I've been receiving a lot of feedback and messages from folks asking for more videos on real estate investing. Let me know down below topics you'd like to see!
I think you should discuss how to buy a primary residence that creates income (i.e. allows you to live mortgage free or close to it). This is huge and allows you to get your feet wet.
Thanks for the quick response. To me, it doesn't make sense to pay your own mortgage. Why would you do that? Maybe if you have a wife and kids (again maybe). I will hop on the livestream unless I'm out working on my passive income strategies.
you're great... your videos are more than just images but it's a experience by itself. You know your stuff man. excellent delivery, your audience feels very comfortable. I'd like to do business your style it's very relaxing and refreshing.
I enjoyed watching this. It was straightforward and concise. HELPFUL tips. Thanks for putting effort and key information in your videos. Wish you the best!
It has worked really well for me so far. It hold folks more accountable. Although, nowadays I only ask people with 5 reviews or less to sign it. So roughly 75% of my guests sign one.
Lance McGowan haha. How’s it going, Lance? We could definitely pass as brothers. 😆 Thanks for coming by, I’ll have to checkout your channel this weekend.
As a renter and someone who travels a lot , . renting Airbnb is such a hassle unless youre staying there for more than a week. Hotels are being very competitive to match Airbnb pricing and with hotel you get the amenities , airport shuttle , gym and free coffee . Those simple things make vacation feel like a vacation . Most importantly you never have to sign a darn rental contract . I love the Airbnb stays that I did but I honestly stop doing it because of all the hassles. I will do another Airbnb stay but it would be at remote exclusive locations. If you’re visiting a major city , I recommend Hotels.
Hey there! Yeah, I agree with you. I actually just released a few videos covering what you're talking about. Hotels are making a good comeback. I only stayed at boutique hotels on my last trip.
It's against the rules of Airbnb to make the guests sign a rental agreement. Unfortunately people don't know this and so hosts can just keep doing it illegally. If a host made me do it I would refuse and let Airbnb fine him and cancel his superhost status for violating terms
I don't have time to start out small. I'd rather start out medium or big and learning quickly because I have no choice. I'm only interested in the luxury niche.
@@olternaut Luxury is a good niche, but can be hit or miss based on your experience, location and competition. Do you have the funds to get your hands on a luxury property? Also what's your experience level with rentals or real estate?
@@KaiAndrew It's going to have to be a long term play for me. I am going to have to partner with someone to get started and for training. Location will start with Orlando which is a growing market even with the competition.
olternaut Ah, gotcha. Well, even when going “big” you can start smaller and grow with your experience and capital. Good luck and let me know if you have questions!
Did you ever figure out if your accountant is taking on new clients? How much is an average price I should be expecting to pay for a good accountant in this field?
He's in the middle of transitioning his business, but I'll announce it when he does. I'm sure there are a lot of folks who would be interested in working with him. Depends on the complexity of your taxes - personal/simple rental income: $200-$300, business: $500+
@@KaiAndrew I currently have one house hack and am looking into getting a lease to get another property for airbnb arbitrage. Would I need an LLC right away or should I stay sole prop for now? Main concern is, will I be able to utilize all the tax benefits of real estate if I don't have an llc?
That's great! If you're going to do arbitrage I'd recommend an LLC or S-corp. Check with a CPA and see what they'd recommend. You can still write things off, but a business entity provides you more protection and legitimacy.
Thank you for this video. Today is day one to discovering options on what to do with our real estate. Option one was to renovate and increase rent. Option two is doing a 1031 exchange and look for potential airbnb here in southern cali. I'm new at this so I'm excited to learn from your videos. I'm just worried about balancing our full time jobs and then hosting airbnb. How nice it would be to just quit our jobs and host air bnb full time. Is this what you accomplished?
Hi Alejandra! Short answer is yes that's what I did. It's very challenging to be a good host and have a full-time position. I had a ton of flexibility when I was working to host. I worked remotely and could do work anywhere I had access to a cell phone. It's those random calls when the cleaner forgot to restock something, a piece of furniture broke or the tenants locked the keys inside the unit that makes timing the hassle. With that all said, it's definitely doable if you setup the systems ahead of time. Just be ready to have to leave the office on a random day at 10:30am to address something with the property. Make sure the numbers work out in your favor and you could have a nice little side income. :)
Kai, very good video but definitely not what the title says. For example I am looking at getting into AirBnB business by buying and renting. Possibly long term renting and then renting that short term.
Hi Do you have suggestions on doing this in a city not friendly to Airbnb? What about trying to do it long distance if one owns a property far away from where they live? Is that possible? Thanks for your inspirational videos!
Hi! Hm, that's a tough one. Does your city flat out don't allow it or just require permitting. I'd highly encourage you to do it the legit way and not try to circumnavigate the local laws. I've had to work with some folks who tried doing it "under the table" and got hit with massive fines. It's almost always worth doing it the legal way. I almost prefer a less friendly city because there's less competition. In regards in doing it from a distance, you either have to hirer a reputable short term rental management company or if you have enough rentals you run your own mini property management company. Hope that helps!
Hello Kai! Great video. Quick question how would you go about acquiring your first property without owning it. Would I go straight to an owner and be their tenant? Or a property management company and just rent a condo or apartment though I wouldn't live there.
Hey there, Alejandro and thanks! Man, you're asking the right questions. I actually made a more recent video on that. Check it out if you have time: ua-cam.com/video/KXITJDYL8w0/v-deo.html But the short answer is either would work. I have and currently do both. I'll lease and then sublease it out AND I act as the property management company for a home owner and charge a management commission.
