How to Invest and Run Multiple STR Units in Different Markets
Summary
This article, from mid-2020, discusses managing multiple STRs in different markets, focusing on tools, mindset, and strategies to navigate challenges. It highlights how the host built a portfolio, shares insights gained during COVID-19, and offers advice for STR hosts to thrive. The episode features resources for revenue management and CEO mindsets for STR businesses.
Key Insights
- •The host grew a portfolio of 11 STR properties, leveraging opportunities such as extra space in their own house and acquiring a condo near a ski resort.
- •During COVID-19, the host lost $20K in five days on Tennessee properties, but new properties in Florida and Tennessee Airbnbs are picking up.
Action Items
- ✓Implement the CEO mindset: Only do things you're good at, outsource the rest. Develop systems and use automation when possible.Effort: mediumImpact: high
- ✓Apply the principles of Profit First: Pay yourself and taxes first, then use the rest to operate. Narrow down and prioritize expenses based on ROI.Effort: mediumImpact: medium
Tools & Resources
- →STR Profit Academy, Get Paid for Your Pad, NoiseAware, Remote Lock, TurnoverBnB, QuickBooks, Mike Michalowicz’s Podcast: Entrepreneurship Elevated, Clockwork, The 4-Hour Workweek: Resources mentioned include STR Profit Academy, Get Paid for Your Pad, NoiseAware, Remote Lock, TurnoverBnB, QuickBooks, Mike Michalowicz’s Podcast: Entrepreneurship Elevated, Clockwork by Mike Michalowicz, The 4-Hour Workweek by Timothy Ferriss.
- →Profit First: Profit First by Mike Michalowicz
- →YNAB: Leverage YNAB cashflow management tool.
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