Mike Reilly - is an STR Operator based in North Carolina. Over the past 14 months Mike has been able to build a portfolio of 6 rental units (4 STRs) which are netting him and his wife $12,000/month! Mike started his journey into short-term rentals with the goal of replacing his income so he could take back control of his time and spend it with those who matter most to him.
HIGHLIGHTS OF THE EPISODE
05:21 Mike’s Intro/Biography.
06:04 Mike’s journey with short-term rentals.
10:39 How many hours a week he’s spending running and looking for new units.
16:51 The coolest and challenging things when you become financially free.
20:11 How Mike got over the fear to take the leap on doing short-term rentals.
24:14 Mike’s bigger vision for his STR’s.
25:44 The best tip to push you to start your own short-term rentals.
26:39 Where to find these co-host deals.
28:39 How much Mike’s background in sales helped him in getting deals.
31:10 Mike’s mindset in taking on challenges.
32:44 Where can people get in touch with Mike Reilly.
34:07 Mike’s number 1 secret to success with short-term rentals.
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NOTABLE QUOTES (KEY LESSONS):
"Our goal is to get to 20k cash flow per month so that we have financial freedom." - Mike Reilly
"It's just trying to find that balance of how much time do I want to spend on my 9-5, and how much time do I want to spend with my family, and how much freedom do we have to travel and do the things that we really want to do." - Mike Reilly
"Just take action. You'll figure it out. If it feels stressful or it feels like it could draw out a lot of challenges, Just do it." - Mike Reilly
"The number 1 key from getting from 0 to $12,000 to getting over that fear, the number 1 key is just, you got a great community around us, how do we figure this out?" - Mike Reilly
CONNECTING WITH THE GUEST