I’m currently 17 & not really making an income yet but I’m looking into doing this hopefully when I’m older and able to. Do you have any advice as to how to approach this financially? Anything I can start doing now or through university to be able to do this when I’m in my 20’s? This video really inspired me so thanks so much :)
Hi Virginia! First of all you have a HUGE head start thinking this way at 17. Don't let your peers or environment deter you from this path you've set yourself up on. Simple advice to you that will help you out. 1. Under no circumstance do you get yourself into consumer debt (credit cards, personal loans, etc.) Try to avoid student loans if possible (work study, fellowships, scholarships, etc.) 2. Build insane credit. Get a small credit card and buy your normal stuff - PAY OFF EVERY MONTH. Put utilities in your name. Pay rent on time. Aim for 750 credit score by 21. 3. Save up as much money as you possibly can. Don't buy stupid stuff to look or feel cool. You'll actually be cool when you're living your dream at 25. 4. Experiment and play with ideas that interest you and have a way of creating value. Something you can sell or make money from. You're young, play around with new ideas and make cheap mistakes. 5. When you can, go buy a house where you can rent out part of the house or multiple rooms. :)
New sub here! How do you feel about flipping rentals/airbnb rentals without cash? Is this even possible ? Is this almost like subletting? Im interested in these subjects.
Hi, Helen! Thanks for joining the channel. Yeah, that's exactly how I got started. I began renting out a room month-to-month and eventually started doing room share for short term rentals. It's a great "house hack" and allows you to build up cash quickly. Do you have any experience or have a home you'd feel comfortable sharing space with?
AirBnB also says it will receive complaints about unruly clients but that is a lie. They don't care. We need to change the law and prosecute them for destroying neighborhoods across America with noise pollution and toxic lung damaging vapors from leaf blowers going on for hours at a time several times a week, not to mention that even the EPA recommends decibel noise not exceed 75 decibels, above which hearing loss occurs and that is permanent. AirBnB is ruthless, callous and doesn't even have the decency to promote low noise electric leaf blowers. They truly are a scourge on America. They more they destroy neighborhoods the more there will be pushback and banning them and their noise leaf blowers ruining people's lives and destroying property values. It gets much, much worse. AirBNB destroys nice neighborhoods, and local property values, with constant (1 hr long jet engine noise) noise from leaf blowers that AirBNB requires by virtue of the fact that pictures have to represent reality, so you have horrible noise pollution by AirBNB owners who hire people to abuse the neighborhood with very loud leaf blowers that supercede EPA recommendations of 85 decibels for preventing hearing damage and sound like jet engines. I have seen Air BNBs have 1 hour leaf blower sessions 16 days out of the month. The is a company that is literally destroying the fabric of the community. Many communities are so sick of it that they are banning leaf blowers or implementing safe hearing decibel ranges of 60-70 decibels. It causes a lot of emotional distress, too when people can't hear themselves think. Very disturbing and abusive behavior caused by AirBNB.
Hey Sandra! I used to make everyone as a precaution. Nowadays with the platform more robust I only have folks with less than 5 reviews complete an agreement. I also require ALL guests to have a verified profile with a government ID. I've had a few cases where people were using fake names.
Prices are inflated and many regulations in new york. Am I even allowed to bnb a building out in Brooklyn? Rentals are too low profit here after the high mortgage costs but bnb would be ok if allowed.
I'm not certain about Brooklyn, but I have heard that there are TONS of regulations in New York. Shame. Yeah, longterm rentals are challenging in areas where housing is very expensive.
Ive been looking into renting out portions of my 3 homes over the past week through Airbnb. This video was very helpful. Thank You. How helpful is Airbnb with all the things mentioned in the video? Are you personally in charge of doing all the work yourself solo or does the website provide guidance along the way?
Hello, Walter! That's great. AirBnB will give you some general guidance, but in short, yes you're responsible for everything. You can always hire a property management company as well.
does anyone know the vacancy rate for Muskoka Ontario, Canada? or what is your vacancy rate and your region. Trying to get some info prior to purchasing a cottage. any info will be helpful. thanks
@@KaiAndrew this month (sept) the calendars seem to be 70% filled on my comparabes. Ill check in Oct. is there a way to look backwards on airbnb to see what dates were booked in the past?
70% isn't that bad depending on the season. If that's for this upcoming fall/winter season that's pretty good. Remember hosts can block or only show available dates in a small window so that occupancy rate may not be super accurate. I prefer looking at the date the listing was posted and the number of reviews the property has. I do not believe you can look back in time as a non-owner. Checkout out AirbnbDNA.
@@KaiAndrew I went onto the DNA site. it shows 60% in my area. Ill monitor October and see where Im at. I should try to get enough cash reserve in case anything happens. after the first year Ill have a better idea of where Im at.
Hey Rue! I currently have five properties and in the process of acquiring another. There are times when they'll sit empty. Average is no more than 3-4 days. Are you getting into the rental game?
@@KaiAndrew Yes! I've been looking into real estate and maybe renting... I think the hardest part is just doing it, getting started. Love the videos though. Hope to see more.
Great info!!! Well I’m from Nyc, if I get profit off AIRbnb, do I need to pay taxes on it after every income? Do I need permit for Airbnb business in NYC?
