{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"<iframe src=\"https://embed.acast.com/$/5afc793a028014b853c89db4/5ee6d4ae4b887c2e7b1a464e?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":"How to Invest and Run Multiple STR Units in Different Markets","description":"<p>Is it too much trouble to manage multiple short-term rentals (STRs) in different markets? If you have the opportunity to invest in Airbnb properties, but you know you’d have to run the units remotely, there are tactics and tools you can use to make the job easier.</p><p>Karen Chenaille is the real estate investor and vacation rental host behind <a href=\"https://www.stargazerstays.com/\" rel=\"noopener noreferrer\" target=\"_blank\">Star Gazer Stays</a>, a STR business with properties in Vermont, Tennessee, Mississippi and Florida. She is also an active member of our <a href=\"https://training.strprofitacademy.com/\" rel=\"noopener noreferrer\" target=\"_blank\">STR Profit Academy</a> and works full-time as a program manager for a Fortune 500 defense contractor.</p><p><br></p><p>Today, Karen joins me to explain how she grew her portfolio to 11 properties, discussing what she looks for in a STR market and how she manages those units remotely. She shares her experience as a host through COVID-19 and describes how <em>Profit First </em>helped her build the cash reserves to navigate the crisis. Listen in for Karen’s insight on leveraging a CEO mindset as you expand your STR business and learn what tools you can use to run multiple Airbnbs in different markets!</p><p><br></p><h3>Topics Covered</h3><p><br></p><p>How Karen grew a portfolio of 11 STR properties</p><ul><li>Use extra space in own 5BR house</li><li>Added condo near ski resort</li><li>Sold convenience store to expand</li></ul><p><br></p><p>What Karen looks for in a STR market</p><ul><li>Vacation rentals have been around long time</li><li>Local governments pro-STR and make money</li></ul><p><br></p><p>How Karen finds cleaners + maintenance staff in new markets</p><ul><li>Stay in local Airbnb, contact host/cleaner</li><li>Ask for referrals from local realtor</li></ul><p><br></p><p>The benefits of using Wi-Fi locks for self check-in</p><ul><li>Only valid for period from check-in to checkout</li><li>Know what’s going on and stay in control</li></ul><p><br></p><p>Karen’s vision for the future of her STR business</p><ul><li>Grow Airbnb revenue for next six to eight months</li><li>Decide whether STR can be main source of income</li></ul><p><br></p><p>Karen’s experience as a host through COVID-19</p><ul><li>Lost $20K in five days on Tennessee properties</li><li>State of Vermont blocked calendar through 7/1</li></ul><p><br></p><p>What bookings look like for Karen now</p><ul><li>New properties in Florida booking like crazy</li><li>Tennessee Airbnbs picking up (at higher rates)</li><li>Guests choosing drive-to destinations</li></ul><p><br></p><p>How Karen applies the principles of <em>Profit First </em></p><ul><li>Pay yourself and taxes first, then use rest to operate</li><li>Narrow down and prioritize expenses based on ROI</li></ul><p><br></p><p>How Karen built the cash reserves to survive COVID</p><ul><li>Leverage <a href=\"https://www.youneedabudget.com/\" rel=\"noopener noreferrer\" target=\"_blank\">YNAB</a> cashflow management tool</li><li>Set aside money to pay off expenses in 10 months</li></ul><p><br></p><p>How Karen is implementing the CEO mindset</p><ul><li>Only do things good at, outsource rest</li><li>Develop systems + use automation when possible</li></ul><p><br></p><p>Karen’s advice for STR hosts</p><ul><li>Don’t feed into hysteria and panic</li><li>Still much opportunity in STR space</li></ul><p><br></p><h3>Connect with Karen</h3><p><a href=\"https://www.stargazerstays.com/\" rel=\"noopener noreferrer\" target=\"_blank\">Star Gazer Stays</a></p><p><a href=\"https://www.facebook.com/StarGazerStays/\" rel=\"noopener noreferrer\" target=\"_blank\">Star Gazer Stays on Facebook</a></p><p><a href=\"https://www.airbnb.com/users/show/83363213?fbclid=IwAR3yMWM7dGvk_vYfyjJHjN03a_Wrx9p681kOJYYFVNcLT7T5tZBlIxuXspE\" rel=\"noopener noreferrer\" target=\"_blank\">Karen on Airbnb</a></p><p><br></p><h3>Resources</h3><p><a href=\"https://www.strprofitacademy.com/welcome\" rel=\"noopener noreferrer\" target=\"_blank\">STR Profit Academy</a></p><p><a href=\"https://www.amazon.com/Get-Paid-Your-Pad-Maximize-ebook/dp/B00MXSLEIO\" rel=\"noopener noreferrer\" target=\"_blank\"><em>Get Paid for Your Pad </em>by Jasper Ribbers and Huzefa Kapadia</a></p><p><a href=\"https://noiseaware.io/\" rel=\"noopener noreferrer\" target=\"_blank\">NoiseAware</a></p><p><a href=\"https://www.remotelock.com/\" rel=\"noopener noreferrer\" target=\"_blank\">Remote Lock</a></p><p><a href=\"https://turnoverbnb.com/\" rel=\"noopener noreferrer\" target=\"_blank\">TurnoverBnB</a></p><p><a href=\"https://www.amazon.com/Profit-First-Transform-Cash-Eating-Money-Making-ebook/dp/B01HCGYTH4\" rel=\"noopener noreferrer\" target=\"_blank\"><em>Profit First </em>by Mike Michalowicz</a></p><p><a href=\"https://www.youneedabudget.com/\" rel=\"noopener noreferrer\" target=\"_blank\">YNAB</a></p><p><a href=\"https://quickbooks.intuit.com/\" rel=\"noopener noreferrer\" target=\"_blank\">QuickBooks</a></p><p><a href=\"https://mikemichalowicz.com/podcast/\" rel=\"noopener noreferrer\" target=\"_blank\">Mike Michalowicz’s Podcast: Entrepreneurship Elevated</a></p><p><a href=\"https://www.amazon.com/Clockwork-Design-Your-Business-Itself-ebook/dp/B078GDX7BP\" rel=\"noopener noreferrer\" target=\"_blank\"><em>Clockwork </em>by Mike Michalowicz</a></p><p><a href=\"https://www.amazon.com/4-Hour-Workweek-Escape-Live-Anywhere/dp/0307465357\" rel=\"noopener noreferrer\" target=\"_blank\"><em>The 4-Hour Workweek </em>by Timothy Ferriss</a></p><p>Email <a href=\"mailto:jasper@getpaidforyourpad.com\" rel=\"noopener noreferrer\" target=\"_blank\">jasper@getpaidforyourpad.com</a></p><p><br></p><h3>Sponsor</h3><p><a href=\"https://www.hostfully.com/\" rel=\"noopener noreferrer\" target=\"_blank\">Hostfully</a></p>","author_name":"Freewyld Foundry"}