“Short term rentals is such a big game right now.”
Victor Sanchez
Frank Valencia, Sr. Managing Partner, and Victor Sanchez, Operations Manager, are part of Bongo PM Team. Their company, Bongo PM, focuses on AirBnB Property Management for vacation and short-term rentals. Their mission is to find the best real estate services for people looking for a home to rent or a vacation property to stay.
This is a special episode where the guests answer the listeners’ questions from The Boss Lounge about short-term rentals. If you are a property owner or a traveler looking for a place to rent, this is a perfect episode to start your real estate journey. Frank and Victor explain what services their company provides and the fundamentals of short-term rentals. They will answer several questions that you yourself might be asking, including the best cities for property rentals, profitability, taxes, and income potential.
Listen to ILAB 104 on iTunes here or subscribe on your favorite podcast app.
ILAB 104 Show Notes
Where we are:
- Johnny – Chiang Mai
- Sam – Denmark
Links:
Recommended:
ArtofFX – start with just a $10,000 account (reduced from $25,000)
Fundrise – start with only $1,000 into their REIT funds (non-accredited investors OK)
RealtyShares – try it free
Wealthfront – get your first $15,000 managed free
Betterment – get up to 1 year managed free
PeerStreet – get a 1% yield bump on your first loan
Traveling Mailbox – get 5% off subscriptions with ‘ILAB’ promo code
Discussed:
- ILAB 89 – AirBnB Income Stream, Investment Properties and 3rd Party Management with Frank Valencia
- ILAB 96 – 6 Keys to Protecting Your Properties From Lawsuits With Scott Smith
Time Stamps:
- 10:09 – The services that Bongo PM provides
- 13:30 – What people look for in the properties they rent
- 14:36 – Important factors to keep short-term rentals up and running
- 16:06 – Determining factor if the property is profitable
- 20:41 – Understanding the fundamentals of short term rentals
- 21:32 – Tip and tricks in entering this industry
- 24:07 – Limiting one’s liabilities
- 24:49 – Finding properties for short term rentals
- 25:54 – Purchasing a profitable property
- 26:47 – Impact of hotel taxes
- 27:41 – How to persuade the property management to allow short term rentals
- 29:19 – Projecting future income potential
- 30:31 – Best cities with best rental yields
- 33:45 – Insurance
- 34:34 – Properties in New York
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