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Ep 224: AirBnB’s a Beach! | Stacey St. John
10:45 – What does three years look like? What does one year look like? And then creating some kind of micro goals inside that one year vision. But first, we had to get clear on if we’re going to invest at the beach. What type of criteria do we want for that purchase? And, you know, we looked at a variety of different markets. We had a specific budget we wanted to be within, we actually decided that we wanted to be in a condo instead of a single family home for us, because we’re far away. You know, it’s not like we can run around the corner and check out the property.
14:0 – What’s the one thing that we hear all the time when someone’s green to the industry and wants to start an Airbnb, I want to own Airbnbs all over the country all over the world and be able to go and travel there wherever I want.
15:03 – We spent a tremendous amount of time building a team building a network of contractors, establishing relationships with the locals and we love that and we want to maximize the value of that right and so I think before we you know go to Florida or go to another beach market, we will continue to invest heavily in Myrtle Beach.
15:53 – You’ve built those relationships. And so it makes sense to build there. It’s kind of milking the cow that you already have rather than trying to herd new cattle.
21:32 – You’re going to during the slow seasons see a lot more of the small properties no matter where they’re booked out pretty regularly versus the large properties.
22:20 – So you know we’ve been very fortunate in having the ability to make money in equity. That we’re forcing in the property by rehabbing it and the cash flow from it being on Airbnb or direct booking websites. So I kind of look at that as a win win.
26:47 – But what I think is more important is to understand the value of what you can bring if you have experience in this industry, because there is a learning curve right? There is a lot of work and effort that goes into the day to day management of the properties than an operation so don’t shortchange yourself. I would err on the side of giving yourself more equity than you might, you might think you deserve.
28:47 – And one of the things that’s really important to me when I bring on team members locally is they have to understand what we’re all about, but more importantly, what our ideal guests are looking for.
29:19 – So keep an eye on our property. It’s really our cleaning team. We’ve got a cleaning manager who comes in and checks the cleaners. I have folks go in and walk our properties regularly to even do another level of service. Again to make sure they’re okay. But then we also have a routine preventive maintenance schedule as well. So that we can get our handy person in there.
32:09 – Now, if I had my own single family home, I would absolutely have cameras on the exterior doors. It is obviously a fantastic way to protect your property. So you can make sure that you know the proper number of guests are visiting. But, you know, again, I don’t have the ability to do that on my own right now. But I would highly recommend it if you’re in a different situation and can use exterior cameras.
37:18 – Getting something that you can make your own rather than relying on outside things out of your control.
38:04 – I would just say if you are thinking about investing at the beach, and a lot of people again have that pipe dream, but they don’t necessarily act on it. Because they think it’s not possible. I would just say take off your blinders, take off the little guy off of your shoulder that says, I can’t afford that. I’ll never have time to do that. It’s too much work. And think big because I would have never in a million years dream that I would have a real estate portfolio that’s on the ocean. And you know, with some hard work and some really strong resources around me, I’ve been able to do that. So I would just say that, you know the world is your oyster. If you choose to let it be so, think big.
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