Ep 16 - STR Secrets - Why Owning a Real Estate [Business] Will Get You Rich
HOST BIOS
Mike Sjogren - Michael is a short-term rental expert and coach. He has a portfolio of STR properties across 5 states as well as an oceanfront boutique hotel. Michael brings a wealth of finance, business and real estate experience. He is passionate about helping others create financial independence through real estate so they can pursue their passions and leave their mark on the world.
Emanuele Pani - Commercial and Residential Real Estate Consultant at Signature International Real Estate. Has a degree in accounting and finance. Started his real estate journey working as maintenance until the owner decided to sell the 40 unit apartment building to Emanuele Pani.
HIGHLIGHTS OF THE EPISODE
04:32 The misconception that you get rich by buying Real Estate.
08:24 Ways that short term rental operators maximize their income from their business.
11:08 How to maximize your income and how do you decrease your expenses.
15:40 Maximizing fees by doing extra services
18:42 Expense side of the business.
21:19 No more buying a few amounts of soap and laundry detergent from Costco.
24:18 How commercial real estate is valued.
26:31 You’re gonna make more money on short term rentals than long term rentals.
27:41 Vacation rentals as an ATM.
29:58 There’s so much push for people in the real estate space.
31:26 The power of compounding and understanding.
33:26 Build a business the right way.
34:17 People are so trained to be worker bees.
36:15 What kind of systems do you need for a short term rental business?
37:50 How Mike changed E’s life.
NOTABLE QUOTES (KEY LESSONS):
“Maximizing fees: The more you see it, the more possibilities you have” - Emanuele Pani
"Learning a skill set on how to increase people's income, profit and returns.
That is one of the most valuable skill sets that you can learn in business, Period." - Michael Sjogren
"You're gonna make so much more money on the short term rental side that would
allow you to cash flow a lot more." - Emanuele Pani
"Getting rich, you have to get creative and leverage other people's resources" - Michael Sjogren
BOOKS MENTIONED IN THIS SHOW
The Millionaire Fastlane by MJ DeMarco
CONNECTING WITH THE HOSTS
Michael Sjogren: Facebook Group | Facebook | Instagram | LinkedIn | Youtube
