Get Paid For Your Pad | Airbnb Hosting | Vacation Rentals | STR Revenue Management

Francisco Arango is an old-school host with over 5000 5-star reviews on his combined Airbnb accounts. He reads and responds to all his feedback because he cares about his guests, learning from and applying it to improve his product and keep things top-notch.

Francisco joined me on the show back in 2018, and at that time, he was formulating his plan to begin buying run-down motels to convert into Airbnb’s. Currently, he and his team have 35 doors in operation, with 70 more rooms being rehabbed right now.

On this episode of Get Paid for Your Pad, Francisco joins me to share his experience working on these properties and the biggest lessons he’s learned along the way. He explains the journey to financing a business model of this type, the curse, and the blessing behind the Covid pandemic, and how he got his family involved.

He shares his unique approach to team building and the high value he places on his company’s culture. Plus as a member of STR Legends Mastermind he’ll share what he’s most looking forward to learning and his reason for joining the group.

Listen in for Francisco’s strategy for making his listings stand out, why he’s not concerned about a downtick in the economy, and his advice for entrepreneurs hoping to succeed in the Airbnb ownership model!

• Why having a plan and a vision is so crucial for your project
• How the revenue from his renovated projects is helping him secure future financing
• The one mistake a lot of entrepreneurs make in the Airbnb game
• The one policy that has helped Francisco with contractors during this post-pandemic push
• How to make working with architects and contractors more efficient
• How Airbnb gets it right when it comes to the STR customer
• How Francisco is empowering the members of his team to create a friendly can-do culture

Francisco's Profile on Airbnb

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The Infinite Game

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There are just a few spots left open in the STR Legends Mastermind!

The STR space has changed and evolved in the past two years. We’ve gone from not knowing if the industry would survive the pandemic to industry movers and shakers growing from 50 units to 500. There are more professional operators, companies, and entrepreneurs than ever in the STR space, which means more people to network with and learn from.

Those changes have shaped the vision of the STR Legends Mastermind and inspired us to take both the live events and the virtual masterminds to the NEXT LEVEL.

Listen in to this episode of STR conversations as Eric and I break down our vision for the STR Legends Mastermind. We’ll take you behind the scenes for a look at who has joined us so far to give our listeners a feel for the mix of unique investors that will be in the room with us in Oaxaca, Mexico, June 16th - 20th, 2022.

We also bring you up to date on the exciting NEW things we’re doing, including the relaunch of our YouTube channel to document the journey of our Freewyld brand. Plus, I share a money-saving tip for those getting ready to book their ticket to Mexico.

• The purpose of the STR Legends Mastermind
• The 3 types of short-term rental business owners the STR Legends Mastermind is designed for
• How participants in previous STR Legends Masterminds have partnered to create bigger brands
• Why the connections in a mastermind are more worthwhile than Facebook groups
• How advice from the mastermind saved one participant thousands of dollars and helped him better utilize the skills of the key players on his team
• The biggest benefit of spending one-on-one time with legends in the STR industry

STR Legends Mastermind

Prior STR Legends Live Mastermind Retreat Get Paid for Your Pad EP278

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How does a short-term rental entrepreneur grow from two to 100+ Airbnb units? And then leverage the cashflow from that business to buy a boutique hotel?

Rebecca Slivka is the cofounder of boutique hotel Hicksville Trailer Palace and STR management company Pillow and Coffee.

Rebecca got her start on Airbnb in the Los Angeles market, scaling the rental arbitrage model to a portfolio of 100+ units. Today, she serves as a coach for our STR Legends X 90-Day Accelerator.

On this episode of Get Paid for Your Pad, Rebecca joins me to discuss her expertise in leveraging VAs to grow a STR business and describe how she used the revenue from master leasing to invest in Hicksville Trailer Palace.

She explores what differentiates the STR Legends Mastermind from other Airbnb conferences and explains how she benefitted from being a part of the first Legends live event.

