https://buildstrwealth.com/proforma
http://www.futurestay.com/bill
In this episode of Bill Faeth Unfiltered, Bill dives into the often-overlooked hidden costs of short-term rentals. He emphasizes the significant expenses that many investors fail to consider, such as carry costs from the purchase date to launch, and travel expenses for out-of-market properties. He shares personal insights, including an unforeseen $4,000 snow removal cost at his Elk Lodge property in North Carolina. Bill, along with guest Chris, discusses the importance of accurately estimating expenses like property taxes, internet, and landscaping, which can significantly impact profitability. They also highlight the importance of understanding your ideal guest's preferences and designing properties to meet their needs. The episode concludes with a pro tip: include a 'just in case you mess up' buffer in your proforma by adding 10% to expenses and subtracting 10% from estimated revenue. This strategy provides a safety net for unexpected costs, helping investors make better-informed decisions. To further aid listeners, Bill offers access to his proforma and other investment tools through links in the show notes.
00:00 Introduction to Bill Faeth Unfiltered
00:21 Hidden Costs of Short-Term Rentals
01:13 Travel and Carry Costs
02:14 Unexpected Expenses in Property Management
03:03 Importance of Accurate Performance
08:32 Marketing and Software Costs
11:10 Designing for Your Ideal Buyer
13:28 The Just-In-Case Buffer
15:52 Conclusion and Final Thoughts
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• Check Out Our website: https://buildstrwealth.com/
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• TikTok: https://www.tiktok.com/@bfaeth
On Bill Faeth Unfiltered, Bill Faeth breaks down the ins and outs of short-term rental hosting, giving listeners actionable advice that they can use to take their businesses to the next level.
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