Hey there, Curtis! New York is one of the most difficult places to Airbnb now. Mostly because of the pandemic and the legal issues. Airbnb submits your taxes for the city for you.
Wow, making big money while creating housing shortages, homelessness and damaging neighborhoods! Fact is, people worldwide are getting fed up and strict regulations are coming soon that will end this destructive free-for-all.
You sound hurt and pretty bias. Of course there will be some bad players and folks who exploit certain properties. I highly doubt AirBnB is a large factor in the homelessness population. FYI - I co-founded an NGO that worked with the homeless population in my city and there's no evidence of this. If there is, it's a very nominal number. However, I'm sure in smaller and more concentrated areas there maybe a housing shortage due to short term rentals rather than allowing long term. My simple answer to long term renters, move a little further out to an area you can afford. I'm tired of hearing the excuse of housing shortage. When I was in my 20s I wanted to live in the heart of the city too. I wanted to walk to work. I wanted a lot of things. I couldn't afford to buy, nor rent, in the city. So instead of complaining of housing shortages and not enough government programs to give me a home in nice condo building I bought 15 minutes outside of the city and commuted to work. I eventually was able to buy in the city in a few years after I increased my income and credit score. Good luck in your endeavors! :)
Where are all of the Airbnb’s that you have I clicked on the link to see your profile but only shows one house and the rates seem quite low how do you make 100,000 a year? Or more with just one place for that little?
Hello again! I like that you're skeptical. Good entrepreneurs always are. :) That's my personal account for my main home that has a rental apartment. All our properties are setup separately under LLCs to spread out liability and risk. Which we also do with AirBnB accounts. If you have 10+ investment properties, I've found it's not the wisest to have it all under one name and one account. Big ships are easier to sink than 10 smaller ships spread out. ;)
Still have folks sign an agreement? With AirBnb $1M guarantee we have felt comfortable. Since a hotel doesn't have folks sign a short term agreement, we don't on our rental either. That's our thinking at least...
Yeah, I still do for folks with less than 5 reviews. Airbnb won't always payout and if they do you have to make a case for it and can take weeks, sometimes, months to get payout. Hotels don't because they have a much larger room for error. If one rooms gets trash, they have the guests' credit card and they can just put other guests into other rooms. We don't have the luxury with our properties. Also, when people read over and sign a contract they're much more likely to follow house rules and take care of it as well. :)
@@KaiAndrew Hotels you don't sign, but they're holding that card on file. Great point! Luckily, any guest I've had that broke something has asked me what they can leave to pay for it. They've been really cool! So far... 😉
That's awesome! We've been fairly lucky with the majority of our issues too. But every once in a while we will get guests who don't tell us and we find out during the clean and we have to cancel reservations. Those ones are the most difficult.
Hi this is Vernon. You asked me what do I need. Well I am a landlord and iwant to do air bnb arbitrage. I'm in Clearwater fl.can you help me.id rather talk on the phone.
Hi Larissa! Good "tip." :) Sorry for the confusion. Was there a specific strategy or question you were hoping to have answered that wasn't in the video?
@@KaiAndrew How to actually create a six-figure income. Do you buy properties and rent rooms just for Airbnb or rent other people's place and do Airbnb? What's the step by step. If you are not living in a big city that you can charge a lot to achieve six figures, I'm guessing you need multiple properties?
Gotcha. Great question. The short answer is yes to all of the above. I'm involved with all of those types of rentals. But I surpassed six figures owning just two properties at the very beginning of vacation rentals between 2010-2014. Both properties just happened to be in sought after areas of the city. Now I'm more spread out and don't own all of them. Had to diversify a bit once the market for short term rental grew. Hope that helps answer your question bit. I'll try and do a video that breaks that down a bit more. :)
@@KaiAndrew Thanks for your response. A video on this topic would be great! Vacation rentals are good over where I live, cashflow positive however no capital gain. =/
I Disagree on Calling Each person I have a lot of nightly rentals and I’m not gonna call 15 to 20 different people every single day to check in with them that would take over an hour of my time just do it Sending a pre-written confirmation message To them to let you know if they have any questions is more than sufficient instead of wasting your time with each individual person sure if you only have one or two properties or rooms I guess it’s fine but on the large scale that’s just too much
Hey Aaron! Welcome and thanks for the comment. Not sure if you're consistently having 15-20 new renters each day, but that's a great problem to have. You must have 12+ rental units/spaces and close to, if not over, $1M in rental revenue with that many renters each day. Congrats! I don't personally have that many units, but close! I respectfully disagree with you. In over 10 years, I much prefer to get to know my renters and set expectations for them via voice. Literally takes 4-5 minutes of my time or of my property manager's time. We've tried the automated message route and we've had some unruly quests slip through and honestly half the people don't read the message all the way through. I've even cancelled guests (very small number) based on my phone convo with them. An hour of time to help 20 guests take care of your properties and leave you a five star review is a very trivial price to pay. :) You should have a property manager or screener if you're having that many guests.
Kai Li - Consume Less. Extract More. Yes some days I have 20 rooms to do some days only 5 or so depends on how many days each person is staying etc, I’ll clear about 300k for the first time this year which seems low for the number of bedrooms however giving that where I live is affordable and rents are relatively low my monthly income of around 25k but total expenses including my own is around 13-14k a month it leaves a great amount left over and I agree iv had unruly guests here and there maybe 7 in the 6 years iv been doing it but iv found regardless how much communication iv had with the guests if there not going to follow the rules there not going to regardless so the easy way for me to avoid that issue was to require all guests to have good feedback from other hosts vs when I first started I was much more open and the other issue iv found in my area was getting guests from the area booking I always call to cancel them because about half turn out to be an issue unfortunately I wish Airbnb allowed you to have that as a setting now allowing anyone to booking within your city zip or county
Interesting. I’ve had a few guests from the same zip code but they are usually trying to do a small weekend trip or something of that sort. Are you coming across squatters or something if that sort?
