Serial Entrepreneur and Real Estate Investor, Bill Faeth, Shares his Strategies for Success in the Short-Term Rental Market
Show Notes
About the Guest(s):
Bill Faeth is a serial entrepreneur and real estate investor. He has bootstrapped 31 startups and has had 19 successful exits to date. Bill has built a $19 million short-term rental portfolio that generates over $1 million in annual income from a $126,000 investment. He is the owner and coach of the Build Short Term Rental Wealth brand, where he helps real estate investors succeed in the short-term rental market. Bill is also the host of two podcasts, STR Unfiltered and STR Ometrics.
Episode Summary:
Welcome to The Chris Voss Show, where host Chris Voss interviews CEOs, authors, thought leaders, and visionaries. In this episode, Chris interviews Bill Faeth, a serial entrepreneur and real estate investor. Bill shares his expertise in the short-term rental market and explains why it is still the number one asset class to invest in. He discusses his investment strategy, focusing on specific markets and creating unique experiences for guests. Bill also offers valuable insights on cash flow, tax benefits, and the importance of marketing in the short-term rental business.
Key topics discussed in this episode include the advantages of short-term rentals over long-term rentals, the importance of location in real estate, and the concept of “super properties” that maximize return on investment. Bill also emphasizes the need for continuous learning and adaptation in the ever-changing real estate market.
Key Takeaways:
Short-term rentals offer higher cash flow and tax benefits compared to long-term rentals.
Investing in secondary and tertiary markets can provide better returns on investment.
Creating unique experiences and targeting specific buyer personas can attract high-end guests.
The 5-52-50 plan is a strategy to build a short-term rental portfolio and generate $250,000 in net income.
Marketing and finding the right market opportunities are crucial for success in the short-term rental business.
Notable Quotes:
“Real estate’s great and land is great anyways. So as I started moving towards that seven-figure mark, and then when I eclipsed that, I knew I really had to get leveraged into it.” – Bill Faeth
“You make or break your deal on the entry when you’re buying the property.” – Bill Faith
“Most of that starts outside before it goes inside. That’s one of the reasons I don’t really like investing into condos unless you can build a moat around the investment and insulate yourself from other competition.” – Bill Faeth
“I’m always looking at how I’m gonna market if I find a property, if I find a business, and I can’t conceptualize a marketing plan internally in my eight-inch head here, then I’m not gonna make that investment.” – Bill Faeth
“If you pay down your debt and then you leverage your cash flow, it’s what I do. When I started, I spent $126,000 on my first property. I made a really bad mistake when I was a newbie in my second property and lost 125 grand. So I had to recover from that.” – Bill Faeth
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