Solving the Airbnb puzzle...Things to know BEFORE setting up an AirBnb
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 14 September 2022
⏱️ 47 minutes
🧾️ Download transcript
Summary
To learn more about James and Riley, check out their website at: https://bnbinnercircle.com/
Want to ask Ken a question? Join his Inner Circle: https://kensinnercircle.com
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, The ABC’s of Property Management, and has an upcoming book: "ABCs of Buying Rental Property: How You Can Achieve Financial Freedom in Five Years." Ken is a Rich Dad Advisor. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This channel is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income.
Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
Ken's company: https://mccompanies.com/
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#kenmcelroy #realestate #airbnbbusiness
Transcript
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| 0:00.0 | Welcome to the Real Estate Strategies podcast, where we host in-depth conversations on everything |
| 0:07.8 | real estate with the industry's biggest movers and shakers. I'm your host, Ken McElroy, joined by my |
| 0:13.9 | co-host, DeNeil. Let's get right into this episode. So what a show today with James and Riley. |
| 0:20.0 | Oh my gosh, so great. They're really into that |
| 0:22.0 | Airbnb model and they're killing it. Well, I love the fact, you know, because there's a bunch of people |
| 0:26.5 | out there saying you don't need any money. You can just start with somebody else's, but they really |
| 0:30.8 | articulated, you know, what it means to arbitrage and how expensive it is. And it's really |
| 0:36.5 | potentially not even worth it, you know, given the fact that you have that big upfront cost. |
| 0:41.3 | And then you might only cash flow one or two thousand a month. |
| 0:43.9 | A lot of people have different opinions on it. |
| 0:45.6 | So it's always good to get that other side of the coin opinion. |
| 0:48.2 | Yeah, I know. |
| 0:48.7 | And as always, it boils right down to management. |
| 0:51.3 | And they also had some good ideas around that. And as a consumer, |
| 0:56.5 | as even if you're buying an Airbnb, they also had some pretty good ideas on what to look for |
| 1:01.6 | if you're actually buying an Airbnb because we both know some people that have done that and |
| 1:06.1 | they've been sorely disappointed because they underwrote it based on 20 days of occupancy. |
| 1:12.1 | And we all learned today that that is not the right way to do it. |
| 1:15.4 | Absolutely. |
| 1:16.0 | So I hope you guys enjoy the show. |
| 1:17.9 | Hey guys, it's Ken and DeNeil. |
| 1:19.5 | Hello. |
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