How to Keep OUT Unwanted Airbnb Guests!!

Views:9379|Rating:4.93|View Time:5:30Minutes|Likes:286|Dislikes:4
hello youtube this is richard founder of short-term rental secrets calm and Airbnb super host today I'm answering the question that one subscriber asked and it's a really good one I think it's on many people's minds which is new to hosting how do I keep people that I don't want in my home out of my home so let me first just go on the record with a little disclaimer like I can't control who you accept into your property no matter what tips I give you you know this is life like bad things may happen so just realize that I'm trying to share with you the things that I've learned but I'm still learning and I get fooled sometimes and in fact I filmed a video where I had a bad episode so you should watch that one and you know hopefully we all learn and if you have experience or comments leave them so that we all benefit so jumping right into it I've said this many times and it bears repeating now you want to be really really transparent with your listing and the photos both the good and the bad and what you want to try and dissuade is a really obvious things like if you don't allow parties or you don't allow smoking or you don't want loud music after 10 or whatever it is that's important to you just detail it many times it's okay you don't want those people staying there so discourage them from staying there but the other thing that's really important in your photos and in your description are things that may be less obvious to you like I get asked all the time for one of my properties that have stairs is this okay for my stroller and my two-year-old or are there stairs that might be dangerous for a toddler these are people that even though they pay just as well they're not going to throw a party the last thing you want is any liability with god forbid a human accident or incident so you want to be really clear about the stairs and how many stairs and the flights and the color and uneven grate or you're going up a little hill whatever it is because if that's a challenge for somebody then they should be aware of it before they get there before they trip and they fall and you have a real problem on your hands the other thing that I encourage you to do is spend a minute trying to learn a little bit more about your guests so take a look at their profile how long have they been on Airbnb how many reviews do they have what do other hosts say about them and to the extent that they don't have any reviews feel free to go back and forth with them a couple of times and ask that will help you gauge such as what brings you to XYZ region and who are you traveling with and what's the purpose oh and have you been here before just open-ended questions see how they respond there's no right answer but you'll get a feel for whether these are people that you want staying with you and in your home or whether they're you know maybe a little bit shady or you don't feel like they're telling you to quite the truth and then ultimately you're going to have to make a decision based on your gut your gut is always right oftentimes where I have had problems and I don't mean problems like parties are destroying my place I just mean like guests that are really challenging or they're not happy instead of just complaining I don't want to do that I just I can tell you right now that my friends on a Ledge smile and I'm I don't think we're any comfortable here and I want to figure out a solution that's going to be okay for you and okay for me they're very demanding when I go back and I look at sort of the questions that they were asking I could have guessed that they would have been challenging only there was nothing that told me don't book them or you have availability take the money but in retrospect when I go back and I analyze it it's like well who asked about that and why would they have asked about it and sort of a little bit of a antenna went off and said they might be better suited for a hotel and in the cases where I've had actual bad experiences and there's videos on it it's always been a same-day booking right and and you know if you have availability and somebody's willing to pay it's really compelling to take that money because it's going to go vacant otherwise but in my experience it's a little bit Shady why would somebody not have a reservation and be traveling to your city or your vacation home let's have a really compelling story about you know what happened to their other plans chances are they're up to something that's no good they don't want to do it in their own home so they'd rather pay you you know a couple hundred dollars and use your home so I really at this point shy away from that another tip that's not quite as important but it always strikes me as a little bit weird are the people that are trying to transact off of Airbnb or home away so if somebody says hey call me and here's my number here's a website or do whatever that's sort of counter to the whole community that I'm a part of and proud to be a part of and I take seriously and while I don't love paying fees I'm happy to pay fees Airbnb provides a great service for me and so people that are trying to skirt the system it's a little bit indicative of me that they might kind of skirt my rules or break my rules too and so I don't know that I would deny people but when I get that sense and it's too strong I do in fact listen to my gut and reject them I hope you found this helpful if you have additional tips or information that you want to share with the community please do so like that's one of the great things about this channel in the comment section we can all learn from one another so what do you do what has been helpful what tips do you have for others the more that we engage the more we're going to learn mutually and we're all going to grow so go ahead and like the video leave your comments and feedback if you haven't subscribed what are you waiting for subscribe now until then happy

How to Run an Airbnb Business from Anywhere in the World!

