Ep 37 - From 0 to 300 Units in 20 Months with James Murphy

GUESTS BIO

James Murphy - started his short term rental journey in the UK just 2 years ago with his wife Stephanie. In 2 years they have grown their portfolio to over 300 properties and are on track to end 2021 with 500 units. James is passionate about the industry and helping others get started and scale their short term rental business. You can visit James' website https://opulentlivingnow.com

HIGHLIGHTS OF THE EPISODE

04:06  James’ biography/introduction

05:10  How James started their short term rental business.

11:42  How he runs all his properties.

12:28  How they transitioned their model.

15:18  Their revenue split with their investors.

16:18  How they manage their investor's properties.

17:15  Their 1st-year evolution from a business and team standpoint.

24:22  How their economy of scales works.

27:51  Their partnerships.

29:56  Theirs systems and how it evolved to help automate their properties.

36:50  How tinkering/tweaking some systems can create 6 figure bumps.

38:53  What James would do if he had to restart everything from scratch.

42:26  Where can people learn more about James Murphy?

44:04  James’ secret to success in short term rentals.

NOTABLE QUOTES (KEY LESSONS):

"We don't think we've got all the answers or have arrived at any kind of destination but very much still learning on the job and figuring out how we can be excellent in the industry." - James Murphy

"You have to have a very strong interiors team that can not only get the apartments off the ground when you're launching 10/20 a week but also maintain that quality and excellent and visual appeal in the process as well." - James Murphy

"We're not trying to do it all at once. We're just trying to day by day add little tweaks, little changes, get a little bit better. Improve, improve, improve." - James Murphy

"If you're going to go somewhere you've got to be more towards the end of the spectrum where you're willing to take some risk." - James Murphy

CONNECTING WITH THE GUESTS

Instagram: @jameszmurphy

Website: https://opulentlivingnow.com