Hey YouTube what's happening it's Richard founder short-term rental
university and Airbnb super host and today's Monday thoughts are about
reassessing and re-examining your why because it can and likely should change
over time
so for those of you who are unaware about like my search for why it's really
the reason that I encourage everybody to stop and think about why you want to be
a short-term rental host why you want to be on Airbnb why you want to be on VRBO
and it must be a deeper more meaningful reason something that resonates with you
beyond just like the spare income because if you wanted spare income
there's a lot of easier things to do but if hosting people and real estate and
having guests in your home doesn't really move you on a personal level it's
unlikely that you're gonna succeed over an extended period and so that's why I
ask a lot of our paid members to start with the exercise of why why are you
doing this and what I have found is my why the reason that I started hosting on
Airbnb and VRBO was to build a portfolio of locations
that I wanted to travel with my family and my kids and then ultimately retire
there and so those are the destinations that I picked as I assembled a portfolio
of properties but as so often happens life can change and there are changes
some expected some unexpected and so for me personally unexpectedly I am now
recently divorced and I'm committed to real estate and short-term rentals that
part of my why hasn't changed but the reality of our family unit going to
these places has changed and therefore the meaning around these locations has
changed and so I'm in the process right now of reassessing these locations from
purely a business cash flow perspective and I may make the decision that this is
still a great place to own a home or I may find that the fact that I'm gonna be
spending less time there on a go-forward basis might mean that it's time to sell
that exit 1031 exchange legally tax defer the gains from these properties
and roll them into other properties in other locations that have more personal
meaning and resonate with my new why and so it's not to suggest that you have to
go through a life-changing divorce to have a slightly modified why it could be
that your kids are now in college and so it's less important it could be all very
positive reasons your family's expanding and its growing it doesn't have to be
anything negative or positive it just means that from
I'm the time stop and think about your why is your why the same as it was say
three years ago or has it changed and where are you spending your time and
energy on your short-term rental business your entrepreneur career your
freelance side gigs any of these other more passive types income is it time to
reassess and make some moves and so I want to make this point if in fact your
Y has changed I want to encourage you to take action
don't just recognize that your Y is changed and then be paralyzed or
immobilized and so often we all make excuses about well it's gonna cost a lot
or it's gonna take a lot of energy or I have to get all the furniture I like of
course it's hard of course let's start with that as a premise but can it be so
much better right like what we have right now is okay maybe it's even good
but let's strive for excellence is there a better alternative a better solution
and there's gonna be some intermediate pain to get there but once we're there
we're gonna be thrilled and that's the process I'm going through right now
property by property try to figure out which I want to maintain which I want to
sell where I want to buy what I want to do on a go-forward basis and I view it
as really rewarding an investment in my future an investment in myself an
alignment of my current y with my current day-to-day business activities
it just makes all the sense in the world so I want to encourage you to assess
your Y and then take action let's get there all right so that's it I hope you
found this video helpful as always I'm going to encourage you to please like
the video and if you haven't subscribed to the channel I mean
you