Views:18918|Rating:4.92|View Time:9:26Minutes|Likes:500|Dislikes:8
hello youtube this is richard founder of short-term rental secrets calm and Airbnb super host on today's episode we're going to answer a subscribers question which is how do you manage listings remotely ie in places that you don't live day to day so in my personal experience there's three different business models that all work one's not better than the other they just have different pros and cons and price points and the question is how much involvement do you want and so we'll get into that in a second but let's go ahead and label what they are so the first one that you could work with is what's called a full scale property service team this is likely a corporation it might be called Acme property managers and they're in and around the community where your home is and they likely manage 20 30 50 60 different properties and you're just one of their portfolio of properties that they've managed from A to Z the second one is a much smaller scale much more entrepreneurial it might be an individual or a couple like Billy and Monica they may not even be incorporated but they make all of their income from managing the vacation properties or the remote properties in your area and instead of having 40 50 or 60 under their belts they really can't handle more than say five or six and so that's a second alternative and then the third alternative is to not have property managers at all but go out and assemble your own cherry-pick team of people that do things like cleaning and when there's a plumbing issue a plumber and so you basically oversee it you are the property manager and you just have hands and feet on the ground so the obvious question is what are the pros and cons for each one well let's start with number one the property manager likely the most turnkey solution the most scalable the most automated requires the least amount of time and energy from you but it comes at a price likely they're going to charge the most maybe as much as twenty or more percent of your rental income to handle it and I also think that the quality of service can be variable since you don't have a consistent team always working on your property they have different employees coming and going and so on sometimes I have found that there's a variability in the quality of attention that my property received the second business model the Nouriel individual or the couple is a solution that I tend to look for but the pro is that you really get personal experience they get to know your home they get to know the area their dependence on you for income so like to actually care about the relationship and therefore they really try and make it work you know for both you and them and the guests so that's a really good solution it comes at a lower price point typically than a full-service one because they don't have the same overhead but it is still relatively expensive now the con is they can be hard to find and you are dependent on an individual or a couple and things happen to an individual or a couple like they get sick or they take vacation or they move out of town or god forbid somebody passes away and now your business is in jeopardy the third option where you assemble your own go-to team of people the pro is the cost is the lowest and the quality can often be the highest because you're actually involved the attention to detail and the quality control is the highest the con is it's hard to find these people there may be turnover so you may be looking for them you know repeatedly or time and time again and thirdly if you're new to the area entirely like for instance I bought a home down south I'd never really been there I don't know who the good plumbers are I don't know who the good HVAC people are I had to develop that network over time and that can take some time and effort and if you're not prepared to invest that that's a negative so let's turn to how do you actually find these people and how do you differentiate you know between and amongst them so the first one is relatively easy on the property management side just Google look at Yelp reviews the one thing that I would recommend and I think people just don't do enough of is before you hire them ask for a list of references and then actually I call them and ask some questions how long have you used on how many times have they done turnover did they ever miss a same-day turnover have you noticed any deterioration in your reviews you know like the cleanliness gone down how attentive are they just ask like questions that would help you make a decision between hiring Acme property management and beta property management so the second group of the individual or the couple the entrepreneurs that handle they're a little bit more challenging to find and really you have to do a little bit of legwork and that includes going into the local real estate offices and asking them if they know anybody oftentimes they do rights like my sister does this on the side or you know I know this homeowner and they seem to have a caretaker that might be what they call them a caretaker that takes care of their property they're really happy with and again you're going to need several different names and numbers and you're gonna have to question them but speak to everybody when you go down to this property ask your contractor ask your electrician ask the waitress ask whomever you want to assemble as many opportunities and names and then speak to them and see which one is the right fit because that fit is really important they're all going to do good work but who do you get along with working well when it's midnight on a Friday and there's an ice storm and you need help the cleaning team is an interesting one because there's a couple of different things you can do you can literally do a google search and then just look at reviews on Yelp and so on and here you might find entrepreneurial people that are advertising