The Godfather Of STR's - Trending Markets, The AirBnBust, and How To Crush Your Cash Flow Goals and Competition With Unique Experiences | Shawn Moore
Millionaire Mindcast
Matt Aitchison
4.4 • 716 Ratings
🗓️ 24 July 2023
⏱️ 46 minutes
🧾️ Download transcript
Summary
This Millionaire Mindcast episode is sponsored by BetterHelp. Give online therapy a try at betterhelp.com/MINDCAST and get on your way to being your best self.
Today, we have a wonderful guest, Shawn Moore who imparts a lot around owning real estate, diving into building wealth and financial freedom through grinding, playing, and buying properties, short-term rentals, and selling unique experiences and properties through building a story!
Shawn Moore is an active investor, a real estate investment expert, author, and founder of Vodyssey, a leading platform in the US specializing in short-term rental property investing. His interest is assisting investors in acquiring the dream lifestyle and financial independence they desire by investing in vacation homes.
Some Questions I Ask:
What’s going on in your world, and where did this journey all start?
What is Vodyssey, and what do you guys do?
When you first started, what was the landscape, and how did it evolve to where you are today?
For people that are thinking about short rentals, what are things they should consider, and who is this asset class for and not for?
What are some of the risks of short-term rentals, and how can they be mitigated?
What are some of the things that you’ve seen in terms of examples of the best experiences that people are creating?
What are some of the good and emerging markets that you are seeing right now?
How do you approach underwriting rules of thumb?
What are some of your favorite tools and resources that you guys use and leverage when it comes to your business?
What specifically are you more excited about or most paying attention to that might impact the future of STRs?
In This Episode, You Will Learn:
The 3 major phases of buying short-term rentals.
Understanding the buying short-term rentals game before playing it.
Short-term rentals as mainstream assets.
Where and when to buy assets for short-term rentals.
Knowing you’re selling the right thing.
Tips on how to start your business.
Underwriting market deals.
Why are some markets saturated.
Quotes:
“There is no perfect asset for anybody.”
“I want to walk into this with my eyes wide open.”
“If they don’t allow it, you shouldn’t do it.”
“Don’t try to be everything to everybody.”
“Don’t let somebody else underwrite your deals for you.”
“Underwriting is so important in understanding the number.”
“If you’re diving into game, one, you really need to take the time to understand the game you’re going to play.”
Resources Mentioned:
Connect with Shawn Moore on:
What the Hell is a Lifestyle Asset: How to Build Lifestyle & Financial Freedom Investing in Vacation Homes book by Shawn Moore
https://www.linkedin.com/in/shawn-moore-393454173/
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Show Brought To You By: www.MillionaireMindcast.com
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Transcript
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| 0:00.0 | There's really three major phases when it comes to buying a short-term rental that in those |
| 0:04.5 | final two phases, a lot of people ignore. The first phase is the acquisition, which is really |
| 0:09.0 | understanding the numbers, buying the right property in the right area that can support the numbers |
| 0:12.9 | to cash flow property. Everybody focuses there, right? But then we forget about the last two phases, |
| 0:18.5 | which is setting up a property for a target audience and setting |
| 0:22.1 | up a great experience for that audience and being able to deliver it through the right management |
| 0:26.0 | structure and then ultimately marketing that to the masses, right? This is a really popular |
| 0:30.4 | game anymore. And you can get lost in the crowd if you don't know how to market these, |
| 0:34.0 | because these are like little businesses. |
| 0:49.7 | Man, I am excited for today's guest and the conversation that we're about to have, |
| 0:52.0 | my man, Sean Moore of Vodacy. |
| 0:52.7 | How are we doing, bro? |
| 0:56.6 | Matt, thanks for having me. I'm so excited to have this conversation today. |
| 1:03.8 | You know, there's a lot of people who have gotten into short-term rentals and, you know, |
| 1:08.2 | hospitality over the course of, let's say, the last five years. |
| 1:15.0 | But I haven't met too many people that I call, oh, geez, the original gangsters, |
| 1:21.3 | you know, in short-term rentals and hospitality, and you are one person that checks all those boxes and is that. |
| 1:24.0 | And I don't think too many people know maybe how long you've been in this space and how much |
| 1:29.9 | of an expert you are. So I'm really excited for you to kind of open the kimono a little bit and |
| 1:35.3 | share your journey, what you've been up to, how you've built wealth, not only through real |
| 1:39.5 | estate investing, but specifically how, you know, hospitality, creating experiences for people in real estate assets |
| 1:47.8 | has become just your bread and butter and doing it at the highest of levels. So if you guys are |
... |
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