Listen in to understand how Rebecca’s Legends X students grow so much in such a short period of time and get her best advice for small operators looking to make Airbnb their full-time income!

• How Rebecca got her start with rental arbitrage and scaled to 100+ units
• Rebecca's expertise in leveraging VAs to grow a STR business
• Rebecca's insight on using cashflow from STRs to invest in real estate
• The collection of vintage trailers and other funky units at Hicksville Trailer Palace
• The process of buying Hicksville and how Rebecca benefitted from putting the deal together during the first STR Legends Mastermind
• Rebecca's experience coaching Legends X and how her students grow so much in such a short period of time
• Pillow and Coffee's mission to help small- and medium-sized STR operators grow
• Rebecca's intention to grow Hicksville and create 'ridiculous, remarkable experiences' for guests
• What differentiates the STR Legends Mastermind from other Airbnb conferences
• Rebecca's advice for operators looking to make Airbnb their full-time income

Hicksville Trailer Palace

Pillow and Coffee

Email [email protected]

STR Legends Mastermind

Legends X STR Accelerator

Rebecca on Get Paid for Your Pad EP285

Michael Gerber Interview

The E Myth: Why Most Businesses Don’t Work and What to Do About It by Michael Gerber

Tony Robbins

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We’ve run into some construction challenges that could delay our Freewyld project by up to two years.

A massive boom of people moving out of the cities into the mountain areas like Idyllwild, California, has caused a six to 12 month back up of both contractors and counties. By the time we find an architect to design the cabins we want for our Freewyld space and then go through the approval process, find a contractor, and start building, it’s going to stretch our construction process out considerably.

So, we decided to investigate some other options that will get our project back on the road to being completed and profitable much sooner.

On this edition of STR Conversations, Eric and I discuss how we might be able to use prefab tiny homes to decrease the timeframe that the Freewyld community is shut down.

Listen in for insight into the trends in tiny homes and prefab buildings. We’ll walk through the options available in the market right now, plus the risks vs. rewards. I offer my experience and insight into what works in tiny space living. Plus, Eric presents the drawbacks and the advantages of this type of building for the Freewyld brand and our customer avatar.

●     A background lesson in tiny home specifics and culture

●     The difference between a cabin community and a tiny home community

●     How some companies are leveling up the tiny home

●     How much do you save by building a prefab tiny home

●     What about the longevity of a prebuilt tiny home

●     How does buying prebuilt save money

●     The 3 biggest downfalls of prefab tiny homes

●     What are the benefits of cookie-cutter vs custom-built tiny homes

●     How the approval process differs between tiny homes vs. properties with a foundation

●     How to take advantage of indoor-outdoor living to create an awesome experience for our guests

●     Jasper shares the 3 biggest advantages of a tiny home if it’s done right

●     What types of customizing are possible within the tiny home manufacturing specifications

●     Eric discusses how we could stay true to the brand archetype of Freewyld using tiny homes

Kristiewolfe

Liberation Tiny Homes

citizenM

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We can all agree we need to conserve energy to save money as heating costs soar out of control.

But how can we do that while also impacting the environment, the climate, and our future?

Becoming an Airbnb host was the last thing photographer and science writer Nathan Welton saw himself doing. He got into the business by accident, with his first review being a one-star. Even so, he suddenly found himself booked months in advance, reinvesting every dime he made into his properties before moving into starting a management company. 

Nathan Welton is the owner of The Wolf Rentals, a vacation rental management company born from a need for quality, hands-on cooperative vacation rental management in beautiful Estes Park, Colorado. The Wolf Rentals officially launched in 2020, quickly scaling to 25 properties within a year.

On this episode of Get Paid for Your Pad, Nathan joins me to share his vision for his custom a-frame Airbnb community and his hopes to drive change through Airbnb.

Listen in for Nathan’s insight on how we can spread change in how we think about our natural resources, our climate, and our future while giving back as much as possible and changing lives.

