As Airbnb entrepreneurs who help people start and scale their own short-term rental companies, you may be surprised to hear that, right now, we don’t necessarily think you should start a STR business.
We think you should buy one.
Yes, there is value in creating your own Airbnb hosting business. And if you’re brand new to the industry, that’s a good place to start.
But if you’re an experienced host with access to funding, you can create wealth by taking over someone else’s business and increasing its value. What does that process look like?
On this episode of Get Paid for Your Pad, Eric and I sit down to discuss the opportunities we see in buying an existing Airbnb business rather than starting one from scratch.
We explain the process we used to take over an STR company in California, describing how to raise money from investors and what they’re looking for in a business or property.
Listen in for insight on where to find vacation rental businesses to buy and learn how YOU can acquire and increase the profits of existing Airbnbs!
Why we’re taking over an existing Airbnb business
- Save money on operations to increase profits
- Improve guest experience, property value
Eric’s insight on raising money through investors
- All based on NETWORK
- Invest in PEOPLE and IDEAS
What investors are looking for in a brand or property
- Rule of 7 (7% return doubles $ every 10 years)
- Strong relationship makes risk manageable
Eric’s advice to someone who doesn’t have a network
- Focus on one social platform, e.g.: LinkedIn
- Surround self with people in industry
- Be patient in process
Opportunity we see in the STR market right now
- Use management model to generate cashflow
- Scale quickly and bring investors into pipeline
- Buy older STR businesses in secondary markets
How to find existing vacation rental businesses
- Choose market carefully
- Become part of community (network)
- Share your vision, ask for properties
Hostfully [Discount Code PAD]