or have their own website and you want to try and strike a business relationship right beyond transactional you don't want to be just somebody's called them and hired them once you want to explain to them I bought this property I have a 30-year mortgage I'm going to own this thing outright I'm going to be here for 30 years and what I really want is somebody on the ground who is responsive to me and doing the cleaning to my level I'd like to try you out I want to see how clean it is and so like that's one option is where you're looking for somebody and you're partnering with them and then of course the other alternative is to do and I recommend you do them both a ton of networking and find out who's good in the neighborhood heck find other hosts in your neighborhood and ring their Bell and knock on their door and say who does your cleaning and are you happy with them so this requires a little bit more legwork but if you find a good team you're going to be really happy so just to give you a very broad sense of what you might expect to pay for these different levels of services and again there's different geographies and different vacation versus urban but let me just try and paint a broad stroke that full-service property management team is likely going to be somewhere 20% or north of your entire rent role now that might be an obstacle and make it so it's not even possible if you're trying to pay your mortgages and expenses and so on you have to take a look at your net number and make sure that after you pay them their fee their cut that you have enough money left over and you may not so like don't consider that that second group which is more entrepreneurial they do similar services that's going to come at a discount because they don't have all the same overhead and office staff and people answering the phone and so instead of paying 20% you should look to pay 15% or ideally 10% maybe even less it really depends but it should be at a discount to that first group where it's a property management and then the third one which is really just a cleaning team if you will there I recommend that you strike a flat rate so for every turnover you pay a certain amount and it should be based on how many hours you think they need to spend there and what the local wage is but just to give you an example it might be 15 to 20 dollars per hour and for a modest-sized home it might be a four hour or six hour turnaround and so maybe it's a hundred one hundred and fifty two hundred dollars and if you watch my should I charge a cleaning fee video you'll see that I suggest charging even a premium of that so you make a little bit of money on the cleaning fee so currently I use a mix of the second option and the third option I don't use any full-scale property managers I really solid people in place both at that second option and the third and it works really well for me but one tip that I would share with everybody is no matter where you go whether it's the first second or third you want to be really involved you want to be really knowledgeable you want to be really clear and train these people to work with you for your standards right just because they're professional cleaners or professional property managers doesn't mean that they know the way that you want your home cleaned or the way that you expect it to be set for guests and so be really thorough and be really detailed and have them come clean when you're on location as you start to build the trust in your team you can spend less and less time and rely on them more and more knowing that they're fully trained and capable and executing at your standards the subscriber thanks so much for asking the question I'm sure it's a question that's on many people's mind and I just sort of take it for granted so I really appreciate you reaching out if anybody has any comments or questions go ahead and leave them in the comment section like the video please I'd really appreciate that and like I said we have a lot more content coming including how to automate all of this and to stay in contact go ahead and subscribe now please go ahead and subscribe we really appreciate it they have content coming out Monday Wednesdays and Fridays on the primary voice of more money in your pocket until then happy

HOW TO BE AN AIRBNB HOST FULL TIME!! (mathematical breakdown)

Views:23758|Rating:4.86|View Time:7:5Minutes|Likes:492|Dislikes:14
hello YouTube Richard founder of short-term rental secrets calm and Airbnb super host one of the most frequent questions I get and I absolutely love it because it shows like grit and gung-ho and people wanting to be entrepreneurial is how can I do Airbnb full-time now recognize I'm not gonna be able to address every single person situations both financial and their dreams and aspirations but I do have a way to get started thinking about this just some rules of thumb some guidelines and I think you'll find them helpful so if you're looking for a get-rich-quick scheme I'm starting disappointing this is a mess this is gonna require time and energy and you're gonna build up for it let's open up the hood and get underneath it and just start to look at what these numbers look like to give you a ballpark as a goal let's just say the home costs about $400,000 let's say that you put down 20% which i think is the least you want to put down and let's say that you get a 30-year fixed mortgage in September of 2017 that you can get that at about 4% so let's just go through that again $400,000 purchase price $80,000 down payment you do need extra cash to pay the lawyers and the title insurance and closing costs 4% interest rate I recommend a 30-year fixed or a 15-year fixed more on that a little bit later when I take a look at an online calculator the payment is fifteen hundred and twenty eight dollars per month so in order to pay this mortgage and own the property outright for thirty years you're gonna have a fixed payment of one thousand five