All Forum Posts by: Bailey Kramer

@Andrew Street You got it! 

Thanks @John Underwood for your feedback and a big fan of Rich Dad Poor Dad. 

The goal is to use the Co-Hosting business to ultimately purchase more properties and continue to be as hands off as possible. 

I have 3 amazing employees who manage the day to day operations and my focus is on growing the Co-Hosting business.

I'm only 22 years old, so Co-Hosting has been a great way to build up capital and learn the space. 

Excited for what's to come! 

@Andrew Street Referrals have been my main source, but see below! 

Other strategies that I would recommend: 

1) Start with your network - Friends and family are low hanging fruit 

2) Create a brand on social media and let everyone know that you do Co-Hosting 

3) Network with investors - BIGGERPOCKETS and work together to find deals and then ultimately manage their property 

4) Reach out to long term rental landlords to see if they would be interested in turning their LTR into a STR

5) Reach out to cleaners who are already working with Airbnb hosts who are self-managing who would benefit from someone Co-Hosting it 

Biggest pitfall to AVOID if you're starting a co-hosting business 👇

🤭

Most people I talk to that are struggling to start their co-hosting business think that these things below are the 1st steps to starting a co-hosting business...

❌ Building a website

❌ Getting a business line of credit (Arbitrage) 

❌ Spam Facebook groups telling people you can co-host their property 

In reality, NONE of these things actually matter because NONE of these things are going to put money in your pocket!!

The #1 thing that has allowed me to scale to 30 co-hosting units in less than a year...

🌟 LEAD GENERATION 🌟

Forget the fancy website

Forget spamming Facebook groups

Forget needing a line of credit!

🚨The only thing that's going to make you money and actually get you your 1st client is Lead Generation!! 🚨

@Henry Lazerow Thank you and appreciate it!

@Jake Knight Thank you and will do!

@Steve K.Thanks Steve and appreciate it! Every month is different, but for July my net profit will be about $11K. Licensing will depend on the particular state you are looking to manage. I would check with the Short Term Rental laws for the state you are looking to manage in. For Co-Hosting, you typically don't need a Real Estate license, but again check with the short term rental laws for that state. For insurance, this would be on the homeowner. The homeowner is responsible in paying for cleaning, maintenance and technology fees for all of the softwares we use. 

@Trevor Schmitt Thanks for the kinds words and BiggerPockets has made such an incredible impact with the networking aspect! Yes the goal is to hopefully grow the Co-Hosting business to 50 units by the end of the year. As we grow, we will continue to hire more employees to manage the day to day operations and invest in more robust technologies. We are always looking for ways to make things easier, more efficient, and provide exceptional hospitality for our guests. Some of the systems that have helped us: Channel manager, project management software, dynamic pricing, furnishing lists, etc. 

@Andrew Street Thank you and keep crushing it as well!

@Nicholas L. I have a few partners on the 2 houses that I own and then the rest are all through Co-Hosting.