Kai Li - Consume Less. Extract More. Mainly younger people in their 20s that want to have a place to have a party or something of the sort that just totally take care of your property whatsoever Buffalo New York is a very young city demographic wise so all of my properties are single stay usually one or two or three nights sometimes private rooms with the occasional person actually booking the entire property for like a large family or something but that’s pretty rare so of course without any younger people they just don’t have any respect for the place it would be one thing if they were visiting obviously but I feel like locals are more likely to just be less considerate of somebody space sadly luckily it’s really no issue anymore since I stopped allowing people from the ZIP Code to stay which wasn’t that often anyways maybe twice a month but when it was becoming an issue every single month with one of the groups of people that was more than enough for me Broken TVs ripped couches etc. I stopped allowing it really quickly but it’s the cost of growing and learning what works for your area along the way I’ve noticed that every area kind of have its own rules and ways of doing things for Airbnb host I feel like every area has some general ways of doing things but others you have to kind of adjust for your actual area but the pros definitely outweigh the cons were also in the city that is very popular and growing but isn’t so big that we really worry about being heavily regulated like other cities like San Francisco or New York city a couple hours away but don’t have the high cost in rents or mortgages like you would in Boston or Chicago so it’s kind of the sweet spot plus have a Niagara Falls brings in a lot of tour of them alone in the fact that we have like 30 something colleges in our county brings tons of parents and family in along with the people from Canada won a place to stay or people traveling to Canada so we got kind of lucky with our location which you wouldn’t think it would be that great of a location When you think of great locations to have Airbnb’s I feel like most people think of like a ski resort town or somewhere on a beach or large city like New York etc. so I feel like it’s very under recognized which works for me :-)
Yeah, I've had some isolated issues with younger (under 22 years old) renters too. Do you own or lease your properties? I'm assuming they're single family homes with private rooms?
Is it possible to automate the process completely? I don't see how it's possible to travel across the country every day just to clean homes and greet guests.
Yeah, it's possible. But the more likely scenario is to get 3-4 properties and either hire your own team to clean/manage or just hand it over to a property management team.
If you liked this video, checkout how I acquire new properties for $500 or less: ua-cam.com/video/KXITJDYL8w0/v-deo.html
I've been receiving a lot of feedback and messages from folks asking for more videos on real estate investing. Let me know down below topics you'd like to see!
I think you should discuss how to buy a primary residence that creates income (i.e. allows you to live mortgage free or close to it). This is huge and allows you to get your feet wet.
@@kwakubomani Love it. I'll touch base on this on tomorrow morning's livestream too (Saturday). :)
Thanks for the quick response. To me, it doesn't make sense to pay your own mortgage. Why would you do that? Maybe if you have a wife and kids (again maybe). I will hop on the livestream unless I'm out working on my passive income strategies.
More on Airbnb Arbitrage
Great advice. I just started on Airbnb with renting one of my room this July. I'm using this to learn and expand.
Thank you :) That’s awesome. How’s it going so far?
This has to be one of the most helpful people I have seen on the internet.you deserve that sub.
Thanks, Yasmin. That's a high compliment. :)
I would LOVE more decorating/decluttering tips! Great info man! 👍
Funny thing, topic was already on the short list ;) Thanks, dude!
Stuck till the end of the vid, really looking forward to the next video! That's exactly the next topic I want to learn about, thanks!
Haha, good timing. Just released the next video. :)
you're great... your videos are more than just images but it's a experience by itself. You know your stuff man. excellent delivery, your audience feels very comfortable. I'd like to do business your style it's very relaxing and refreshing.
Hey Paul! Thanks. I really appreciate the kind words and am glad you liked the video. :)
Omg! You are soooo good! everything in this video is very helpful! I’m so happy I came across your video:-)
Welcome! And thanks, Bello! Glad you got some value out of it. ;)
I enjoyed watching this. It was straightforward and concise. HELPFUL tips. Thanks for putting effort and key information in your videos. Wish you the best!
Hi Rossy! Thanks and I’m glad to hear it was helpful. All the best to you as well. :)
just came across your page. Loved this video, and gave me a ton of info... Keep 'em coming.? 👍
Yoooooo!! Super helpful Kai. Newly subbed brotha. Thank you for the Value.
Hey Rogan! Thanks for subbing and glad you liked the video. :)
love the rental agreement suggestion
It has worked really well for me so far. It hold folks more accountable. Although, nowadays I only ask people with 5 reviews or less to sign it. So roughly 75% of my guests sign one.
Great info, thank you! My only recommendation is to swap that CI board with an Album board. Lol
Love your desk!!
Isabel Quiroz Thanks, Isabel! Small IKEA hack ;)
Awesome video Kai! Could you go into the different systems you use to help you stay organized with airbnb?
Hey there, John! Thank you. I'll add it to the list for future videos :)
Kai Li is my brother from another mother and we go to the same barber
Lance McGowan haha. How’s it going, Lance? We could definitely pass as brothers. 😆 Thanks for coming by, I’ll have to checkout your channel this weekend.