●     How Nathan’s history as a science writer affects his vision of his Airbnb business

●     What triple bottom line means and how it shifts the focus away from the profit only business model

●     How we can use small positive changes to help people make better decisions

●     How Nathan is using biophilic design concepts in his Airbnb community to improve lives

●     Passive housing design can reduce the cost of living for lower-income families

●     How AI technology can ‌heighten awareness about the energy we use

●     Feeding a woodstove taught Nathan about the consequence of energy use

●     Bringing the beauty of the outdoors inside can shift people's mindsets

●     What led Nathan to where he is now and what prosperity means for him

The Wolf Rentals

STR Legends Mastermind

KLM Royal Dutch Airlines

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Gas prices are currently up 50% from last year, and it doesn’t look like they will level off anytime soon.

After we faced off with the pandemic are rising gas prices the next hurdle that will trickle down into the SRT industry?

At first glance, it would seem like the right answer would be a resounding yes.

But there’s actually a lot more data that goes into determining if rising prices are going to trip up the travel industry.

On this edition of STR Conversations, Eric and I sit down to discuss AirDNA’s report, How Rising Gas Prices May Influence Airbnb Travel Trends.

We’ll cover the average amount of miles a guest travels to their Airbnb and we explain which places and types of accommodations will do better as travel becomes more expensive. 

Listen in to get a broader sense of what’s happening, and at what point the higher gas prices might start impacting your bottom line. We share the data you need to quell your anxiety about the things you can’t control so you can focus on what you can, so you can determine what decisions you need to make for your business.

Don’t forget we’re organizing our first in-person mastermind retreat in Oaxaca, Mexico, from June 16-20th. This is the last week to apply for early bird pricing, so if you want to learn more be sure to visit STR Legends Mastermind.

• How being prepared helps you respond to intense situations in business and in life 
• Are rising travel costs going to make people choose rental locations closer to home
• Which rental markets you want to be in based on the current record-breaking gas prices 
• What we should focus on instead of average cost per property
• How gas prices affect you depending on your average ADR
• Why leaning into what you can control will give you a better outcome no matter what gas costs
• How to determine when the higher gas prices will impact stays and your bottom line

Tim Kennedy Sheepdog Response

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One of the hardest things about establishing new short-term rental properties is deciding on the direction of the interior design. 

It’s often overlooked, but it’s crucial to the integrity of your brand. So why do it alone? There are tons of awesome companies out there to help you achieve your interior design dreams and bring your property to the next level.

On this episode of STR Conversations, Eric shares his biggest lessons learned on establishing strategies for interior design and renovating short-term rental properties. 

Eric discusses his new company launched with Jasper, Freewyld, and their goals to renovate four properties while also managing the difficulties of being understaffed. 

Listen in to learn what resources Eric recommends for designing your short-term rental and how to get involved in the Legends Mastermind program. 

How Jasper and Eric started their company Free Wild and have begun their first project in California

How Jasper and Eric are preparing to renovate four properties with Free Wild while also navigating struggles with being understaffed

The 4 phases of the renovation process

Why having a clear vision and patience is crucial to a project’s success

Why establishing interior design strategy is an important first step in renovating and creating new properties

Why Eric is considering using Den Outdoors as a partner for new tiny home projects

Eric’s recommended resources for designing your short-term rental

The upcoming Legends Mastermind event in Mexico and the requirements to qualify for the program

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Den Outdoors

Modsy Online Interior Design

Yardzen Online Landscaping Design

Fulhaus Interior Design

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We talk a lot about growing short-term rental (STR) companies. But what happens when we grow our businesses quicker than we anticipate?

Six years ago, Alex Cybul had no Airbnb experience, decided to get into the STR industry, and quickly grew his business, VacationAruba.com.

Today, Alex manages over 100 units. 

On this episode of Get Paid For Your Pad, Alex joins me to discuss how he got his start renting out Airbnbs in Aruba and how he managed to grow his business quickly over six years.

He shares insights on what he would do differently if he had the chance, how he structures his team to manage his properties successfully, and why he recommends dynamic pricing to all STR managers. 

