How to Buy Run-Down Motels and Convert Them into Airbnbs (Ep468)

How to Buy Run-Down Motels and Convert Them into Airbnbs (Ep468)

Francisco Arango is an old-school host with over 5000 5-star reviews on his combined Airbnb accounts. He reads and responds to all his feedback because he cares about his guests, learning from and applying it to improve his product and keep things top-notch.

Francisco joined me on the show back in 2018, and at that time, he was formulating his plan to begin buying run-down motels to convert into Airbnb’s. Currently, he and his team have 35 doors in operation, with 70 more rooms being rehabbed right now.

On this episode of Get Paid for Your Pad, Francisco joins me to share his experience working on these properties and the biggest lessons he’s learned along the way. He explains the journey to financing a business model of this type, the curse, and the blessing behind the Covid pandemic, and how he got his family involved.

He shares his unique approach to team building and the high value he places on his company’s culture. Plus as a member of STR Legends Mastermind he’ll share what he’s most looking forward to learning and his reason for joining the group.

Listen in for Francisco’s strategy for making his listings stand out, why he’s not concerned about a downtick in the economy, and his advice for entrepreneurs hoping to succeed in the Airbnb ownership model!

Topics Covered

  • Why having a plan and a vision is so crucial for your project
  • How the revenue from his renovated projects is helping him secure future financing
  • The one mistake a lot of entrepreneurs make in the Airbnb game
  • The one policy that has helped Francisco with contractors during this post-pandemic push
  • How to make working with architects and contractors more efficient
  • How Airbnb gets it right when it comes to the STR customer
  • How Francisco is empowering the members of his team to create a friendly can-do culture

Connect with Francisco Arango

Francisco's Profile on Airbnb

Francisco on LinkedIn

Resources

How to Manage and Train Your Cleaners (Ep252)

The Infinite Game

Chip Conley

The Power of Karmic Capital with Chip Conley

STR Legends Mastermind

Get Paid for Your Pad Newsletter

STR Profit Academy

Legends X STR Accelerator

Get Paid For Your Pad on Apple Podcasts

Email jasper@getpaidforyourpad.com

Sponsor

STR Legends Mastermind

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