In today’s episode, our co-host Rob Coldwell kick’s off our special series “Renovating to Your Renter”. Rob’s guests will include investors who have decades of experience in renovating section 8 housing, student rentals, short term rentals such as Airbnb and VRBO and luxury destination homes! We will also hear from one of the nation’s top organizations who works exclusively with traveling healthcare professionals in the mid-term rental space. Our guests will also share their expertise and advice for what to include (and not include) in your renovation budget, risk factors and benefits when renting to a particular tenant base, operations and much more! This dynamic series will answer all of your questions to ensure that you will receive the best return on your investment!

Michael McManus is a seasoned business owner and entrepreneur who, along with his wife Melissa, has built a portfolio of single-family homes and operates a successful business managing numerous Airbnb properties. Short term rental units can bring in more than 25% rental income than long term leases, which can mean big money for the investors. We will be discussing what happens behind the scenes of managing a short-term rental, the risks, best practices and how his team ensures a successful experience for his guests. If you have ever had any interest in jumping into the short-term rental market, this episode is for you!

0:00 – Introductions

3:03 – Why White Walls?

7:05 – Switching from long term to short term spaces

12:15 – Legalities of short term rentals

17:55 – What does Michaels team do?

20:17 – Monitoring automation (care of unit, renting, etc)

23:08 – Why contract out management?

24:50 – How important are reviews?

25:55 – Can low ratings be corrected?

27:10 – The risks of short-term rentals

29:55 – MIchaels’s other Photography businesses

30:40 – Bonus question!

Key Takeaways

Short term rentals earn 20-25% more than long term

Most municipalities allow you to rent your own home however you choose

Owners should personally drop in every 3 months

When the technology works, automation makes short-term rental management easier

Hiring a manager costs money, but saves a ton of hassle

Reaching out to unsatisfied guests can improve your ratings

Higher prices attract a better clientele

Short term rental arbitrage are a great segway to real estate investing

Making connections is one of the best parts of real estate investing