37 min listen
Ep 48 - Maximize Revenue on Luxury STR with Bill Faeth
Ep 48 - Maximize Revenue on Luxury STR with Bill Faeth
ratings:
Length:
51 minutes
Released:
Apr 19, 2021
Format:
Podcast episode
Description
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
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
Released:
Apr 19, 2021
Format:
Podcast episode
Titles in the series (100)
Ep 21 - 5 Things to Consider When Buying a Short Term Rental Property: <p><strong>HOSTS BIO</strong></p> <p><strong>Mike Sjogren</strong> - Michael is a short-term rental expert and coach. He has a portfolio of STR properties across 5 states as well as an oceanfront boutique hotel. Michael brings a wealth of finance, business, and real estate experience. He is passionate about helping others create financial independence through the real estate so they can pursue their passions and leave their mark on the world.</p> <p><strong>Emanuele Pani</strong> - Commercial and Residential Real Estate Consultant at Signature International Real Estate. Has a degree in accounting and finance. Started his real estate journey working as maintenance until the owner decided to sell the 40 unit apartment building to Emanuele Pani.</p> <p><strong>HIGHLIGHTS OF THE EPISODE</strong></p> <p><strong>04:27 </strong>This is an investment.</p> <p><strong>05:07 </strong> Why you should join our Short T by Short Term Rental Secrets Podcast