Shawn Moore is the Founder & CEO of Vodyssey, the world’s #1 vacation rental investing education company obsessed with helping clients build lifestyle & financial freedom investing in vacation homes.
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Guest Resource
Vodyssey – Build a life you don’t want to take a vacation from!
3 Value Bombs
1) Don’t limit what you think is possible before you look into it.
2) Saturated markets mean that there’s a lot of demand. Your job is to figure out how you’re going to get your unfair share of business and stand out in the marketplace. You can’t do it by doing what everybody else is doing.
3) You need 3 things for your first short-term rental investment: A downpayment around 10-25% of your acquisition cost, furnishings around 8-10% of acquisition cost, and 6-9 months of property expenses.
Sponsors
HubSpot: Building a business is challenging enough; your tech stack shouldn’t make it harder! Learn how HubSpot can help your business grow better at Hubspot.com.
ZipRecruiter: A better way to find great people for your team! Try ZipRecruiter for free right now at ZipRecruiter.com/fire!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: How to Build Lifestyle & Financial Freedom Investing In Vacation Homes
[1:27] – Shawn shares something that he believes about becoming successful that most people disagree with.
- Focus on how important your customer experience and product are when you’re scaling your business.
[2:59] – Building passive income by investing in vacation homes.
- You don’t have to have millions of dollars coming in to be financially free.
- The holy grail of real estate investments is that they create passive income for us.
- Every asset class has its pros and cons.
[6:25] – How can someone make a small shift to stand out on AirBNB right now?
- Saturated markets mean that there’s a lot of demand. Your job is to figure out how you’re going to get your unfair share of business and stand out in the marketplace. You can’t do it by doing what everybody else is doing.
- Understand customer experience, develop an amazing guest experience, and articulate it to the masses through your listing to different channels.
[9:52] – What is the impact of inflation to real estate investing?
- Fundamentally, real estate is a great hedge to inflation.
- The reason being, there’s a huge demand with real estate right now is because of the leverage aspect.
[11:43] – A timeout to thank our sponsor!
- HubSpot: Building a business is challenging enough; your tech stack shouldn’t make it harder! Learn how HubSpot can help your business grow better at Hubspot.com.
[15:06] – Prices for homes are at an all-time high. Would it be better to wait for homes to come down in price before purchasing?
- The metric that bears the least importance is the actual price of the home.
- Underwrite a home because of its cash flow potential.
[18:00] – What are the best locations to purchase short-term rentals?
- Anywhere you have a profit-driver or something that brings people and visitors to the area.
- Start with what your means are and with where you’d love to own a vacation home, then look at what the market is like.
[19:59] – What the price we can expect to invest in our very first vacation rental investment?
- You need 3 things for your first short-term rental investment: A downpayment around 10-25% of your acquisition cost, furnishings around 8-10% of acquisition cost, and 6-9 months of property expenses.
[21:55] – Shawn’s key take away and call to action.
- Don’t limit what you think is possible before you look into it.
- Vodyssey – Build a life you don’t want to take a vacation from!
[21:59] – Thank you to our Sponsor!
- HubSpot: Building a business is challenging enough; your tech stack shouldn’t make it harder! Learn how HubSpot can help your business 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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