Kai Li - Consume Less. Extract More. That sounds good! Supporting the UA-cam creator and viewer community is where it’s at!
Very inspiring! Airbnb and rental imcome is an area I am very interested in 💰
Brother, that was well invested time. Would love a second part of this! 🔥😉👌
Hey there! Thank you, glad you got some value out of it. Coincidently, I'll be publishing a rental video tomorrow morning. :)
@@KaiAndrew Excellent! I will stay tuned 💥😎
As a renter and someone who travels a lot , . renting Airbnb is such a hassle unless youre staying there for more than a week. Hotels are being very competitive to match Airbnb pricing and with hotel you get the amenities , airport shuttle , gym and free coffee . Those simple things make vacation feel like a vacation . Most importantly you never have to sign a darn rental contract . I love the Airbnb stays that I did but I honestly stop doing it because of all the hassles. I will do another Airbnb stay but it would be at remote exclusive locations. If you’re visiting a major city , I recommend Hotels.
Hey there! Yeah, I agree with you. I actually just released a few videos covering what you're talking about. Hotels are making a good comeback. I only stayed at boutique hotels on my last trip.
It's against the rules of Airbnb to make the guests sign a rental agreement. Unfortunately people don't know this and so hosts can just keep doing it illegally. If a host made me do it I would refuse and let Airbnb fine him and cancel his superhost status for violating terms
I don't have time to start out small. I'd rather start out medium or big and learning quickly because I have no choice. I'm only interested in the luxury niche.
Why do you say you have no choice? That's rarely a good situation to go big. Go big - win big or lose big.
@@KaiAndrew Time or rather my lack thereof is forcing my hand.
@@olternaut Luxury is a good niche, but can be hit or miss based on your experience, location and competition. Do you have the funds to get your hands on a luxury property? Also what's your experience level with rentals or real estate?
@@KaiAndrew It's going to have to be a long term play for me. I am going to have to partner with someone to get started and for training. Location will start with Orlando which is a growing market even with the competition.
olternaut Ah, gotcha. Well, even when going “big” you can start smaller and grow with your experience and capital. Good luck and let me know if you have questions!
So powerful help! Thx man
Good! Glad the video was helpful :)
Dope Video! Sending blessing your way, Keep inspiring!🎒🙌🏻
Thanks for coming by and dropping a line. Hope the video was helpful for you! :)
Trying so desperately to look cool. No need man, good content is enough and you've got it. Cheers.
Appreciate it. One of my earlier videos and I was still trying to get used to making content. Thanks :)
You're aliiiiiiive!
CHUCK!!! I missed you! Oh how you've grown. We need to catch up. I'll be sending you a private message.
Amazing content frrrr🔥🔥❤️
Thanks, Tony! :)
Great advice.
Thanks! :)
Did you ever figure out if your accountant is taking on new clients? How much is an average price I should be expecting to pay for a good accountant in this field?
He's in the middle of transitioning his business, but I'll announce it when he does. I'm sure there are a lot of folks who would be interested in working with him. Depends on the complexity of your taxes - personal/simple rental income: $200-$300, business: $500+
@@KaiAndrew I currently have one house hack and am looking into getting a lease to get another property for airbnb arbitrage. Would I need an LLC right away or should I stay sole prop for now? Main concern is, will I be able to utilize all the tax benefits of real estate if I don't have an llc?
That's great! If you're going to do arbitrage I'd recommend an LLC or S-corp. Check with a CPA and see what they'd recommend. You can still write things off, but a business entity provides you more protection and legitimacy.
Thank you for this video. Today is day one to discovering options on what to do with our real estate. Option one was to renovate and increase rent. Option two is doing a 1031 exchange and look for potential airbnb here in southern cali. I'm new at this so I'm excited to learn from your videos. I'm just worried about balancing our full time jobs and then hosting airbnb. How nice it would be to just quit our jobs and host air bnb full time. Is this what you accomplished?
Hi Alejandra! Short answer is yes that's what I did. It's very challenging to be a good host and have a full-time position. I had a ton of flexibility when I was working to host. I worked remotely and could do work anywhere I had access to a cell phone. It's those random calls when the cleaner forgot to restock something, a piece of furniture broke or the tenants locked the keys inside the unit that makes timing the hassle. With that all said, it's definitely doable if you setup the systems ahead of time. Just be ready to have to leave the office on a random day at 10:30am to address something with the property. Make sure the numbers work out in your favor and you could have a nice little side income. :)
Kai Andrew Would you suggest having a property manager to avoid getting the crazy phone calls about the property?
Hey Donovan! It depends. How much will you be cash flowing without a property manager?
Kai, very good video but definitely not what the title says. For example I am looking at getting into AirBnB business by buying and renting. Possibly long term renting and then renting that short term.
Hi Do you have suggestions on doing this in a city not friendly to Airbnb? What about trying to do it long distance if one owns a property far away from where they live? Is that possible? Thanks for your inspirational videos!
Hi! Hm, that's a tough one. Does your city flat out don't allow it or just require permitting. I'd highly encourage you to do it the legit way and not try to circumnavigate the local laws. I've had to work with some folks who tried doing it "under the table" and got hit with massive fines. It's almost always worth doing it the legal way. I almost prefer a less friendly city because there's less competition. In regards in doing it from a distance, you either have to hirer a reputable short term rental management company or if you have enough rentals you run your own mini property management company. Hope that helps!
