The 5 Steps to Making Short-Term Rental Millions (Part 1)

Short-term rentals have taken the world by storm. Over the past two decades, the bed and breakfast type business has fallen prey to the more scalable short-term rental model. Real estate investors quickly realized that they could capitalize on the long-term equity gain of rental properties with the cash flow of hotels in one highly-lucrative asset class. Thus, the rise of the short-term rental, VRBO, and Airbnb investor was born. Arguably the most notable short-term rental investor in the space today is good friend of the show, Rob Abasolo. Rob is such a pioneer in the short-term rental investing area, that veteran agent, broker, and investor David Greene, has partnered up with him to collectively build their cash-flowing, equity-increasing empire together. With dozens of deals under both of their belts, Rob and David walk through the five steps that it takes to find success in the short-term rental space. This episode is split up into two sections, with the latter coming out right after this one. In this show, Rob dives deep into finding a short-term rental market that fits your needs and goals, choosing a location that specifically benefits you as the investor, the different types of short-term rentals, and how to build a vacation rental strategy that will match your goals for financial independence. Whether you’re thinking of buying a snowy chateau or a desert domicile, Rob and David will help you put the pieces together so you can build a strong portfolio that will benefit you for decades to come. ~~~~ Join BiggerPockets for FREE: https://www.biggerpockets.com/signup?... ~~~~ Sign Up for BiggerPockets Events Like Short-Term Rental Bootcamps: https://www.biggerpockets.com/events?... ~~~~ It's Not Too Late to Join the Short-Term Rental Investing Game: https://www.biggerpockets.com/blog/sh... ~~~~ How to Analyze a Short-Term Rental Before Buying: https://www.biggerpockets.com/blog/an... ~~~~ Subscribe to David’s Youtube Channel:    / davidgreenerealestate   ~~~~ Watch Rob’s Video “This is exactly how much your property will make on Airbnb”:    • This is exactly how much your property wil...   ~~~~ Invest with David on His Upcoming Projects: https://www.investwithdavidgreene.com/ ~~~~ Connect with Rob (Roubilt) on Youtube, Instagram, and Tiktok: Youtube:    / robuilt   Instagram:   / robuilt   TikTok:   / robuilto   ~~~~ Connect with David and Rob on BiggerPockets: David: https://www.biggerpockets.com/users/d... Rob: https://www.biggerpockets.com/users/r... ~~~~ Follow David on Instagram: @davidgreene24 or   / davidgreene24   Episode 578 Show notes at: https://www.biggerpockets.com/show578... 0:00 Intro 3:54 Step 1: Choosing a Short-Term Rental Market 11:41 Cash Flow vs. Appreciation 16:34 Step 2: Choosing Your Location 22:20 Out-of-State Investing vs. Local Investing 26:14 The 4 Short-Term Rental Categories 33:34 Vendor Availability, Competition, and Market Growth 37:14 Vacation Rental Seasonality 40:44 Step 3: Short-Term Rental Strategies 43:38 The Time Commitment of Running Vacation Rentals 46:56 How Much Risk (and Growth) Can You Handle? 50:10 Remodeling Your STR 53:59 Outro