All Forum Posts by: Bailey Kramer

@James Dainard Thanks for adding and definitely! 

This is my strategy for building wealth. 

My strategy may be different then others and it's all about what works best for you. 

1) Build a solid income stream (for me, that's Co-hosting) 

2) Take that money and throw it into buying properties 

3) Rinse and Repeat

I co-Host 30 Airbnb units 100% remotely! 

As you are just getting started, I highly recommend starting in the city near you!

When you are just starting out, it is extremely difficult to get someone to know, like, and trust you if you living all the way across the country.

If you live near the Airbnb property, it automatically gives the owner a sense of relief. 

Once you feel more comfortable, have your systems dialed in, then go ahead and explore other markets!

@John Underwood Thanks for your feedback! Co-Hosting has been the best decision I have ever done for myself. I have 3 employees who run the day to day operations and I oversee the business. This has been a way for me to gain experience and build up capital to buy properties. It may not be for everyone, but I am happy. That's what matters at the end of the day! 

Co-Hosting is where you manage all day to day operations of a homeowner's Airbnb for a percentage of the revenue each month. 

Here are 5 strategies to land Co-Hosting clients:

1) Friends, Family, Co-Workers (Your inner circle)

- It all starts with a discussion!

- Maybe one of your friends/family members is looking to buy a house but doesn’t have the TIME to manage it!

- Maybe one of your friends/family members has a long-term rental that you can help convert to a short-term rental

- Maybe one of your friends/family members has a STR and they are self managing OR they have a bad Co-Host now!

2) Long Term Rental Landlords

- Call Long Term Rental Listings and ask if they’d consider turning their long-term rental into a short-term rental

- It’ll be less work for them (because you’ll do everything)

- They’ll make more money from the short-term rental

- Win-Win!

3) Social Media

- Make content around short term rentals!

- Educate people

4) Local Meetup Groups

- Meetup.com

- Airbnb Host Community Group

5) Referrals

- The best source of them all!

- You can get referrals with ZERO experience - All about the person getting to like, know and trust you

@Adam Martin All stories are true and transparency is so important to me. Good one on the tooth fairy LOL!

@Paul Sandhu Wow what a story and a funny sign!

@Luke Carl For sure! I really like the damage insurance on VRBO, because if there are any damages you are just submitting the claim to insurance and not needing to involve the guest. 

You can make A LOT of money running a Short Term Rental, but we know the horror stories with guests damaging your property is never fun.

When listing your property on VRBO, I highly recommend utilizing their damage insurance protection.

This is a fee that the guest will pay when they book your property and it is non-refundable. This money goes directly to the insurance provider. 

Here are the different options of insurance you can pick as a host:

• $59 for $1500 coverage
• $79 for $3000 coverage
• $99 for $5000 coverage

This makes the claim process so incredibly easy because you don’t have to involve the guest.

The claim will also typically get approved within a couple days!

@Leslie Anne Morris Awesome and would love to read it!