{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"<iframe src=\"https://embed.acast.com/$/5afc793a028014b853c89db4/5de92535446232091b5cfe01?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":"The “Airbnb Mother-in-Law” Strategy Explained","description":"<p>You’ve probably heard of the mother-in-law apartment, a small suite on the same lot as a single-family home, where an in-law (or other family member) can live while maintaining their own privacy and independence. But what if you want to list an in-law property on Airbnb? Is it wise to list two units on the same lot as short-term rentals (STR)? Or is there a better way?</p><p><br></p><p>Kyle Stanley is an avid real estate investor and experienced STR host. He is also the host of the <a href=\"https://www.fearlessflipping.com/podcasts/\" target=\"_blank\">Fearless Flipping Podcast</a>, a show dedicated to helping listeners learn to flip houses and earn passive income with real estate. After buying a property with a secondary unit onsite, Kyle created the mother-in-law model to earn money on Airbnb and provide a unique opportunity for his long-term tenants.</p><p><br></p><p>On this episode of Get Paid for Your Pad, Kyle joins me to explain how he came up with the mother-in-law model, discussing how it can be a win-win-win for long-term tenants, Airbnb guests and property owners alike. He describes how to find willing onsite managers for mother-in-law units and the challenges of relying on an individual rather than a business. Listen in for Kyle’s insight around the current real estate market and learn whether the mother-in-law strategy makes sense for your STR business!</p><p><br></p><h2><strong>Topics Covered</strong></h2><p><br></p><p>How Kyle got into the STR space</p><ul><li>Unexpected expenses with first house in Scottsdale</li><li>Friend introduced to idea of renting room on Airbnb</li></ul><p><br></p><p>How Kyle expanded his STR business</p><ul><li>Moved back to California for dad’s health in 2016</li><li>Airbnb guests generally in town for business or family</li><li>Discovered income potential of renting whole house</li><li>Increased portfolio to five listings in Fresno</li></ul><p><br></p><p>How Kyle came upon the mother-in-law model</p><ul><li>Nervous about listing two houses on one lot on Airbnb</li><li>Idea to make one long-term rental with reduced rent</li><li>Serve as onsite manager/cleaner of Airbnb property</li></ul><p><br></p><p>The advantages of Kyle’s mother-in-law strategy</p><ul><li>Win-win-win for tenant, STR guest and owner</li><li>Increased profits from $1500 to $2500/month</li></ul><p><br></p><p>Finding a tenant who is willing to serve as onsite manager</p><ul><li>Stay-at-home moms + individuals looking for low rent</li><li>Consider fair wage laws, track time and offer bonuses</li></ul><p><br></p><p>How guests respond to having an onsite manager</p><ul><li>Make clear on listing to attract right people</li><li>Guests inclined to break rules unlikely to book</li></ul><p><br></p><p>The challenges of using the mother-in-law strategy</p><ul><li>Relying on person vs. business</li><li>Backup plan in place for emergencies, trips</li></ul><p><br></p><p>Kyle’s tips for replicating the mother-in-law model</p><ul><li>Choose onsite managers you trust 100%</li><li>Ensure that model makes financial sense</li></ul><p><br></p><p>Kyle’s insight around the current real estate market</p><ul><li>Likely 12-18 months away from downturn</li><li>All-in on special terms and arbitrage model</li></ul><p><br></p><p>How to approach a property manager about Airbnb</p><ul><li>Use FORM sales formula to make friends first</li><li>Explain how differ from other tenants (pros + realities)</li><li>One of every nine will say YES</li></ul><p><br></p><p>Kyle’s best advice for GPFYP listeners</p><ul><li>Access likeminded people and information</li><li>Do research to expand mindse</li></ul><p><br></p><h2>Connect with Kyle</h2><p><br></p><p><a href=\"https://www.fearlessflipping.com/\" target=\"_blank\">Fearless Flipping</a></p><p><br></p><h2>Sponsor</h2><p><br></p><p><a href=\"http://hostfully.com/2019report\" target=\"_blank\">Hostfully 2019 Report</a></p><p><br></p><h2>To subscribe to the podcast, please use the links below</h2><p><a href=\"https://itunes.apple.com/nl/podcast/get-paid-for-your-pad-airbnb/id901194206?l=en&amp;mt=2\" target=\"_blank\">Click Here to Subscribe via iTunes</a></p><p><a href=\"http://app.stitcher.com/browse/feed/51808/details\" target=\"_blank\">Click here to Subscribe via Stitcher (Android users)</a></p><p>If you like the show, please consider&nbsp;<a href=\"https://itunes.apple.com/nl/podcast/get-paid-for-your-pad-airbnb/id901194206?l=en&amp;mt=2\" target=\"_blank\">leaving the show a review in iTunes</a>or&nbsp;<a href=\"http://www.stitcher.com/podcast/jasper-ribbers/get-paid-for-your-pad\" target=\"_blank\">Stitcher</a>. A couple minutes of your time can help the show immensely! Thanks!</p>","author_name":"Freewyld Foundry"}