@@KaiAndrew Thanks!
@@Myraisins1 Of course! :)
Great stuff! Bro, do you train BJJ? Just wondering since you started your discussion with “slap hands, bump fists”...
Hey Chris! Haha, good pick up. Yeah, I train and coach. So when kids are about to roll, I always yell "slap hands, bump fists, go!" 😂
Subscribed!
Hey Rayhan! Thanks and welcome to the channel :)
Hello Kai! Great video. Quick question how would you go about acquiring your first property without owning it. Would I go straight to an owner and be their tenant? Or a property management company and just rent a condo or apartment though I wouldn't live there.
Hey there, Alejandro and thanks! Man, you're asking the right questions. I actually made a more recent video on that. Check it out if you have time: ua-cam.com/video/KXITJDYL8w0/v-deo.html
But the short answer is either would work. I have and currently do both. I'll lease and then sublease it out AND I act as the property management company for a home owner and charge a management commission.
I’m currently 17 & not really making an income yet but I’m looking into doing this hopefully when I’m older and able to. Do you have any advice as to how to approach this financially? Anything I can start doing now or through university to be able to do this when I’m in my 20’s? This video really inspired me so thanks so much :)
Hi Virginia! First of all you have a HUGE head start thinking this way at 17. Don't let your peers or environment deter you from this path you've set yourself up on. Simple advice to you that will help you out. 1. Under no circumstance do you get yourself into consumer debt (credit cards, personal loans, etc.) Try to avoid student loans if possible (work study, fellowships, scholarships, etc.) 2. Build insane credit. Get a small credit card and buy your normal stuff - PAY OFF EVERY MONTH. Put utilities in your name. Pay rent on time. Aim for 750 credit score by 21. 3. Save up as much money as you possibly can. Don't buy stupid stuff to look or feel cool. You'll actually be cool when you're living your dream at 25. 4. Experiment and play with ideas that interest you and have a way of creating value. Something you can sell or make money from. You're young, play around with new ideas and make cheap mistakes. 5. When you can, go buy a house where you can rent out part of the house or multiple rooms. :)
New sub here! How do you feel about flipping rentals/airbnb rentals without cash? Is this even possible ? Is this almost like subletting? Im interested in these subjects.
Hi, Helen! Thanks for joining the channel. Yeah, that's exactly how I got started. I began renting out a room month-to-month and eventually started doing room share for short term rentals. It's a great "house hack" and allows you to build up cash quickly. Do you have any experience or have a home you'd feel comfortable sharing space with?
AirBnB also says it will receive complaints about unruly clients but that is a lie. They don't care. We need to change the law and prosecute them for destroying neighborhoods across America with noise pollution and toxic lung damaging vapors from leaf blowers going on for hours at a time several times a week, not to mention that even the EPA recommends decibel noise not exceed 75 decibels, above which hearing loss occurs and that is permanent. AirBnB is ruthless, callous and doesn't even have the decency to promote low noise electric leaf blowers. They truly are a scourge on America. They more they destroy neighborhoods the more there will be pushback and banning them and their noise leaf blowers ruining people's lives and destroying property values.
It gets much, much worse. AirBNB destroys nice neighborhoods, and local property values, with constant (1 hr long jet engine noise) noise from leaf blowers that AirBNB requires by virtue of the fact that pictures have to represent reality, so you have horrible noise pollution by AirBNB owners who hire people to abuse the neighborhood with very loud leaf blowers that supercede EPA recommendations of 85 decibels for preventing hearing damage and sound like jet engines. I have seen Air BNBs have 1 hour leaf blower sessions 16 days out of the month. The is a company that is literally destroying the fabric of the community. Many communities are so sick of it that they are banning leaf blowers or implementing safe hearing decibel ranges of 60-70 decibels. It causes a lot of emotional distress, too when people can't hear themselves think. Very disturbing and abusive behavior caused by AirBNB.
Congratulations on your success! Do you mentor or train?
Thank you! I do actually. Send me a message coachingwithkaili@gmail.com.
Do you have partners to start air bnb?
So I've been doing it Airbnb consistently for 6 months. Do you make all your guests sign an agreement or just one with a longer stay?
Hey Sandra! I used to make everyone as a precaution. Nowadays with the platform more robust I only have folks with less than 5 reviews complete an agreement. I also require ALL guests to have a verified profile with a government ID. I've had a few cases where people were using fake names.
For each month so far, what percentage of your cottage is rented out? 50% of the month?
Prices are inflated and many regulations in new york. Am I even allowed to bnb a building out in Brooklyn? Rentals are too low profit here after the high mortgage costs but bnb would be ok if allowed.
I'm not certain about Brooklyn, but I have heard that there are TONS of regulations in New York. Shame. Yeah, longterm rentals are challenging in areas where housing is very expensive.
Impressive!
Ive been looking into renting out portions of my 3 homes over the past week through Airbnb. This video was very helpful. Thank You. How helpful is Airbnb with all the things mentioned in the video? Are you personally in charge of doing all the work yourself solo or does the website provide guidance along the way?
Hello, Walter! That's great. AirBnB will give you some general guidance, but in short, yes you're responsible for everything. You can always hire a property management company as well.
does anyone know the vacancy rate for Muskoka Ontario, Canada? or what is your vacancy rate and your region. Trying to get some info prior to purchasing a cottage. any info will be helpful. thanks
Not familiar with that area, but in a decent area in the US I typically see 70-80%.
