For short-term rental hosts in urban markets, the last few months have not been easy. So, how do you stay sane in such a stressful time? Mack Owen credits the network he has built through the STR Legends community (and a willingness to pivot) for his ongoing success in the vacation rental business.
Mack is the Founder and CEO of Day One Stays, an Airbnb management and luxury corporate housing company out of Seattle, Washington, that offers furnished apartments for 30-day stays. Mack got his start in 2013, and since then, he has developed an expertise in the master leasing model and scaled up to a portfolio of 100 units. In response to the pandemic, Mack is developing a real estate investing and property management company in a nearby secondary market.
On this episode of Get Paid for Your Pad, Mack joins me to explain how he built a STR empire in Seattle, describing what he did to pivot when the city introduced regulations and how he might do things differently if he could start over again. He reflects on how the STR Legends community helped him get through the Coronavirus crisis, sharing how the friendships he established at live events have proven invaluable in the last few months. Listen in to understand why now might be a good time for the master lease model and learn about the new business Mack is building in response to current circumstances!
Topics Covered
How Mack built a STR empire in Seattle
- Got start in 2013 using master leasing model
- Scaled to 100 units before regulations introduced
- Pivot to 30-day stays, downsize to 30 units in COVID
What Mack would do differently if he could start over
- Hire VA sooner to focus on maximizing revenue
- Structure deals differently
- Manage cashflow better in seasonal market
- Rach out to network to learn about land use
- Don’t cut corners on safety or professionalism
Why now might be a good time for the master lease model
- Rents lower, many units available
- Negotiating power shifted to renter
How Mack got through the stressful Coronavirus crisis
- Daily bike ride with daughter
- Phone calls with Legends community
- Start new company in secondary market
Mack’s experience at the STR Legends live events
- Incredible networking opportunity
- Learn about different models and get advice
- See deals in action (acquiring assets)
Mack’s vision for his new STR management company
- Acquire real estate in drive-to destination
- Manage units for other owners in market
Connect with Mack
Resources
Hicksville Trailer Palace on Instagram
Get Paid for Your Pad on Instagram
Get Paid for Your Pad on YouTube
Email jasper@getpaidforyourpad.com or support@strlegends.com