Listen in to learn more about the importance of leading people to successfully grow STR your business. 

Background on Aruba and why it is a great place to both vacation and own short-term rentals

How Alex got his start renting out Airbnbs and STRs

How Alex went from having no experience with Airbnb to managing over 100 units in six years

The structure of Alex’s current team and his perspectives on how to build effective teams to manage STRs

Why Alex wishes he would have hired an Operations Manager earlier in his business’ growth stage

Why Alex’s end goal is to be able to run STRs as a hobby as long as he feels satisfied and happy

The challenges Alex faced while growing his business and the turning points that helped him achieve that growth

What Alex has learned about the difficulties of leading people and large teams

Alex’s laundry practices and how he manages bulk ordering for cleaners

Why Alex recommends dynamic pricing to all STR managers and owners and how to determine rates for your properties

VacationAruba.com

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We have big news! Our STR Legends Mastermind program is officially open for new members. 

We’re kicking off the program in May, followed by an in-person event in June in beautiful, sunny Mexico. 

On this episode of STR Conversations, Eric and I discuss STR Legends Mastermind and the incredible benefits it brings to the people and companies we work with through the program. 

We share the requirements needed to qualify for the program, our desire to solve big problems our members face at scale, and why we’re so excited to welcome new members. 

Listen in to learn more about the STR Legends Mastermind program, the open positions we are hiring for with Overnight Success, and how we believe the STR market may change with the recent rise in gas prices and travel expenses. 

Three positions we are hiring for Overnight Success right now: Digital Content Manager, Sales Representative, and Executive Assistant

Why we started the STR Legends Mastermind program and why we are opening the doors to new members

What requirements companies need to meet to qualify for the STR Legends Mastermind program

The benefits of the STR Legends Mastermind program and why it was designed to allow different companies to connect and solve their biggest problems 

Why we’re excited to learn what we can do to improve financing and combat rising interest rates in the marketplace

How the STR market may change with the rising gas prices and increased travel expenses

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Legends X Short-Term Rental Accelerator

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Appy for the Digital Content Manager Position With Overnight Success

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How do you take an Airbnb property from a stay to an experience? 

The goal of any Airbnb is to understand your guest avatar so well that you can create an experience that makes your guest feel like they have found their own special place.

Recently, Eric and I were chatting on the podcast when he mentioned he and his girlfriend had stayed at the Retrograde Retreat in Joshua Tree, designed by my guest. Eric shared ‌they were just blown away by how the space felt like it was created just for them.  

We all know the competition for stays is fierce, especially in places like Joshua Tree. So how do you stand out as an Airbnb host? What raises the bar from a regular guest stay to a world-class guest experience on Airbnb? 

 Bryce Cano is the Founder and Vice President of Hygge Home Rentals. With his special knowledge in the real estate investment and travel arena, he offers intimate knowledge of how to maximize your property's potential.

 On this episode of Get Paid for Your Pad, Bryce joins me to share his insight into how to provide the amenities and extra touches your Airbnb guests are looking for. He walks me through how Hygge Home Rentals creates anticipation for the stay from the moment the booking is made.

He walks us through how they connect the dots in brand and tone to offer guests a sense of what to expect while creating a personality that matches each one of their properties.

Listen in for Bryce’s insight on pivoting from trying to appease everybody to laser focus on exactly who you're creating your Airbnb experience for, your ideal guest avatar.

• How to home in on your guest avatar to design world-class experiences exclusively for them 
• How to raise the bar and create spaces that don’t break the bank
• The secret to creating anticipation about a guest visit from the moment they book
• The multi-pronged approach to an awesome Airbnb guest experience
• Why having the right team is a game-changer for any Airbnb host
• How to infuse a property with Instagrammable spaces
• How to use influencers to highlight the special amenities of your Airbnb space 
• Why photo captions are paramount in helping the viewer visualize your Airbnb experience
• Insider secrets on how to stand out and compete for Airbnb guests

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