@@KaiAndrew this month (sept) the calendars seem to be 70% filled on my comparabes. Ill check in Oct. is there a way to look backwards on airbnb to see what dates were booked in the past?
70% isn't that bad depending on the season. If that's for this upcoming fall/winter season that's pretty good. Remember hosts can block or only show available dates in a small window so that occupancy rate may not be super accurate. I prefer looking at the date the listing was posted and the number of reviews the property has. I do not believe you can look back in time as a non-owner. Checkout out AirbnbDNA.
@@KaiAndrew I went onto the DNA site. it shows 60% in my area. Ill monitor October and see where Im at. I should try to get enough cash reserve in case anything happens. after the first year Ill have a better idea of where Im at.
How many rentals do you have? and are there times where they are empty for a long amount of time?
Hey Rue! I currently have five properties and in the process of acquiring another. There are times when they'll sit empty. Average is no more than 3-4 days. Are you getting into the rental game?
@@KaiAndrew Yes! I've been looking into real estate and maybe renting... I think the hardest part is just doing it, getting started.
Love the videos though. Hope to see more.
Yeah, it can be challenging to get into. But can be really worth it. Stay tuned for me next video on how to get started ;)
Great info!!! Well I’m from Nyc, if I get profit off AIRbnb, do I need to pay taxes on it after every income? Do I need permit for Airbnb business in NYC?
Hey there, Curtis! New York is one of the most difficult places to Airbnb now. Mostly because of the pandemic and the legal issues. Airbnb submits your taxes for the city for you.
Kai Andrew oh ok but wow, there’s a lot of Airbnb in my city bc of tourists/business trip/ many more
Wow, making big money while creating housing shortages, homelessness and damaging neighborhoods!
Fact is, people worldwide are getting fed up and strict regulations are coming soon that will end this destructive free-for-all.
You sound hurt and pretty bias. Of course there will be some bad players and folks who exploit certain properties. I highly doubt AirBnB is a large factor in the homelessness population. FYI - I co-founded an NGO that worked with the homeless population in my city and there's no evidence of this. If there is, it's a very nominal number. However, I'm sure in smaller and more concentrated areas there maybe a housing shortage due to short term rentals rather than allowing long term. My simple answer to long term renters, move a little further out to an area you can afford. I'm tired of hearing the excuse of housing shortage. When I was in my 20s I wanted to live in the heart of the city too. I wanted to walk to work. I wanted a lot of things. I couldn't afford to buy, nor rent, in the city. So instead of complaining of housing shortages and not enough government programs to give me a home in nice condo building I bought 15 minutes outside of the city and commuted to work. I eventually was able to buy in the city in a few years after I increased my income and credit score. Good luck in your endeavors! :)
Where are all of the Airbnb’s that you have I clicked on the link to see your profile but only shows one house and the rates seem quite low how do you make 100,000 a year? Or more with just one place for that little?
Hello again! I like that you're skeptical. Good entrepreneurs always are. :) That's my personal account for my main home that has a rental apartment. All our properties are setup separately under LLCs to spread out liability and risk. Which we also do with AirBnB accounts. If you have 10+ investment properties, I've found it's not the wisest to have it all under one name and one account. Big ships are easier to sink than 10 smaller ships spread out. ;)
Kai Li - Consume Less. Extract More. Ok makes sense I was just trying to see how you were doing it properly wise
You just gave tips. Not the actual story of how you built your business.
Do you have any training available?
Hi Nataliya, I do have consulting sessions available if you're interested. Send me an message if you're interested. coachingwithkaili@gmail.com
Still have folks sign an agreement? With AirBnb $1M guarantee we have felt comfortable. Since a hotel doesn't have folks sign a short term agreement, we don't on our rental either. That's our thinking at least...
Yeah, I still do for folks with less than 5 reviews. Airbnb won't always payout and if they do you have to make a case for it and can take weeks, sometimes, months to get payout. Hotels don't because they have a much larger room for error. If one rooms gets trash, they have the guests' credit card and they can just put other guests into other rooms. We don't have the luxury with our properties. Also, when people read over and sign a contract they're much more likely to follow house rules and take care of it as well. :)
@@KaiAndrew Hotels you don't sign, but they're holding that card on file. Great point! Luckily, any guest I've had that broke something has asked me what they can leave to pay for it. They've been really cool! So far... 😉
That's awesome! We've been fairly lucky with the majority of our issues too. But every once in a while we will get guests who don't tell us and we find out during the clean and we have to cancel reservations. Those ones are the most difficult.
Hi this is Vernon. You asked me what do I need. Well I am a landlord and iwant to do air bnb arbitrage. I'm in Clearwater fl.can you help me.id rather talk on the phone.
I do not want anyone to call me when I rent an Airbnb. It’s not that serious bruh.
Just to clarify, you are having short term guest sign an agreement outside of AirBNB?
I
Hi Tauqilla! Yes, that's correct. Always wise to have clear expectations and have your own documents outside of any rental site.
You should rename the video to "tips" instead of how. I thought you would talk about some strategy or something like that
Hi Larissa! Good "tip." :) Sorry for the confusion. Was there a specific strategy or question you were hoping to have answered that wasn't in the video?
@@KaiAndrew How to actually create a six-figure income. Do you buy properties and rent rooms just for Airbnb or rent other people's place and do Airbnb? What's the step by step. If you are not living in a big city that you can charge a lot to achieve six figures, I'm guessing you need multiple properties?
