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264. Hosting Hotline: Finding the Best Market For Your Airbnb · Thanks For Visiting

• 0:00
  Sarah: Hello.
• 0:00
  Welcome back to another great episode.
• 0:02
  My name is Sarah Karakaian.
• 0:03
  Annette: I am Annette Grant, and together we are--
• 0:05
  Both Annette & Sarah: Thanks for Visiting.
• 0:06
  Sarah: And this is the--
• 0:07
  Both Annette & Sarah: Hosting Hotline.
• 0:08
  Sarah: We got a hot one coming in from Zach.
• 0:13
  Questions: Hey, Annette and Sarah.
• 0:14
  This is Zach.
• 0:15
  I was wondering what kinds of tools you guys use when determining
• 0:19
  potential short-term rental income when you're looking at properties
• 0:23
  that you're interested in purchasing.
• 0:25
  Love the show.
• 0:26
  Thanks.
• 0:27
  Sarah: Good question, Zach.
• 0:29
  Annette: Zach, you love the show?
• 0:32
  Have you left us a review?
• 0:34
  This is a hot tip for everybody.
• 0:36
  Leave us a review.
• 0:37
  We'll love it.
• 0:38
  Sarah: They're all fellow hosts out there, so they know the importance of a review.
• 0:40
  Annette: Yeah.
• 0:40
  You guys know the importance of reviews.
• 0:43
  Sarah: For both our egos because this job is hard sometimes.
• 0:46
  Annette: No, but really, the review counts.
• 0:48
  It gets it to other hosts.
• 0:49
  We want to uplevel what it means to be a host.
• 0:51
  So let's do it.
• 0:52
  Let's get into Zach's question.
• 0:53
  Sarah: So actually, this is a very timely question, Zach, because Annette
• 0:56
  and I just did a whole presentation.
• 1:00
  We spoke at InvestHER Con, and we did good deal, bad deal.
• 1:04
  And what we did on stage there, Zach, is we took two actual properties that
• 1:09
  were listed for sale, we built out a proforma, and we worked with the audience
• 1:14
  to go over all the different aspects of that proforma to help us understand
• 1:18
  what is a good deal, bad deal for all the different investors that were in the
• 1:22
  audience, because we all have different ideas of what is a good deal, right?
• 1:26
  Annette: Mm-hmm.
• 1:26
  Sarah: Is this a lifestyle asset for you and your family?
• 1:29
  Are you really looking for a way--
• 1:31
  Annette: Cash-on-cash.
• 1:32
  Sarah: Cash-on-cash, a way to offset your income.
• 1:33
  Annette: Tax advantage.
• 1:33
  Sarah: Right.
• 1:34
  There's so many things.
• 1:34
  AD MARKER
• 1:35
  Sarah: Zach, you asked us what our favorite tool is, and I think a lot of
• 1:38
  listeners out there know about tools like AirDNA, Key Data, PriceLabs.
• 1:47
  But our favorite, Zach--
• 1:48
  Annette: The secret weapon.
• 1:49
  Sarah: The secret weapon, and this is how we built out super detailed
• 1:53
  proformas for that presentation that we did, it's STR Insights.
• 1:59
  And the reason we like STR Insights is because, first of all, if you're
• 2:03
  looking to invest in short-term rentals in general, and you are open to where
• 2:08
  in the country you invest, and you have return on investment goals,
• 2:14
  STR Insights can help you pinpoint where you should invest, what market.
• 2:18
  And then when you get to that market, they help you understand the sweet
• 2:21
  spots of that market because not all areas of any marketplace are created
• 2:26
  equal in terms of return on investment.
• 2:28
  Annette: We want to let you know, Zach, this is a paid for service.
• 2:32
  Sarah: Yes.
• 2:33
  Annette: So you are going to have to make the investment, but trust us, this
• 2:37
  is the time where you want to make the investment in your future investment.
• 2:43
  So we just want to let you know, everyone, if you haven't checked it
• 2:46
  out, please check out STR Insights.
• 2:49
  Full transparency.
• 2:50
  We are affiliates for them, but it's a product we believe in.
• 2:53
  We are huge, enormous fans and friends of the founder and CEO, Kenny Bedwell.
• 2:59
  He is amazing.
• 3:01
  He spoke at our last live event.
• 3:02
  He's coming to our next live event.
• 3:04
  If you haven't bought your ticket yet, buy your ticket, tfvcon.com.
• 3:07
  But check out-- that's where we would start, Zach.
• 3:09
  As one of our beloved listeners, we are going to send you to STR Insights.
• 3:13
  That's where you need to go to get your intel.
• 3:15
  Sarah: But also in true TFV form, how can we have our listeners run
• 3:19
  proformas, get data where they maybe don't have to invest money?
• 3:22
  Although, again, if you're going to invest in a property like that
• 3:25
  -- Annette: Yeah.
• 3:26
  If you're going to investhundreds of thousands of dollars, a
• 3:27
  couple of hundred does nothing.
• 3:28
  Sarah: Yeah.
• 3:28
  Because then you can base it on data and not on feelings,
• 3:32
  or someone's opinion, or--
• 3:33
  Annette: What your real estate agent is maybe saying.
• 3:34
  Sarah: Right.
• 3:35
  But something you could do, Zach, and everyone out there, is if you're looking
• 3:38
  to invest in a marketplace, you could reach out to a property management
• 3:42
  company that specializes in short-term rentals because they might want to
• 3:46
  win your business as your property manager in some way, shape, or form.
• 3:50
  Some property management companies have a maintenance program.
• 3:53
  So if you want to self-manage-- so anyway, you could call them and
• 3:57
  say, I'm interested in investing in your market in a short-term rental.
• 4:00
  I want to know more about the different expenses and income
• 4:04
  that's available in that area.
• 4:06
  They may share that information with you.
• 4:08
  They really should because they are the experts in there.
• 4:11
  They are personally managing properties in that marketplace, and they might be able
• 4:14
  to share with you some insights there.
• 4:17
  Annette: We're going to have all of the tools linked in the show notes,
• 4:20
  but Zach, thanks for calling in.
• 4:21
  Thanks for asking the question, and we can't wait for one of you,
• 4:25
  listeners, to dial in with your next question,hotline question.
• 4:27
  Sarah: Yeah, if you've got a question, go to thanksforvisiting.me.
• 4:32
  In the upper right-hand corner is a red button that says "Ask TFV."
• 4:35
  you just press that button, and it'll take you to a page where you can record
• 4:37
  your voice, ask your question, and we'll answer it here on the podcast.
• 4:40
  With that, I am Sarah Karakaian.
• 4:42
  Annette: I'm Annette Grant, and together we are--
• 4:43
  Both Annette & Sarah: Thanks for Visiting.
• 4:44
  Sarah: Talk to you next time.