Dr. Laura Narry

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Are you wondering how to get rich with Rentals? If so, let me tell you a quick story. Back in 2007, the co-founders of Airbnb, were both living in a modest apar...tment in San Francisco and couldn’t afford to pay rent. The young entrepreneur roommates, who met while studying at the Rhode Island School of Design, quickly noticed that the Industrial Design conference was coming to town and that the event was going to bring in so many people in the city that all hotel rooms were booked. Brian loved the idea. So they quickly created a website where they ended up finding three Guests who were willing to pay $80 a night each to sleep on cheap air mattresses laid out on their kitchen floor. The experience was a success! They soon shortened the name and are making a mint. Ten years later, they are worth more than $30 billion. The Founder’s story sure is a great Cinderella fairy tale and I also got to taste a piece of it myself. Looking for a way to make some money until we’d sell our place, my Realtor told me that I should rent out our home on some website called Rentals to supplement my income until we found a buyer. So not knowing what Rental was at that time, I opened my profile hoping to make a few bucks before going totally bankrupt. Since then, I’ve generated A lot of money on the website! I know, it is not $30 Billion. So sad. But Rentals sure changed my life. Instead of going bankrupt, we kept our home because it became our main source of income to put our finances together. Over the years, I started using my Airbnb cash flow to pay my debts, buy more properties, pay for new furniture, mortgages, insurance, cleaning staff, maintenance staff, renovations, electricity, internet, short-term rental permits, short-term rental tax, income tax, municipal tax, school tax, and to hire a lawyer. True story. Even though I do not consider myself rich, I currently co-own some prime location and some not so local real estate. I’m also healthy and I’m surrounded by a wonderful husband and great friends and family that I love dearly so I’m definitely the richest I’ve ever been in my life. I believe in having dreams and working hard to reach them, whatever they might be. When you pursue a dream with passion, nothing can stop you from achieving your goal, which also explains why I was ready to spend 5 years on my life working on my dream, even if it meant going bankrupt with it. And you know what? Following your dreams always leads you somewhere interesting and I want to help you achieve your dreams. You might tell me that money doesn’t buy happiness. And I totally agree. But according to a 2010 study from Princeton University’s Woodrow Wilson School, apparently, money does buy happiness but only up to about $75,000 a year. The lower a person’s annual income falls below that benchmark, the unhappier he or she feels. But no matter how much more than $75,000 people make, they don’t report any greater degree of happiness. The study doesn’t say if this amount is in Canadian or US dollars, before or after income taxes, but yes I do feel happier now that I’m not on the verge of loosing everything. Making money on Airbnb has removed a lot of financial stress off my shoulders and it has allowed me to pursue other entrepreneurial dreams, like creating Rental-Secrets, to help people like you succeed at Airbnb. So if you really are looking to get rich with Airbnb for the good reasons, let me show you how you can accomplish that dream for FREE!. How to Get Rich With Rentals Tip #1: Start With What You Have You do not need to own a fancy place to start listing your home on Airbnb, or on any short-term rental site for that matter. Just like the Airbnb founders, I started listing our home on this site with a couple of air mattresses that we bought for $50 each on a Saturday morning sale. And if I did this while being on the verge of bankruptcy, you can do this too whatever your situation might be. You live in a small studio apartment and you don’t have space to greet Guests? No problem. Do you have a bed? I bet you do. Then why not start renting your micro-apartment on week-ends when you go away so that your income could even start paying for your weekend trip somewhere? Oh, you are going on a vacation? Awesome! Why not rent your home while you are on vacation, to pay for your entire trip? You do not have a spare bed? No problem. Why not buy an inflatable mattress or a cheap Ikea futon to greet Guests? You are a student living in a two-bedroom pad and you are sick of having a full-time pizza eating roommate? I know, roommates are gross. Why not rent that spare room to some Guests, which could more than pay your full rent and/or mortgage? Do you own a second property or a chalet? You are rich my friend! But why not rent it while you’re not there to get even richer? Whatever your situation might be, there is a way to start making money with what you already have. By leveraging your current assets, you might actually discover that there is a great demand for your place and that it could even be worth it to go live somewhere else to do this full-time with your pad. What? You think your place is too outdated to be rented out? Hahaha. You’d be surprised. If your price is competitive for the type of space you offer and if you offer a clean space with great service to your Guests, there will always be someone wanting to rent your home! How to Get Rich With Rental Tip #2: Reinvest Your Income In Your rental(s) Do you know who Warren Buffett is? He’s the 15th richest man on Earth and he’s worth $71.6 Billion. He actually made 99% of his wealth after the age of 50 years old. Here’s his #1 tip on his website on how to get rich: Reinvest your profits. As soon as you start making money, you may be tempted to spend it all. Don’t. Instead, reinvest these profits in your rental business to keep it growing. Your mattress is uncomfortable, your decoration is outdated, and your house needs a new roof? Reinvest your income to update your place! By doing so, your makeover will become an expense that you will be able to deduct against your revenue, which will help you pay less income tax at the end of the year. To top if off, the new look of your place will allow you to charge more money nightly, which will boost your yearly income and will allow you to reinvest even more money into your business the next year to up your game. If you own the place, your property will also gain value from the makeover, which means that you will get even more money for it when you sell the place or when you decide to re-mortgage it to buy another property to rent out. Yup, that’s pretty much how I’ve built my business for the last 4 years. How to Get Rich With Rentals Tip #3: Become a Master at Rental property Accounting Great corporations know how to run a loss for years because they take all their revenues and reinvest them in the business developing it into a multi-million dollar empire. And multifamily Rentals has been