Gotcha. Great question. The short answer is yes to all of the above. I'm involved with all of those types of rentals. But I surpassed six figures owning just two properties at the very beginning of vacation rentals between 2010-2014. Both properties just happened to be in sought after areas of the city. Now I'm more spread out and don't own all of them. Had to diversify a bit once the market for short term rental grew. Hope that helps answer your question bit. I'll try and do a video that breaks that down a bit more. :)
@@KaiAndrew Thanks for your response. A video on this topic would be great! Vacation rentals are good over where I live, cashflow positive however no capital gain. =/
@@las613 Of course! What do you mean exactly about no capital gain?
The hands gotta go great video
Haha, yeah I know. I’ve been working on it 👋
I Disagree on Calling Each person I have a lot of nightly rentals and I’m not gonna call 15 to 20 different people every single day to check in with them that would take over an hour of my time just do it Sending a pre-written confirmation message To them to let you know if they have any questions is more than sufficient instead of wasting your time with each individual person sure if you only have one or two properties or rooms I guess it’s fine but on the large scale that’s just too much
Hey Aaron! Welcome and thanks for the comment. Not sure if you're consistently having 15-20 new renters each day, but that's a great problem to have. You must have 12+ rental units/spaces and close to, if not over, $1M in rental revenue with that many renters each day. Congrats! I don't personally have that many units, but close! I respectfully disagree with you. In over 10 years, I much prefer to get to know my renters and set expectations for them via voice. Literally takes 4-5 minutes of my time or of my property manager's time. We've tried the automated message route and we've had some unruly quests slip through and honestly half the people don't read the message all the way through. I've even cancelled guests (very small number) based on my phone convo with them. An hour of time to help 20 guests take care of your properties and leave you a five star review is a very trivial price to pay. :) You should have a property manager or screener if you're having that many guests.
Kai Li - Consume Less. Extract More. Yes some days I have 20 rooms to do some days only 5 or so depends on how many days each person is staying etc, I’ll clear about 300k for the first time this year which seems low for the number of bedrooms however giving that where I live is affordable and rents are relatively low my monthly income of around 25k but total expenses including my own is around 13-14k a month it leaves a great amount left over and I agree iv had unruly guests here and there maybe 7 in the 6 years iv been doing it but iv found regardless how much communication iv had with the guests if there not going to follow the rules there not going to regardless so the easy way for me to avoid that issue was to require all guests to have good feedback from other hosts vs when I first started I was much more open and the other issue iv found in my area was getting guests from the area booking I always call to cancel them because about half turn out to be an issue unfortunately I wish Airbnb allowed you to have that as a setting now allowing anyone to booking within your city zip or county
Interesting. I’ve had a few guests from the same zip code but they are usually trying to do a small weekend trip or something of that sort. Are you coming across squatters or something if that sort?
Kai Li - Consume Less. Extract More. Mainly younger people in their 20s that want to have a place to have a party or something of the sort that just totally take care of your property whatsoever Buffalo New York is a very young city demographic wise so all of my properties are single stay usually one or two or three nights sometimes private rooms with the occasional person actually booking the entire property for like a large family or something but that’s pretty rare so of course without any younger people they just don’t have any respect for the place it would be one thing if they were visiting obviously but I feel like locals are more likely to just be less considerate of somebody space sadly luckily it’s really no issue anymore since I stopped allowing people from the ZIP Code to stay which wasn’t that often anyways maybe twice a month but when it was becoming an issue every single month with one of the groups of people that was more than enough for me Broken TVs ripped couches etc. I stopped allowing it really quickly but it’s the cost of growing and learning what works for your area along the way I’ve noticed that every area kind of have its own rules and ways of doing things for Airbnb host I feel like every area has some general ways of doing things but others you have to kind of adjust for your actual area but the pros definitely outweigh the cons were also in the city that is very popular and growing but isn’t so big that we really worry about being heavily regulated like other cities like San Francisco or New York city a couple hours away but don’t have the high cost in rents or mortgages like you would in Boston or Chicago so it’s kind of the sweet spot plus have a Niagara Falls brings in a lot of tour of them alone in the fact that we have like 30 something colleges in our county brings tons of parents and family in along with the people from Canada won a place to stay or people traveling to Canada so we got kind of lucky with our location which you wouldn’t think it would be that great of a location When you think of great locations to have Airbnb’s I feel like most people think of like a ski resort town or somewhere on a beach or large city like New York etc. so I feel like it’s very under recognized which works for me :-)
Yeah, I've had some isolated issues with younger (under 22 years old) renters too. Do you own or lease your properties? I'm assuming they're single family homes with private rooms?
How much can you make
Depends on your property, location and how well you manage the site. Do you own a property?
@@KaiAndrew no i dont but its something i will do when i do
thats a lot of hand movement lol
I like to talk with my hands and body. 😂
✋🤚👋🤚✋🤚🤲✋🤚✋hello
😘☝
Jesus christ stop with the hands... my vertigo is coming back....
Sorry, I talk with my hands and body. :)
Six figga?
Hello! Not sure about your question.
Stop moving your hands like a frantic bat, its distracting & takes away from your content. You have hood content, delivery needs improvement.
Thanks for the constructive feedback!
Is it possible to automate the process completely? I don't see how it's possible to travel across the country every day just to clean homes and greet guests.
Yeah, it's possible. But the more likely scenario is to get 3-4 properties and either hire your own team to clean/manage or just hand it over to a property management team.