The short-term rental space is growing rapidly with many multifamily syndicators converting their properties into short-term stays. Managing the daily operations of short-term rental can seem daunting for most of us, but today’s guest, Tim Hubbard, has a different perspective. Tim is the founder and CEO of Midtown Stays, a short-term rental accommodation company that has successfully accommodated over 10,000 guests from all over the world.
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He is a coach and teacher at Rest Methods where he teaches the secrets to invest passively in short-term rentals through his quarterly live events, podcast, and website resources. Tim started his career in real estate as an investment broker selling multifamily and commercial properties. Along with a team of five, they’ve cumulatively completed over two-billion dollars in transactions! The key to Tim’s success in running short-term rentals remotely from his home in Colombia all boils down to automation. In this episode, he offers us the roadmap to automation; the tools, and the practical advice for managing daily operations, furnishing, hiring a team, and so much more. If you’re looking for a way to thrive in the short-term rental space remotely and without the fuss, this is the episode for you!
Key Points from This Episode:
- Why Tim started getting involved in short-term rentals and how they suit his lifestyle.
- The operational side of short-term rentals and how to outsource guest interaction.
- The returns on short-term rentals versus the returns on annual lease.
- Top tips for picking the location and market of your short-term rental properties.
- Find out how much you should be spending on furnishing your short-term rentals.
- Tim’s key tactics for finding his properties and why he chooses to go through brokers.
- Find out how to best prepare for city regulation changes around short-term rental.
- The digital tools and systems Tim uses to automate and run his business remotely.
- How to go about building your on-the-ground property management team.
- Preparing for a market downturn by catering to a wider range of guests.
- How traveling the world has contributed to Tim’s success in short-term rental.
[bctt tweet=”At its core, short-term rental is basically housekeeping. — Tim Hubbard” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Tim Hubbard
Tim is originally from Sacramento, CA and started his career in real estate as an investment broker selling multi-family and commercial properties in Northern California. He worked with a small team of five who completed cumulatively over $2 billion in transactions. He has been personally investing in real estate for the last 10 years and has since acquired a multi-million dollar portfolio comprised primarily of small multi-family properties in multiple markets. He has traveled extensively throughout the world in over 70 countries and stayed in hundreds of different short-term rental accommodations. About five years ago he realized the high returns that could be made from converting properties into furnished short-term rentals and renting them by the night. He founded and acts as CEO for Midtown Stays, a short-term rental accommodation company which has successfully accommodated over 10,000 guests with excellent reviews from all over the world. He continues to expand with the help of his teams and manages everything remotely from his home in Medellin, Colombia. He also teaches others to do the same and shows them how they can successfully increase their income 3,4, or even 8x by implementing the right strategies to convert existing long term rentals in to nightly rentals through his live events and podcast. He holds a degree in International business and an MBA from the University California of Davis and is co-founder of the amazon best selling book “Resilience, turning your setback into a comeback”.
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