Why Short Term Rentals?
Release Date: 02/06/2020
On today's episode of Cash Flow Diary, J. Massey explores the habits and mindsets that are holding you back from scaling up and growing your short term rental empire. Despite a hunger for knowledge and self-improvement, many individuals find themselves stuck in unproductive routines that hinder their progress. J offers actionable advice for breaking free from these patterns and shifting your mindset towards growth and success. Also in this episode: Suffering leads to perseverance The problem with qualified retirement accounts The importance of believing that wealth is for everyone A...info_outline How Short Term Rental Industry Can Help Anyone Generate Wealth
On today's episode of Cash Flow Diary, J. Massey hosts a Q+A session about how working with the short term rental industry can help anyone generate the wealth they seek. During this Q+A session with clients, J answers a wide range of questions from clients and provides answers and strategies they can use to help them start building their own short term rental empire. Also in this episode: How do you leverage what you already have Using referral codes for Uber and Lyft to make your rental stand out The rule of adverse selection The difference between an Airbnb and a bed and breakfast...info_outline The First Step To Building Your Short Term Rental Empire
On today's episode of Cash Flow Diary, J. Massey hosts a Q+A session with coaching clients about the first steps needed to build your short term rental empire. There are a lot of steps involved when it comes to building your short term rental empire. During Q+A calls with coaching clients, J shares the importance of changing your mindset and how it will have an astronomical impact on your business over time. Also in this episode: You don't rise to the level of your goals; you fall to the level of your systems How habits are the compound interest of self-improvement The importance of tracking...info_outline The Best Storage Solutions For Your Gold And Silver Investments
On today's episode of Cash Flow Diary, J. Massey hosts a Q+A session with coaching clients about storage solutions for their gold and Silver. When it comes to storage for gold and silver J Massey has heard it all. J speaks with a group of coaching clients and provides advice on safely storing your gold and Silver without burying them in the backyard. Also in this episode: The reason why coin shops often next to gun shops Why is Silver counterfeited less than gold Even Benjamin Franklin kept some of his assets across seven countries. Gold and Silver are not always insurable About...info_outline Teaching Families How To Achieve Financial Freedom In The Short Term Rental Industry
On today's episode of Cash Flow Diary, J. Massey shares why he enjoys teaching families how to generate wealth to achieve finical freedom within the short term rental industry. In this episode of Cash Flow Diary, J. Massey shares why he enjoys teaching families how to generate wealth to achieve financial freedom within the short term rental industry. Anytime J is being interviewed; he is always asked the same question "why do you do what you do?" Something J tells his team all the time "the reason Cash Flow Diary exists is that I know their families want to generate wealth but don't know how...info_outline Unbelievable Tales From The Short Term Rental Industry That Left J Massey Speechless
In this episode of Cash Flow Diary, host J Massey was left speechless by an unbelievable tale about property damage that occurred from a coaching client working in the short term rental industry. During a Q+A session with coaching clients, J Massey guides coaching clients as they build their short term rental empire. J thought he had heard everything while working in the short term rental industry. J would never have thought that a customer would remove a piece of the property from a short term rental property, but he was wrong. J advises his clients on how to proceed when the...info_outline How To Get Rich Quick In The Short Term Real Estate Industry
In this episode of Cash Flow Diary, J Massey teaches you how to get rich quickly while working in the short-term real estate industry. When most people hear the term "get rich quick," they think they are being scammed. However, shifting our mindset on how we think about this phrase can drastically affect your ability to be successful at growing a big enough short-term rental portfolio which is also sustainable and can support your lifestyle. Also in this episode: How nothing has any meaning except the meaning ascribed to it How do you define "rich"? How feeling anxiety and dread will...info_outline How You Can Remedy The Situation If Somebody Is Smoking In Your Unit
In this episode of Cash Flow Diary, J Massey hosts a Q+A with coaching clients about what to do when somebody is smoking in your unit and how you can remedy the situation. When running your short term real estate empire, the majority of your guests will come and go with no complications. Occasionally, however, you will have a guest who breaks some of the agreed-upon rules and J shares his personal tips on how you can approach the confrontation behind somebody smoking in your short term rental when you don’t want them to. Also in this episode: Airbnb is looking for irrefutable...info_outline How To Negotiate A Short Term Real Estate Rental Unit Lease
In this episode of Cash Flow Diary, J Massey discusses how you can negotiate your short term real estate until lease. When it comes to renting out Short Term Real Estate Units, knowing how to negotiate a lease is extremely important to know. J hosts a q+a session with coaching clients and provides the tips and tricks on negotiating short term real estate leases to maximize your return on investment. Also in this episode: The differences between a net lease and a lease Factoring in utility prices in colder climates How much should you charge for rent in your unit About...info_outline Security Tools And Technology For Renting Out Your Short Term Rental Unit
In this episode of Cash Flow Diary, J Massey shares security tips for renting out your short term rental unit. Have you ever wanted to start hosting guests, but have safety or property damage concerns? J shares his experience with this kind of scenario when he rented a short term property. He also provides you with a walk-through on how to improve the security for your own property. Also in this episode: The problem with lockboxes Using new technology for noise detection How to prove that somebody was smoking in the unit Guests need to feel safe if they are going to rent your unit ...info_outline
When you understand the “why?” behind your business, it can often help you with the “how?” of your business. In this episode of the podcast J reveals the story of how he came to realize that short term rentals are perhaps the greatest opportunity for people getting into real estate investing in a very long time, but also why the window to take advantage of that opportunity is closing a little bit every single day.
