WS1638 - Tips to Develop Short-Term Rentals | #Highlights
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In this #Highlights episode, we look back at our conversations with Blake Dailey and Alex Jarbo. Blake Dailey is a multifamily real estate investor as well as an Air Force Contracting Officer. He used the BRRRR strategy to buy, rehab, rent, and refinance residential properties, and then do short-term rentals using Airbnb, which is where the \\u2018nb in BRRRR\\u2019nb comes from!
Short-term rentals have gained momentum especially since people are starting to travel again after the lockdowns caused by the pandemic were lifted. In this episode, we hear a very interesting take on syndication, specifically syndicating short-term rental projects. Alex Jarbo shares his unique short-term rental development strategy.
Key Points From This Episode:\\xa0
- Blake describes going through the real estate investing process with his wife.
- How many units did it take to replace his W2 income?
- How to branch into commercial multifamily from short-term rentals.
- How to finance short-term rentals through creative financing and relationships with local banks.
- How to transition from self-managing the property to bringing on a property manager.
- Alex shares his first real estate ground-up development.
- Why does Alex choose short-term rentals and not long-term rentals like multifamily?
- How did Alex scale his short-term rental business?
- Short-term rentals are properties that offer experience in themselves.
- How did a mentor help Alex to drive his business forward?
- Alex details the short-term rental projects he is syndicating.
Tweetables:
\\u201cCommercial multifamily is the way to do less transactions, have bigger payouts, and have the time reward be more, economies of scale, really. You hear that all the time in commercial multifamily. It\\u2019s scalable and there\\u2019s efficiencies built in.\\u201d \\u2013Blake Dailey
\\u201cWhen I look at my goals and where I wanted to be at that time, the way to fast track that is through short-term rentals. I think that\\u2019s why a lot of people gravitated towards that in the last three years because they realized how many short-term rentals can actually make.\\u201d \\u2013Alex Jarbo
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