363: How to Start an Airbnb Business in a Brand New Market w/Melanie Wilmesher

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 6 February 2024

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want to know how to start an Airbnb business? If you find the right deal and build an all-star team, you could squeeze a TON of cash flow from just one rental. And we’ve got the perfect guest to show you the ropes! Welcome back to the Real Estate Rookie podcast! Today, we’re joined by former ninety-day mentee Melanie Wilmesher. Since we last spoke with Melanie, she has added a short-term rental property to her portfolio—this time, in an entirely different market! In this episode, she shares her biggest struggles and lessons learned from investing out-of-state. While one destructive house party left her with $4,000 in damages and nearly derailed her Airbnb investing strategy, Melanie credits her trusted team for getting the property back up and running in no time. While short-term rentals can be wildly profitable, running them is not always a breeze. Melanie shares the highs and lows of her journey so that you can know what to expect in any situation! You’ll learn how to deal with bad reviews, find a great property manager for your rental, create the best possible guest experience, and more! In This Episode We Cover How to start an Airbnb business that gives you more cash flow in 2024 Melanie’s biggest lessons learned from owning short-term rentals How to deal with bad reviews you receive on Airbnb Creating the ideal guest experience that gets you MORE bookings Critical steps to take before buying a property “sight unseen” Building your dream short-term rental team through networking and referrals Why you NEED a top-notch property manager for out-of-state investing And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-363 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie episode 363.
0:05.0	And today we're welcoming back Melanie Wilmacher,
0:08.5	who was one of our 90 day mentees from back in early 2023.
0:12.0	And today she's here to give us an update on a deal she
0:14.8	landed and to really show you what's possible when you have the right plan in
0:19.2	place and we're going to hear some crazy stories from her Airbnb so make sure you
0:22.4	stick around to the end.
0:23.3	As always, I'm Ashley, along with my co-host Tony J Robinson.
0:28.4	And this is the real estate rookie podcast where every week, twice a week, we bring you the inspiration, motivation, and stories you need to hear to kick-start your investing journey.
0:37.0	And man, I'm super excited to get into today's episode with Melanie.
0:40.0	Melanie, as you may have recalled on previous episodes,
0:42.8	is a tech professional, and she's an investor out of Colorado.
0:47.2	So she was having a hard time getting her third property,
0:50.4	and this would be her first time doing an out-of-state investment.
0:54.0	Melanie struggled a little bit to kind of pull the trigger and realized she had to pivot markets
0:59.7	mid-search and completely changed where she was looking for a property.
1:04.0	Melini did a really good job demonstrating that setting a clear, actionable goal,
1:09.6	also with a little support and guidance in the right areas can really help you buy your next deal.
1:15.0	So if this is something you're struggling with, this is a great episode to listen to.
1:18.8	Okay, so let's get into it. Melanie, welcome back. So we've heard it's been a wild last nine months for you.
1:27.0	Please catch us up what's been going on with your first out of state
1:31.5	short-term rental and also having to build a team in a new market.
	...

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