What if you could get a vacation rental property and before you ever had to make
a payment, you were making money. Well, that's what we're going to be talking about.
In this video, I'm going to be teaching you how to get a vacation rental that pays
for itself. Let's go.
Hi, everybody. I'm Noelle Randall. Real estate entrepreneur,
mentor and mom of 5. And in this video, I'm going to be teaching you exactly how
to make sure that you can get properties that are vacation rentals that are
paying for themselves. I'm going to give you exactly what you
should be searching for before you ever even get any of these properties so that
you know that they're going to be paying for themselves. I'm going to tell you the
steps that you set up with the landlord before you ever list the property so
that it's ready to go. And I'm going to tell you some secret ways to have the
properties ready really quickly. So, if you want a rental property that is
making money and paying for itself, it's going to start before you ever actually
get that property. It's going to start with your research. You want to go ahead
and do a little bit of research not too long and start to search for properties
that are in areas that are in high demand, okay? And there's a very easy way
to do this. You want to go ahead and look in the Airbnb platform and start typing
in the address or the zip codes of where you are looking and you will start to
see how many people are booking what the average hosts in that area is making. And
if Airbnb feels like this is a great way to go. They have these little tidbits
where they're like, "Oh, more people are booking." Or "77 people are looking in this
area." They literally give you stats of what's going on in that area. So, before
you ever even get a property, you can be going on to Airbnb's website. Typing in
these searches and start looking to decide where you are going to get these
properties that are in high demand, okay? Number 2, you really need to know your
numbers. Meaning, "hmm, how much money do I need to make in order for this property
to be paying for itself?" So, this is a pretty easy calculation. Most times in
Airbnb, they're going to give you what the average nightly rate is for
properties in that area. So, say for example in your area, they're saying it's
$75. A lot of times the numbers shown by Airbnb tend to
a little bit low, okay? And that is just from my opinion because I know exactly
how to increase prices, run sales, give discounts. All of the cool stuff that I
teach you on this channel to really increase your profits. Most people of
course on Airbnb, they don't know all the stuff that I'm teaching you here. So, a
lot of times the numbers that you see in AIrbnb are a little bit lower than what
you were charged. So, what you want to do is start looking at what hotels in the
area are charging. And what people in Airbnb are charging. And you want to
sometimes go a little bit lower than the hotel but a little bit higher than what
other people are charging. And then you can think about "What if I ran a sale?"
Because that's going to cut into your profits. So, you really want to talk about
okay... So, say for example I'm saying, "This property is going to rent for
$120 a night but I might run a sale, a lot of the times where I'm
giving it away for a $100 night. So, if I keep it booked 20-
25 nights, that's 2,000-2,500 dollars a month and
the rent on this place is $1,200. So if I'm making
$2,000 and the rent is 1,200, then my profit is $800.
Just things like that. Basically you want to know what is it going to
take. How many nights are you going to need to be booked in order to cover the
rent? You must know that before you ever buy a property. So, there's 2 things
that you need to know. What your nightly rate is on average. And again, it
fluctuates from season to season. But again, all of that information is inside
Airbnb's platform. The second thing you want to know is about how many nights
per month you think you will be booked. On average, ours are about 25
nights out of 30. But I do very well. A lot of times, we have 30 out of 30
books. But again, sometimes you have a couple of days in there. So, on the
average, I would say you want to go between 22 and 25 nights when you're
doing your calculation. And then you want to adjust if the... If you live in an area
where a lot of people do not travel or it's closed down or it snows. You know,
and everybody is shut-in, then that may be a situation where you might want to
go with 20 or 18 nights when you're figuring your calculations. Number 3,
you want to start marketing your property before it's actually all the
way ready to go. And this is how many times I'm able to
start making money before the rent is even due on properties or before the
mortgages even due. If you go ahead and you are very strategic with how you're
going to get your properties. You've already outlined what furniture you're
going to be putting in it. Where you're going to be getting the furniture. You know
exactly where to get the towels and the plates and things like that. Again, I have
videos for you here teaching you all of that. Then you either can decide, "Alright,
I'm ready to go and start marketing this property." And as soon as I get that lease
signed... If I'm leasing it or as soon as I close on it, the very next day, I'm going tO
have that property listed on pretty much every website like Airbnb, HomeAway,
Vacation Rental By Owners, so on and so on.
You want to make sure that you start marketing your property immediately. You
don't want that lag time. You do not want to take a long time you have the
property and your waiting days and days before you start taking pictures and
before you start furnishing it. Have your plan in place where you are ready to go
as soon as you sign that lease or you sign that mortgage. You get that property
up and going within one week and you start getting bookings. And last but not
least, you want to stick to your plan. When you decide that you are going to
have our Airbnb or vacation rental property and you need this property to
pay for itself, then you need to stick to your plan. Being consistent with how you
market your property in the strategy that you have to get your properties
ready is going to be key. As I've explained to you guys before, vacation
rental properties is really about numbers. Having one or 2 vacation
rental properties is really probably not the way to go. You want to get to the
point where you have several and that they're making money and that they're
paying for themselves. So, I have a property for example that I got where I
did a lease. And this was just a regular one-bedroom apartment in a apartment
complex. And before we ever got the... As soon as we got the lease sign, I had
that property on Airbnb. I knew exactly where I was going to be getting the
furniture. I had outlined and mapped what furniture I was gonna put in each room.
Like, I knew a bed, a dresser, a mirror. Like I wrote down just 3 or 4
things that I need it for the rooms. I wrote down what my budget was. And I
stuck to my plan. And that way, when I listed the property,
like I said, I immediately started getting bookings. So, before the rent was
even due, I had already made enough money to cover the rent plus some. Having
vacation rental properties and getting them where they pay for themselves is a
game changer. I've used this in my business and I want you to use it in
yours. So, at this time, hopefully you gotten what you need you know the steps
to do it. You know exactly where to look, exactly how to do it and you're going to
stick to your plan. So, if you don't mind, please, please, please go ahead and
subscribe to my channel. Like this video. Comment below any questions that you
have or comments. I read all of them. I'm here for you. I'm putting out content
every single day so that you basically get a free course right here on Airbnb.