- The Power of Real Estate
Prior to getting into real estate, J and his wife went through some incredibly difficult times personally. His wife was unable to eat or drink due to a condition she developed while pregnant, and J suffered an injury where he punctured his lung which prevented him from walking and talking at the same time. His back was against the wall with no money and a terrible credit score, and that was when a friend recommended he look into real estate investing.
At that point J’s best ideas are what got him into that position, which is something you should consider as well. Wherever you are now, your best ideas got you to where you are. It wasn’t until J left his comfort zone and stopped pretending that everything was alright that things started to change.
J started doing what he was being asked to do and after closing his first transaction in June of 2008, he realized that his beliefs around money were holding him back and preventing him from seeing the opportunity that was around him.
You can play any game if you are taught the rules, and real estate is no different. Once J got started, everything snowballed and accumulated and in the course of the next 12 months his life was completely changed. His business eventually developed into buying apartments and multifamily units, billboards, cell towers, and other types of property all over the United States, all along the way he fine tuned the systems that allowed him to scale.
As great as that success is, J wasn’t satisfied. J started thinking about how he could make more of a difference in the world which lead him to create the Cashflow Diary and started helping other people with their own entrepreneurial journey. It was actually one of those people that introduced him to short term rentals.
One of the interesting things about real estate is that it’s a great way to build wealth, but a horrible way to build income. A lot of landlords lose money on long term rentals for quite a while. Short term rentals are a response to the change in consumer habits and change the way we look at real estate.
Short term rentals have been around for a long time, but what is new about the industry is the impact that technology is having on it. Technology is transforming everything about real estate and the short term rental industry is leading the way.
- Planning For The Future
The rules of money have changed and most of us were never taught them in the first place. People are finding out the hard way that social security is more like social insecurity and their 401(k) isn’t going to last as long as they thought it was going to. We all must have a way to produce income not only when we are awake, but passively as well. Inflation and tax increases are coming in the future, and we need a way to protect ourselves from that.
For most people, their first transaction is real estate is about taking on a massive obligation with almost no experience, but one of the game changing realizations with short term rentals is you don’t need to own a property to start the business. You only need to control the property, and that means a lease.
J crunched the numbers and found that a lease came with less risk, less money up front, and can be turned around quicker. He also found that he had a good chance of getting all his cash back in 10 to 18 months, as well as having a source of cash flow. When compared to a traditional approach where he wouldn’t be able to expect that money back for at least 15 years, short term rentals win hands down.
If J were to start all over today, short term rentals are the strategy he would start with. You will gain the experience of owning a property without the risks associated with actually owning it, but you also get experience in working with customers and creating the systems that allow to scale rapidly. You can get the on the job training with the 30 year commitment.
- The Short Term Rental Opportunity That’s Right Infront of You
It doesn’t take any special skills to be successful with short term rentals other than the willingness to learn and be persistent. The industry is wide open but it’s not going to stay that way forever. The trouble is we have a tendency to wait until an opportunity is blatantly obvious before acting on it, but now is the time to act.
It’s been a long time since real estate has seen anything new, but the window is closing slowly on the short term rental industry. As major players like Marriott start to enter the market, it’s only going to get harder each year, just like every other technique in real estate.
Short term rentals produce twice the gross revenue of traditional long term rentals while often only increasing the expenses by 10%. When you do the math, you end up with higher net operating income and that’s why finance is going to change.