TGCI 46: People on the other side of Airbnb? What are vacation rentals?
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Show Notes
For more details visit: www.TheGoldCollarInvestor.com/show46
In today's show, Pancham interviews Tim Hubbard. Tim is the CEO and Founder of Midtown Stays, a short-term rental accommodation company which has successfully accommodated more than 10,000 guests across the world. Tim has also co-authored the Amazon best-seller, Resilience.
Today, Tim gives us a "peek" into the short-term rental business. Tim shares his business philosophy, and reveals why short-term rentals are here to stay. You will also learn how Tim is living his dream life as he manages his business remotely from beautiful Medellin, Columbia.
We wrap up this show with our Taking the Leap round. If you are a new or aspiring real estate investor, you will find this segment of the show particularly interesting.
We hope you enjoy this show!
Timestamped Shownotes:- 01:56 – Pancham welcomes Tim to the show
- 05:35 – How did Tim get into the short-term rental business?
- 07:42 – What exactly is a short-term rental? Tim explains in simple terms
- 10:17 – How does Tim manage his real estate business remotely from Colombia?
- 14:00 – How does Tim find a profitable short-term rental? Is managing a short-term rental a bigger challenge?
- 19:42 – How does Tim furnish a short-term rental? Is renting out furniture a feasible option?
- 22:02 – Compared to a traditional rental, can you charge significantly more for a short-term rental?
- 25:45 – Has the pandemic affected Tim's business?
- 32:44 - Taking the Lead Round
- 32:44 – When was the first time Tim invested outside the Wall Street?
- 33:30 – What fears did Tim have to overcome when he first invested outside the Wall Street?
- 34:22 – Can you share one investment that did not go as expected?
- 37:11 – What is one piece of advice you would give to someone who is investing in the Main Street?
- 37:48 – Tim shares his contact information
3 Key Points:
- Understanding the basics and economics of the short-term rental business
- How to remotely manage a real estate investing business
- Impact of COVID-19 on the rental industry (particularly short-term rentals)
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