Courtesy of Mike Brown [Unbreakable Wealth], JP Newman [Thrive FP], Niraj Shah [nirajs.com], and Sylvie McCracken [T&S Elite Capital | SylvieMcCracken.com]
In July of 2023 Mike Brown, JP Newman, Niraj Shah, and Sylvie McCracken sat down with Baby Bathwater Members to discuss strategic and tactical approaches to owning and managing STRs.
Tune in For:
- How to Make Your STR Stand Out In the Supply Bubble (4:30)
- What You Should Be Looking for Given the Market Saturation (8:07)
- Considerations for Entering this Tough Market (10:20)
- Regulations in the Space & Threats to Short Term Rentals (16:37)
- What Makes STRs Appealing in Real Estate (24:40)
- Strategies with Shared Homes vs Separate Homes (30:10)
- Pros and Cons of Investors and Partners (32:30)
- How to Decide Where to Buy Your First STR (39:09)
- Metrics that Make the Investment Worthwhile (48:00)
Click Here to Download the Transcript of this Training
Recommended Resources:
- Air DNA – Analyze Potential Revenue for Acquisitions
- Keep in mind, the data is only as good as the inputs. Mike recommends building your own AirDNA data set by looking at 15-20 comps, looking at calendars, amenities, etc and doing your due diligence.
- Price Labs – Revenue Management & Dynamic Pricing Tool
- Recommended by Sylvie, a less expensive alternative to Air DNA
- Host Financial – Real Estate Financing Company
- Will lend based on cash flow from AirDNA projections. In Mike’s experience, they are easy to work with and reasonably competitive with traditional lenders
More About Mike Brown
Mike Brown is an entrepreneur, investor and wealth coach. Prior to founding and exiting an 8-figure oil and gas investment firm, Mike flew F/A-18 Super Hornets for the Navy and combines the tactical precision honed in the cockpit with real world experience in navigating the complex world of finance. His coaching programs focus on helping entrepreneurs bridge the gap between wealth and freedom. He lives with his wife, Claire, and two children in the foothills of Morrison, CO.
More About JP Newman
JP Newman uses innovation and proven success as a force for good. As the founder of Thrive FP, a distinguished commercial real estate firm known for successfully investing with purpose, he has over $1.8B in total real estate and debt transactions since 2011, under his belt. JP has a front seat to the financial, political, economic, and technological developments that are driving explosive trends across industries. JP’s vision to change the landscape of American workforce housing by driving positive social impact for the Missing-Middle Class in the US is leading the way through Thrive and Veritas Impact Partners, a non-profit he co-founded. Driven by his unwavering passion to put people first, coupled with a core value of respect for everyone, he proves that being positively purpose-driven is the only way to build a better society and wealth. His passion and purpose of enriching lives continue to evolve into a solid business model which outperforms his competitors.
More About Niraj Shah
Niraj is an entrepreneur, investor and board advisor focused on the Real Estate and Health & Wellness industries. Surviving a sudden, serious stroke at just 30 woke him up and reshaped his outlook on life. Fortunate to recover, starting a successful business helped open the door to other ventures, as well as the privilege to invest in and advise other businesses.
In the last 12 years Niraj has founded or co-founded 6 businesses – in Real Estate, Wellbeing & Tech – and has invested in, advised or mentored over 50 business owners in Europe and North America to help them to improve and grow their companies.
More About Sylvie McCracken
Sylvie McCracken is an author of 5, mother of 3, and a business coach turned real estate investor.
When she’s not helping folks automate and systemize their businesses she’s likely tinkering with the newest addition to the portfolio or traveling to salsa dance till 4 in the morning.
