Avery Carl is the author of “Short Term Rental, Long Term Wealth,” and host of “The Short Term Show” podcast. He is the CEO of the nation’s top STR real estate brokerage/team, The Short Term Shop.
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Guest Resource
TheShortTermShop – Learn how to start your short-term rental investment journey!
3 Value Bombs
1) You learn by doing – not by overanalyzing.
2) You can self-manage a short-term rental without a property management company.
3) You can scale with short-term rentals, but keep in mind that there is also a lot of value in a diverse portfolio.
Sponsors
Thrivetime Show: Is this your year? Visit ThrivetimeShow.com/eofire to see how Clay Clark’s business coaching helps thousands of entrepreneurs to dramatically increase profitability.
HubSpot: A platform that’s easy for your entire team to use! Learn how HubSpot can make it easier for your business to grow better at Hubspot.com!
Roll by ADP: Ready for a lot less stress in your life? Get 3 free months of unlimited payroll processing when you visit RollByADP.com/fire! Terms and conditions apply.
Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: Short Term Rental, Long Term Wealth with Avery Carl
[1:47] – Avery shares something she believes about becoming successful that most people disagree with.
- She believes that you learn by doing and not by overanalyzing.
[2:28] – Can you really self-manage a short-term rental without a property management company?
- Yes! You can scale more quickly with apps and tools to streamline the process for short-term rental management.
[3:21] – Avery shares how she started her business.
- She was working in the music business and making $37,000 a year.
- She had the drive and tried doing short-term rentals to scale faster.
- Choosing your market is essential in buying a short-term rental.
[5:01] – How can you identify the best investment market for your first short-term rental?
- You can start with regional, drivable, mature vacation rental markets.
- Choose an area where short-term rentals already exist.
- When money is a factor, most people prefer drivable short-term rental places.
7:23 – A timeout to thank our sponsors!
- Roll by ADP: Ready for a lot less stress in your life? Get 3 free months of unlimited payroll processing when you visit RollByADP.com/fire! Terms and conditions apply.
- Thrivetime Show: Is this your year? Visit ThrivetimeShow.com/eofire to see how Clay Clark’s business coaching helps thousands of entrepreneurs to dramatically increase profitability.
- HubSpot: A platform that’s easy for your entire team to use! Learn how HubSpot can make it easier for your business to grow better at Hubspot.com!
[10:23] – What main characteristics will allow us to know if a property will make an excellent short-term rental?
- Start looking at the property’s rental history data
- Check the condition of the property and its surroundings.
[13:35] – How would you calculate what a short-term rental might make?
- You can calculate the possible revenue for a short-term rental using a combination of data and The Enemy Method.
- Short-term rental revenue varies.
- Be comfortable and be able to go with rate ranges.
[15:02] – Avery shares her success story with a short-term rental.
- The 7th property she purchased in 2019 is the most profitable short-term rental property.
- It had been foreclosed twice and was on the market for a year.
- They purchased it for a reasonable price and did some cosmetic upgrades.
- It is a beautiful 4-bedroom beach house in Florida, and it grossed $162,000 in 2021.
[16:47] – Avery’s parting piece of guidance.
- You can scale with short-term rentals, but keep in mind that there is also a lot of value in a diverse portfolio. Have different types of real estate in your portfolio so that whatever the status of the economy is, you are covered.
[18:17] – Avery’s call to action for Fire Nation.
- TheShortTermShop – Learn how to start your short-term rental investment journey!
[20:29] – Thank you to our sponsors!
- Thrivetime Show: Is this your year? Visit ThrivetimeShow.com/eofire to see how Clay Clark’s business coaching helps thousands of entrepreneurs to dramatically increase profitability.
- HubSpot: A platform that’s easy for your entire team to use! Learn how HubSpot can make it easier for your business to grow better at Hubspot.com!
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!
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