Imagine making $10K per month per property on luxury homes YOU DON’T OWN and having the option to stay in those high-end homes when they’re available… The increasing popularity of home sharing sites like Airbnb, VRBO and Expedia make it possible to make a lot of money on luxury vacation rentals—whether or not you have the capital to buy a million-dollar home yourself!
Jerry Conti is the Cofounder and CEO of LuxHomePro, Arizona’s top short-term rental (STR) marketing and booking specialists. Jerry’s team manages a portfolio of 22 luxury properties in the Scottsdale area worth $23M, capitalizing on the millions of travelers seeking high-end properties through online travel agencies to generate returns of 100% to 500% in monthly revenue. LuxHomePro also boasts an education arm, helping entrepreneurs start their own luxury vacation rental business in markets across the country.
On this episode of Founders Club, Jerry joins Oliver to explain how his vacation rental model works, discussing why he prefers the lease option and the luxury niche. He walks us through the process of finding a property, addressing homeowner objections, financing the deal, and negotiating an option contract. Listen in for Jerry’s insight around what to look for in a STR property (and how to price it accordingly) and learn the skill sets you need to run a successful vacation rental business.Key Takeaways
[1:16] How Jerry’s vacation rental model works
[7:18] Why Jerry prefers the luxury niche
[14:16] How Jerry finds properties
[21:49] Your options for structuring a STR deal
[29:55] Jerry’s advice on getting a lease under contract
[35:40] Who Jerry’s team negotiates with
[41:00] How Jerry addresses common homeowner objections
[46:12] What Jerry looks for in a property
[52:26] Jerry’s insight around pricing a STR
[1:00:10] Jerry’s approach to mitigating neighbor concerns
[1:06:19] The key to running a successful Airbnb
[1:12:05] How Jerry keeps his STRs immaculate
[1:18:30] Jerry’s tips on the check-in and check-out process
[1:26:40] What surprised Jerry about the STR business
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