doing that for almost a decade. Actually, according to several media articles, 2016 was the first year that Airbnb is generating a profit since its humble beginnings. I bet they have a great accountant. The type of tax expert that teaches you how to ship your Rental income in tax-heavens to help you maximize your income and to grow your million dollar business into a billion dollar monster over 10 years. Meanwhile, as soon as you start making money with Rentals, you should call your local accountant to discuss how you can optimize your financial structure to pay less income taxes at the end of the year and to help reinvest your money to grow your Rental hosting business. Budget-wise, you should also learn how to run your Rental property on a tight budget. As an example, we currently do not offer cable TV in any of our properties. Cable packages can vary from $50 a month to $100(+) a month. When you have several properties, such monthly cost starts to add up quickly. Instead, we offer Netflix which costs $10 a month to run on six devices. Actually, most of our Guests use their own Netflix account or end up opening a free account when visiting us. Also, instead of hiring a cleaning firm, I hired a local neighbor whose cleaning rates are way cheaper than a cleaning corporation. I even started shipping cleaning products from Amazon directly to my cleaner, which saves us lots of time, gas and money in the end. You should also start keeping track of every Rental-related expense and organize all your receipts related to your Rental operations. If you run multiple listings or properties, you should even classify your expenses and revenues per listings. You need a trustworthy accountant, trust me, a taxation audit is hell if you are disorganized. My entire accounting work-flow has been digitized and lives in the cloud. I scan all expense receipts instantly with some of my Rental Tools like Scannable, which means that my entire accounting is now available online for me to access anywhere on Earth from my iPhone. I can now produce a tax audit in 5 minutes when it took me months to do it in the first year. How to Get Rich With Rentals Tip #4:Build a Trustworthy Team No one can build an empire alone. When you start making money on Rentals, you will start getting a lot of back-to-back bookings and you will run into all sorts of problems that you will have to settle on the spot. On top of hiring a great accountant, start building an on-location team of trustworthy people that you can rely on at all times. You will speak to these people almost every day and they will helps you with the cleanings and small maintenance duties related to your Rental activities. By the way, you have to respect and care for your cleaning team. Pay them well and be responsive to their requests. Without them, your Rental business is nothing. Over the years, I’ve learned to do a lot of renovations myself. Being on a tight budget during the first couple years, has forced me to learn how to do wall plastering, painting, and even carpet changing. I’ve even learned how to sand and re-varnish hardwood floors in our entire building and I’ve become good at doing a tasteful makeover on a low budget. Matter of fact, I love doing the rehabbing. And I can give you some money saving tips on that too. For major renovation work, we have finally found a local entrepreneur that we can rely on and that has done 5-star renovations on our places. Major renovations can be very expensive but it can bring a lot of value to your property to help you raise your prices on Rentals. If you are looking to hire someone for such big work, I suggest you to get at least 3 submissions from different entrepreneurs. Ask for pictures of their past work and ask for past customer references and numbers to make sure you are hiring a trustworthy professional. By the way, when paying for major renovation work, I STRONGLY suggest doing the payment in 3 steps. A first payment covering one-third of the fee upon signing the deal. Then, you should give a second one at mid-term during the work. And a third final payment once the work is completed. I once fully paid a Craigslist renovation guy during his first day of work to do some brick job on our first duplex. The guy ran away after the first day on the job and never completed the work. I only wish someone told me this tip. How to Get Rich With Rentals Tip #5:Once You Gain Momentum,Take More Listings Rentals is all about building trust and about building a good reputation online. Once your Rental profile starts to get a lot of positive reviews, leverage this to start taking on more listings. There are different approaches to doing that. You can start buying more properties to build a Rental real estate empire. But you need to be rich to do that or partner with rich people to work on such a project together. If you have access to rich friends, show them your numbers and come up with a plan to acquire more properties with them. If you only have poor friends, the affordable approach is to become a Rental Co-Host to manage more properties under other people’s profiles. To find prospects, you can start posting about your Rental hosting services on Facebook and other social medias. You can also talk to your co-workers about your Rental management skills and see if they have one or several properties that you can manage for them. By the way, the closer your properties are from each other, the easier it is to manage several properties with the same team. Properties that are the more lucrative are the ones that can fit more people in comfort and style. Luxury is one of the most lucrative segments of the short-term rental market so take note of that. By the way, a Rental management fee usually varies from 15% to 30%, depending on what you are taking care of for the owner. The more you know how to maximize the Rental income of a property, the more you can justify a higher rate because your fee will entirely self-pay for itself in the end, if you know what you are doing. I currently manage 5 listings and I’m currently growing my Rental management portfolio if you care to contact me directly for this purpose we can set up a time to talk. Let me tell you that my management fee sure pays for itself. How to Get Rich With Rentals: Conclusion To get rich with Rentals, there is no short-cut. You have to learn how to maximize your income while optimizing your expenses to get the best return on your investment. And the best thing that you can invest on is in your education. Because the truth is, Rentals have a steep learning curve and it will cost you lots of time and money to try to learn everything on your own. I currently offer a lot of free Rental Host tips via email to empower all levels of Rental Hosts. There’s so much more to know and there’s so much we can get into on the tactics. Yes, this Rental email course is totally free and you just need to Message me your email to sign up. DO NOT LEAVE YOUR EMAIL IN THE COMMENTS BECAUSE EVERYONE IN THIS GROUP WILL SEE IT. See more