Main Theme:
In this insightful episode, Dr. Allen Lomax is joined by Tim Hubbard, an international real estate investor with a specialty in short-term rentals. The discussion centers around transitioning from long-term to short-term rentals, leveraging technology for efficient property management, and employing data-driven strategies to maximize profitability in the ever-evolving short-term rental market.
Listen to the podcast here or on your favorite podcast app:
Watch the Episode Here:
Key Points Covered:
- Transition from Long-term to Short-term Rentals:
- Tim Hubbard explains the higher profitability potential of short-term rentals compared to traditional long-term leases.
- He shares his journey and experiences managing properties virtually across multiple countries and cities.
- Technological Tools for Efficient Management:
- Utilization of digital locks, cameras, property management software, and dynamic pricing tools to streamline operations.
- Emphasis on effective communication using platforms like Slack and Breezeway to coordinate between virtual and ground teams.
- Operational Efficiency and Team Management:
- Importance of having a dedicated manager for housekeeping and maintenance, with regular inspections to ensure quality and minimize turnover costs.
- Payment structure for housekeepers based on units cleaned and the use of translation tools to overcome language barriers in international management.
- Strategic Partnerships and Hiring:
- Collaboration with partners to share responsibilities and offer discounted fees for established contacts.
- Recruitment focus on virtual teams with industry experience, particularly those with previous Airbnb call center backgrounds, and providing extensive training programs.
- Data-Driven Investment Decisions:
- Use of data analytics tools like AirDNA.co and Price Labs to evaluate short-term rental markets.
- Making informed investment decisions based on numerical analysis rather than emotions, analyzing top-performing properties’ amenities, and understanding market trends.
- Market Trends and Challenges:
- Discussion on the impact of inflation and interest rates on purchasing opportunities.
- Potential drawbacks such as market oversupply and legal challenges due to changing rental regulations in various cities.
- Emphasis on ensuring legality before making investments to avoid legal pitfalls.
Takeaways:
Listeners will gain valuable insights into the profitability of short-term rentals, learn about the latest technology and tools for efficient property management, and understand the importance of data-driven decision-making. Tim Hubbard’s practical advice on managing international properties and overcoming market challenges makes this episode a must-listen for both new and seasoned real estate investors.
Connect with Tim Hubbard:
- tim@midtownstays.com
- https://www.facebook.com/restmethods
- https://www.instagram.com/restmethods/
- https://www.linkedin.com/in/midtownstays/
- http://www.midtownstays.com
Biography of Tim Hubbard:
Tim started his real estate career as an investment broker and has been personally
investing in real estate for the last twelve years. His current portfolio consists of nearly 70 properties spread across three countries and five cities. He began focusing on short term rental investments through his travels around the world while visiting hundreds of different cities and discovering that he could earn 3-5x more net income than he could with traditional rentals.
He has since founded and acts as CEO for Midtown Stays, a short-term rental accommodation company, that has successfully managed over 25,000 guests arrivals. He loves teaching on the subject helping others to discover how they can multiply their returns while living remotely and with as little headache as possible.
Tim holds a degree in International Business and an MBA from the University California of Davis. He has lived overseas since 2016 but splits most of his time between Colombia and Southern Brazil where you may find him wacking the occasional tennis ball or getting sunburned on a morning run.