go on a vacation and get away. We are seeing price increases. Also the real estate market in general is seeing values rise which is great for investors who own their properties.
How do you separate yourself from the competition? Mike and I talk about his "brand". Check out Live-Swell.com and take a look - lots of inspiring ideas. Also, with Covid it's important to boast about your properties cleanliness. What measures do you take to ensure that your guests are comfortable?
How to use airbnb to attract more long term tenants? When you have a guest book, ask them if they would be interested in coming in a day early or staying a day later at a discounted price for those days (if the dates are available). Also, mention in your listing that corporate or long term travelers are welcome! Longer term stays are great for markets like ours where people are coming in on business trips. Corporate travelers make up 75% of our short term tenants currently.