Get Paid For Your Pad | Airbnb Hosting | Vacation Rentals | Apartment Sharing
How to Scale to 50+ STR Units Through Partnerships
In the competitive and fast-paced world of short-term rentals, partnering with investors can be a game-changer for scaling your business.
Partnering with investors is a great way to build up equity without getting a mortgage or investing your own funds.
However, successfully finding and partnering with the right investors can be daunting. Josh Kristoff and his team at Nomad Capital Ventures have successfully scaled to 50+ units through partnerships.
Josh is the Managing Partner of Nomad Capital Ventures, a real estate and property management company out of Jacksonville, Florida. He's participated in our Legends Mastermind and is currently in our Rising Stars Mastermind.
In this "Get Paid For Your Pad" episode, Josh joins me to explore scaling a short-term rental (STR) business to 50+ units through partnerships.
He'll share his expertise and his team's experiences in understanding the market, finding investors to partner with, and why setting clear goals is paramount. Plus, the most important thing investors look for in a partnership.
Listen in to hear Josh's experience with multichannel bookings (the good and the bad), the most critical factor in building the investor-operator relationship, and how you can get started scaling your STR business through partnerships.
- Josh shares what Nomad Capital Ventures does and how they successfully run four complementary businesses (with 7 kids in the mix)
- How Josh and his team use their network to find investor partnerships
- Josh shares his journey in learning about property management
- Why Nomad Capital structures their deals as a 506 B
- Josh shares the importance of having a clear understanding of your goals before entering the short-term rental business
- The importance of conducting sensitivity analysis against projections to ensure protection for both sides
- The most crucial factor for working with investors
- Why communication is vital to building investor/operator relationships and trust
- What a relationship entails from an SEC standpoint
- The delicate dance of multichannel bookings: Jason shares the benefits (and drawbacks)
Connect with Josh Kristoff
Nomad Hospitality on Instagram
Get Paid For Your Pad on YouTube
Subscribe to GPFYP on Apple Podcasts
568. Using boat rentals as additional revenue stream and a unique amenity on Airbnb30:07Learn more about the GPFYP VIP SUCCESS PROGRAM: https://getpaidforyourpad.com/VIPIn this podcast episode, Jasper Ribbers interviews Jimmy Schweitzer, the founder of James Vander Properties, who shares his experience of renting out boats on Airbnb. Jimmy started his Airbnb journey by renting out a room in his house, eventually transitioning to renting out lakefront properties in North and South Carolina. He explains how he incorporated boat rentals as an additional revenue stream and a unique amenity for his guests.Jimmy highlights the benefits of having boats available for guests, such as attracting more bookings and increasing the nightly rate by 10-15%. He primarily focuses on pontoon boats due to their ease of use and popularity among renters. Jimmy emphasizes the importance of safety, including having proper insurance, requiring signed waivers, and providing life jackets for passengers.The discussion also covers various ways to obtain boats, such as purchasing boats outright, partnering with boat owners or rental companies, or borrowing boats from others. Jimmy found success using Facebook Marketplace to purchase boats. He advises hosts to think creatively and consider adding unique amenities that differentiate their properties from competitors.Throughout the episode, Jimmy stresses the need for hosts to research local regulations and ensure they comply with all legal requirements when offering boat rentals.Overall, Jimmy's experience demonstrates how incorporating boat rentals into an Airbnb business can be a profitable and appealing option, enhancing guest experiences and setting properties apart from the competition.
567. I finally moved to San Diego!41:12
566. Starting an Airbnb business at the age of 2136:11
565. Cash flow based financing for short-term rental hosts39:00
564. How to manage regulatory STR limitations38:32
563. Most Common Host Questions Answered Part II30:14
562. Most Common Host Questions Answered Part I39:06
561. 2X your Airbnb revenue by elevating the guest experience41:42
560. How to analyze short-term rental acquisition deals49:03