Apr 16, 2018
Jason Hartman talks to Robbie Kramer, co-founder of SenStay, about how to invest in the short-term rental business. Robbie and his company owner or manage over 100 units, and peaked at over 250 before scaling back.
Robbie talks markets that have been good for their company, how to turn a leased property into a short-term rental, how much you should expect to pay a short-term rental property manager, and a lot more tips on how to get up to a 6x return on your money.
Key Takeaways:
[2:14] How Robbie got into short-term rentals
[5:53] When he first started, Robbie didn't tell some landlords what he was doing, which got him into some trouble
[7:21] Where Robbie sources his furniture and other furnishings
[10:22] How does Robbie deal with the uncertainty of getting a place, spending money to furnish it, then hoping for bookings?
[13:17] What Robbie does & doesn't like about each of the short-term rental website platforms
[17:29] How is Robbie paying the on the ground manager?
[21:40] What kind of technology Robbie is using in his rentals
[25:49] Robbie's bread and butter investing technique
[27:57] How do you convince a landlord to let you turn their house into a short term rental?
[31:46] Memphis is becoming a short-term rental market where you can 4-6x your money
[33:52] How much do short-term rental managers cost and what should you be looking for in one?
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