The Short Term Rental Entrepreneur’s Roadmap To Mastery Q&A
You’ve tried reading a book and watching a video, you’ve also probably tried going to a couple conferences, and the trouble is that’s not enough for you to make transformational changes in your business. That’s why J developed the Cashflow Diary Roadmap program, to provide short term rental entrepreneurs the hands on training and accountability they need to succeed in this business.
Questions and Answers
- A question about wholesaling a property
Inside the wholesaling course within the app is enough information to walk through everything you need to know when it comes to marketing and closing a wholesaling deal.
The more important point is that when you are on the path of becoming a short term rental entrepreneur, you have to stay focused on short term rentals. You’re not going to get the success you want by constantly being distracted by other deals and opportunities. You need to focus on achieving a specific result, and members of the Cashflow Diary Roadmap are held accountable to those results.
If you chase two squirrels, both will escape. It doesn’t mean the other squirrel isn’t valuable, but you need to focus. As you learn more, you will begin to see more opportunity, and that may actually become one of the biggest challenges for the accountability coaches. Their job will be to keep you on track so you can keep making progress instead of constantly starting new projects without finishing them.
- If we want to purchase an apartment for short term rental purposes, how are we going to make the bank recognize the performance and count as part of the income?
You’re going to work with your CFO so you can get the correct type of financial statements together so that it ties into your tax return properly, but also when they are going to look for the raw data obtained from your bookkeeper, everything matches.
The first step is to get a bookkeeper if you haven’t done that already. If you can’t present clean and accurate financial statements yet, there is no reason to talk to a bank.
- Is the “Add tax” feature on AirBnB additional?
It is and the challenge with the feature is that it’s being done automatically for some people and not for other people in different areas. This can actually put you at a disadvantage in the search results.
- Got my first booking, what application should I be using to communicate with my guest?
It comes down to setting up a separate email address that everyone on the team has access to that allows the team to communicate with guests directly. There is always a new pricing tool in the works that we are going to be talking about shortly that allows us to unify communication with all the different platforms.
- When the Q&A’s move to the app, are you going to make announcements when the transition happens?
Yes and keep in mind that nobody is losing access to anything, only the platform and delivery mechanism is changing. Putting everything on the app will allow members to communicate with each other much more easily and that means we all get to take advantage of the increased network effects.
- Always make sure a property works as a long term rental as well as a short term rental. What do you think of that advice?
The real question