How to Invest and Run Multiple STR Units in Different Markets

Is it too much trouble to manage multiple short-term rentals (STRs) in different markets? If you have the opportunity to invest in Airbnb properties, but you know you’d have to run the units remotely, there are tactics and tools you can use to make the job easier.Karen Chenaille is the real estate investor and vacation rental host behind Star Gazer Stays, a STR business with properties in Vermont, Tennessee, Mississippi and Florida. She is also an active member of our STR Profit Academy and works full-time as a program manager for a Fortune 500 defense contractor.Today, Karen joins me to explain how she grew her portfolio to 11 properties, discussing what she looks for in a STR market and how she manages those units remotely. She shares her experience as a host through COVID-19 and describes how Profit First helped her build the cash reserves to navigate the crisis. Listen in for Karen’s insight on leveraging a CEO mindset as you expand your STR business and learn what tools you can use to run multiple Airbnbs in different markets!Topics CoveredHow Karen grew a portfolio of 11 STR propertiesUse extra space in own 5BR houseAdded condo near ski resortSold convenience store to expandWhat Karen looks for in a STR marketVacation rentals have been around long timeLocal governments pro-STR and make moneyHow Karen finds cleaners + maintenance staff in new marketsStay in local Airbnb, contact host/cleanerAsk for referrals from local realtorThe benefits of using Wi-Fi locks for self check-inOnly valid for period from check-in to checkoutKnow what’s going on and stay in controlKaren’s vision for the future of her STR businessGrow Airbnb revenue for next six to eight monthsDecide whether STR can be main source of incomeKaren’s experience as a host through COVID-19Lost $20K in five days on Tennessee propertiesState of Vermont blocked calendar through 7/1What bookings look like for Karen nowNew properties in Florida booking like crazyTennessee Airbnbs picking up (at higher rates)Guests choosing drive-to destinationsHow Karen applies the principles of Profit First Pay yourself and taxes first, then use rest to operateNarrow down and prioritize expenses based on ROIHow Karen built the cash reserves to survive COVIDLeverage YNAB cashflow management toolSet aside money to pay off expenses in 10 monthsHow Karen is implementing the CEO mindsetOnly do things good at, outsource restDevelop systems + use automation when possibleKaren’s advice for STR hostsDon’t feed into hysteria and panicStill much opportunity in STR spaceConnect with KarenStar Gazer StaysStar Gazer Stays on FacebookKaren on AirbnbResourcesSTR Profit AcademyGet Paid for Your Pad by Jasper Ribbers and Huzefa KapadiaNoiseAwareRemote LockTurnoverBnBProfit First by Mike MichalowiczYNABQuickBooksMike Michalowicz’s Podcast: Entrepreneurship ElevatedClockwork by Mike MichalowiczThe 4-Hour Workweek by Timothy FerrissEmail [email protected] Hosted on Acast. See acast.com/privacy for more information.