hundred and twenty eight dollars and then you're gonna have expenses on top of that taxes repairs utilities and so on and so you can pick any number that you would like when you do your numbers I'm gonna say it's another thousand dollars a month which should cover taxes and most utilities and so on so the monthly amount that I would need is twenty five hundred dollars a month to pay for this property for the next thirty years and in order to generate the kind of return that I'm looking to generate let's say I want this property to generate two thousand dollars a month and free cash flow to me so now I need to generate forty five hundred dollars twenty-five hundred to pay the mortgage and all the expenses plus my two thousand dollar desired profit per month so my monthly nut is forty five five hundred dollars I like to assume a occupancy rate of about 70 percent seven zero so what that means is on a monthly basis there's thirty days in a month when you multiply that times 0.7 it turns out to be twenty-one days so now the very simple math is I'm gonna take forty five hundred dollars a month which is what I need divided by 21 and that gives me what I need to make per night each of those 21 nights so when you do the math it's two hundred and fourteen dollars per night it's a little bit more because Airbnb is gonna charge some fees but let's just say it's two hundred twenty-five dollars a night now when you go and look at the properties and the neighborhood can you need to think about this can the property command two hundred and twenty-five dollars a night if it's a small studio in a very urban city like New York City likely yes if it's a small studio in the middle of you know a rural area two hundred twenty-five dollars might be way out of the ballpark and that's probably not a good investment okay so in this really simple example just not even on an envelope right we're just talking out loud here generates two thousand dollars a month now it's not gonna be consistent every single month you might have a great month you make three thousand you have a bad month to make one thousand but let's just assume on average you're making two thousand dollars a month that's twenty four thousand dollars a year in profit that's probably not enough for you to live on and to leave your full-time job so take a look at what your desired income is and your cost of living and so on and just multiply it by that number of houses so if you need forty eight thousand you need two of these if you need seventy-two you need three of these and just do the math yourself and figure out how many homes you have and again it's not a get-rich-quick scheme I'm not assuming that you have this big pile of money and you can just go put down 20% every time you want to buy a home but what you can do is continue to work full-time take the first twenty four thousand the first twelve months of your labor and instead of spending it and doing nice vacations and fancy dinners put it aside do that for a year two years three years however long you need to do it until you save enough for your down payment and then get started and then do that again now I recommend for somebody getting started the 30-year fixed mortgage because we're in a rising interest rate environment for those of you that don't know I spent a long time on Wall Street where at all-time lows and interest rates it's a great time to get a more but I would not recommend a floating rate mortgage even though it's less expensive on a monthly basis because as we go into a rising interest rate environment your mortgage payments are going to be floating and they could go up and up and up and in most of these floating rate notes the upper bound is ridiculous it's like 17 percent for those of you who don't know check the historical interest rates in the 1980s they were 17% imagine paying 17% for your mortgage when today you could lock in a 30-year mortgage at 4% I don't recommend it there's no point in that your vision is longer dated than month-to-month so lock in a 30-year for me I use 15 years because it allows me to shave 15 years of payments off now that means that I'm forced savings more I'm not using the cash flow the profit of the property to fund my lifestyle or to fund other purchases what I'm really doing is taking that extra savings and putting it right into the equity in that property all right so this is a lot I want to just recap it here so that we're all on the same page in order to get started you're gonna need some amount of money for a down payment I recommend 20% I recommend getting a fixed mortgage I recommend buying a property that's not a super stretch for you and I recommend doing the math once you do all that take a look at what you need to make for your mortgage add your expenses and taxes and put in a buffer and cushion for all of your expenses you know maybe add 10 or 15% versus your projection just as a safety buffer and then on top of that add your prop desired profit and that's your new monthly nut divided by the occupancy rate that you are think is capable do not use 90 percent do not use 80 percent to assume the worst I use 70 percent once you know how much you're making on a given property you know how many you need in order to live the lifestyle that you want to fund and go ahead and do that so you might need three or four or five it's totally personal preference and recognize that over time chances are you get better at this you make better investments you buy properties properly your rent increases your occupancy rate increases so this is just a baseline to get you started I'd love to hear your comments and feedback share with us what you're thinking we'll do more of these videos I think we're going to start to get a little bit more into how to get started how to grow it how to do these things again we're at you're like you know direction so share with us if you think this is helpful like the video and if you haven't subscribed you