104: AirBnB Rental Business, Listener Investing Questions Answered

Invest Like a Boss

Sam Marks Johnny FD Derek Spartz

Investing, Business

4.8 • 518 Ratings

🗓️ 27 September 2018

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Frank Valencia, Sr. Managing Partner, and Victor Sanchez, Operations Manager, are part of Bongo PM Team. Their company, Bongo PM, focuses on AirBnB Property Management for vacation and short-term rentals. Their mission is to find the best real estate services for people looking for a home to rent or a vacation property to stay.

This is a special episode where the guests answer the listeners’ questions from The Boss Lounge about short-term rentals. If you are a property owner or a traveler looking for a place to rent, this is a perfect episode to start your real estate journey. Frank and Victor explain what services their company provides and the fundamentals of short-term rentals. They will answer several questions that you yourself might be asking, including the best cities for property rentals, profitability, taxes, and income potential.

Where we are:

Johnny - Chiang Mai
Sam - Denmark

Links:

BongoPM.com

Discussed:

Time Stamps:

10:09 – The services that Bongo PM provides
13:30 – What people look for in the properties they rent
14:36 – Important factors to keep short-term rentals up and running
16:06 – Determining factor if the property is profitable
20:41 – Understanding the fundamentals of short term rentals
21:32 – Tip and tricks in entering this industry
24:07 – Limiting one's liabilities
24:49 – Finding properties for short term rentals
25:54 – Purchasing a profitable property
26:47 – Impact of hotel taxes
27:41 – How to persuade the property management to allow short term rentals
29:19 – Projecting future income potential
30:31 – Best cities with best rental yields
33:45 – Insurance
34:34 – Properties in New York

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Transcript

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0:00.0	We made USAA insurance to help you save.
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0:08.3	Discover how we're helping members save at usaa.com slash bundle.
0:14.1	Restrictions apply.
0:15.6	Welcome to the Invest like a boss podcast.
0:17.9	I'm Sam Marks and I'm Johnny FD.
0:19.8	We're self-made entrepreneurs who invest our own money and use modern technology to invest like a boss.
0:24.2	Join us each week for exclusive interviews with our network of modern investors, business owners and multimillionaires to discover new ways to invest our hard-earned cash.
0:33.1	Hey guys, it's Johnny and welcome to episode 104 of the Invest Like a Boss podcast. I am back in
0:39.5	Chengmai, Thailand, and Sam is in Viking Town, Denmark. Denmark. It's 9 a.m. I'm having a coffee
0:47.3	after a morning walk to Neyhaven. Man, I'm loving it here right now. I'll tell you what, buddy,
0:52.7	brisk air, clean streets, nice people. I'm loving it here right now. I'll tell you what, buddy. Brisk air, clean streets, nice people.
0:56.8	I'm feeling alive again, buddy.
0:59.1	Well, I'm feeling that the Danish Hagen, what other worded phrase for coziness?
1:05.8	Oh, yeah.
1:06.5	Didn't know that.
1:07.3	Yeah.
1:07.5	It's actually one of those design philosophies where I think it's Denmark and maybe Norway, maybe Sweden or something. They have this word that, I mean, it roughly translates to be cozy, but really it's like a way of life. It's like the way they designed their apartments, the way that they kind of like their restaurants, a place that you can kind of feel like you're at home, you know, be able to put your feet up, feel warm, kind of feel like it's winter outside and it's, you know, warm inside. That's, that is pretty much exactly what I feel right here. And I'll tell you what this city is, it's not, it's like a peaceful, a more peaceful Amsterdam. It's quiet. And after coming from Tampa, Tampa is just a loud place, man.
1:46.8	Everyone's got a dog that barks like crazy in your apartment.
1:50.0	People are in domestic fights across from you.
1:52.5	I've had some serious issues with noise since I've been in Tampa.
1:56.8	And Copenhagen 8 p.m. at night, you open the window and there's just peace in the air. It's really, really nice for a change. Yeah, that's nice. I actually just looked up the word. It's huga. Okay. Spelt H-Y-G-G-E. Huga. It sounds like an old Viking chant. Yeah. Hooga. Yeah. So I'm here for a conference.
	...

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