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Today I had the honor of speaking with Lindsey and Judah Michael. Lindsey and Judah are a power couple based in San Diego California who are full-time real estate investors. They had humble beginnings renting out a single room but quickly realized that STR was something they should start to scale and since then have had over 20 listings. Lindsey and Judah now follow the STR BRRRR method and have found a lot of success.
Lindsey and Judah share so much golden information such as their secrets to making properties look like a magazine for $2500, their approach to analyzing and finding properties, and how they have been able to capitalize during slow months and renting out room by room.
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Episode #13 Success Secrets
1. Send a text to your guest outside of Airbnb and let them know they can reach out for any recommendations for places to see or eat.
2. Go on craigslist or other marketplaces and search “All for” “everything for” “Moving out of state” for people who are getting rid of all their furniture.
3. Once you buy major items from a move out sale, fill in with neutral colors such as whites, gold, beige, and grays.
4. Go to Ikea for a lot of fill items once you have found the big items from a sale.
5. Being personable with your guests helps them leave a positive review.
6. Send a message after their first night asking them if they found everything alright and to let you know if there is anything you can do to help.
7. Have extras for your guests such as surge protectors, extra blankets, paper towels, coffee, cleaning supplies.
8. Don’t be afraid to go after more properties early on.
9. Make sure you have a clause in your contract that allows you to sublet and giving you exclusive right to choose the guests.
10. Uses services such as Spyfly for screening and vetting potential guests.
11. Look for properties with a mother in law suite with separate entrance
12. Don’t be afraid to switch between LTR and STR depending on the season.
13. Golden house rule: No fire, flames, or incense.