Ep 48 - Maximize Revenue on Luxury STR with Bill Faeth
GUEST BIO Bill Faeth - has been involved in real estate for almost 25 years with both commercial and residential investing. In 2015 he switched the majority of his residential portfolio to short-term rentals from the long term after seeing an opportunity to increase profit and reduce risk. Bill currently has a multi-million dollar portfolio of short-term rental properties primarily located in vacation rental markets with a focus on beach, lake, and mountain properties. He has leveraged years of successful business growth strategies to specialize in maximizing vacation rental profits by turning $50,000 annual revenue properties into $90,000 properties yielding high profit via self-management. Bill shares these profit-boosting strategies along with how to self-manage, holding real estate, and so much more so you can build your short-term rental wealth while your guests make your mortgage payments. Bootcamp on June 7th and 8th, 2021 in Nashville, TN. Go to buildstrwealth.com HIGHLIGHTS OF THE EPISODE 04:22 Bill’s Intro/Biography. 05:28 What made Bill start his short-term rentals from long-term rentals. 10:17 What Bill’s 2nd tier location is. 11:45 What that 2nd deal looked like. 13:59 Bill’s molotov cocktail for a bad decision experience. 16:24 Learning valuable lessons from mistakes and failures. 18:21 Bill's strategy and what he’s focused on. 24:02 A breakdown of what EBITDA is. 25:51 A process that can increase what your property can make. 33:59 The 6 different types of buyers. 34:09 Giving more than you expect to receive. 43:18 Where can people get in touch with Bill Faeth. 44:23 Bill’s number 1 secret to success in short-term rentals. Join our Facebook group! www.facebook.com/groups/STRentalsecrets BOOKS MENTIONED: Millionaire Success Habits - Dean Graziosi NOTABLE QUOTES (KEY LESSONS): "Drive-in vacation rental markets were the most recession-proof through the recession and I also think they're the ones that have been impacted in the most positive fashion during Covid when urban markets were being hit hard at this time last year." - Bill Faeth "I lost a hundred grand on that property because I didn't follow my evaluation process." - Bill Faeth "It's very important to share those mistakes that we make." - Bill Faeth "The reason why people are coming to the market is what people miss as hosts." - Bill Faeth CONNECTING WITH THE GUEST Website: https://buildstrwealth.com/ Personal Website: https://www.billfaeth.com/ Facebook Group: https://web.facebook.com/groups/284886002732508 YouTube Channel: https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kA Learn more about your ad choices. Visit megaphone.fm/adchoices