Today, my business partner Eric and I are focused on buying property and building a hospitality brand. We also run a short-term rental mastermind as well as the Legends X coaching program.
But we started just like everyone else, hosting a single property on Airbnb.
And the reason why we can teach at such high level is because we’ve been through it all ourselves. We’ve run into challenges, made mistakes, figured out how to problem-solve and move forward.
On this episode of Get Paid for Your Pad, Eric explains how he got started with Airbnb, walking us through his transition from house flipping real estate investor to short-term rental entrepreneur.
He describes what inspired his vision to build an online business in the real estate space, how he discovered the opportunity in STRs and why he pivoted from rental arbitrage to a management model.
Listen in as Eric shares his craziest guest experience and learn how you can benefit from our mistakes and scale a STR business of your own!
Topics Covered
Eric’s background in real estate investing
- 10 years of raising money to flip houses
- Added Section 8 apartment buildings
Eric’s introduction to being a digital nomad
- Met John Lee Dumas 7 years ago
- Vision for online business in real estate
Eric’s move from New Jersey to San Diego
- Built network of entrepreneurs in CA
- Room at Epic Entrepreneur House
What inspired Eric’s focus on short-term rentals
- Met STR entrepreneur as Airbnb guest
- Realized could automate with tech
Eric’s first Airbnb property in San Diego
- Opportunity to lease 2BR in La Mesa, CA
- Made $2K profit in first month
Why Eric pivoted away from an arbitrage model
- Learned ups and downs of market in crash
- Recognized leasing too risky to scale
The power of the management model
- Managed vacant units for HNWI as STRs
- 3X revenue of leases without paying rent
- Use profits to buy property, build wealth
What Eric would do differently if he could go back
- Focus on building portfolio in single market
- Stick to one business model, property type
How Eric dealt with challenging guests early on
- Recognize where failed and solve problem
- Grow as person, make better decisions
Resources
John Lee Dumas of Podcasters’ Paradise
Eric on Get Paid for Your Pad EP175
Review Get Paid for Your Pad on Apple Podcasts
Legends X Short-Term Rental Accelerator
Email jasper@getpaidforyourpad.com
Sponsor
Hostfully [Discount Code PAD]
