Interview w/ Adam Dailey: Investing in Short-Term Rentals

Source: http://blog.revestor.com/2016/10/03/interview-w-adam-dailey-investing-in-short-term-rentals/

In this episode, Bill talks to Adam Dailey, an entrepreneur and AirBNB investor/host. In addition to his love of entrepreneurship and AirBNB, Adam owns a beer marketing company. Listen as Adam shares his strategies for becoming a successful Airbnb host, identifying properties with true earning potential, and side-stepping those cumbersome HOA fees.

(SIDE NOTE: The audio quality is not the best but please bare with it because it is WELL worth it!)

Time Stamped Show Notes:

00:09 – Bill introduces Adam Dailey
00:10 – Bill and Adam met at Entrepreneur’s Organization
00:20 – Adam’s background is in marketing and he now runs a beer marketing company
00:30 – Adam has three properties available on AirBnb
01:25 – Adam started with his place in Austin, which he rents out for South by Southwest

01:40 – Adam bought and found everything he needed for the house in Home Depot
02:30 – Adam’s place is good for 5-7 people

02:45 – There are guests who won’t clean the place after their stay
03:20 – Rent Like A Champion
03:58 – Adam doesn’t use a management company

04:10 – Adam wants to manage the place on his own
04:20 – Adam’s son was born in one of the houses so it has a sentimental value to him

05:18 – Adam’s stand regarding HOA fees

05:24 – None of Adam’s properties have HOA
06:00 – “There’s a way around it and as a business model, there’s a lot of people doing that”

06:27 – Adam’s recommendation on people finding properties

07:05 – Adam likes the downtown properties because of the businesses coming during the week
07:35 – Guests would normally limit themselves between beaches and downtown

08:08 – “Don’t look at the city. Look at the neighborhood and know your niche”
09:10 – Ideal price per unit is $500 per night

09:20 – “If you have a higher starting price, you get a higher level person as a guest”

10:15 – Bill talking about Pablo who has a motel and turned it into Airbnb
10:40 – When you have a hotel turned into an Airbnb, it is easier to run and control everything
11:23 – Adam has a system for smaller scale properties that automates everything
11:38 – Reviews are important

11:56 – Adam has a welcome basket for the guests

12:37 – What the host is getting will depend on how big the transaction is

12:44 – In San Diego, the guest is going to pay an extra 10% of the hotel tax

13:29 – Adam charges the guests whatever he charges the cleaning people
13:57 – Adam will only stay in San Diego for now
14:33 – Short-term rental is a good business model
14:40 – Short-term and long-term rental properties rates can be seen at Revestor
15:48 – “Research and be a sniper”

3 Key Points:

Don’t look at the city. Look at the neighborhood and know your niche.
If you have a higher starting price, you get a higher level person as guests—eliminates potential problems before they start.
Research and be a sniper.

Resources Mentioned:

Rent Like A Champion – One episode on SharkTank that is similar with Airbnb
Revestor – Bill’s website where you can find short-term and long-term rental rate of properties

Credits

Show Notes provided by Mallard Creatives

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