AirBnB Covid Bonanza with James Svetec & Riley Oikle

2021-10-21

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James Svetec is an Airbnb expert and investor, Co-Author of Airbnb for Dummies. Riley Oickle is a Real Estate Investing Expert who manages a portfolio of over 70 doors across Southwestern Ontario. In this episode, James and Riley talk about how their Airbnb properties are doing exceptionally well despite COVID. They share how they pivoted their strategies to keep their properties cash flowing and continue to build projects catered to the market's demands at this time and even well beyond COVID...

James Svetec is an Airbnb expert and investor, Co-Author of Airbnb for Dummies.

Riley Oickle is a Real Estate Investing Expert who manages a portfolio of over 70 doors across Southwestern Ontario.

In this episode, James and Riley talk about how their Airbnb properties are doing exceptionally well despite COVID. They share how they pivoted their strategies to keep their properties cash flowing and continue to build projects catered to the market's demands at this time and even well beyond COVID.

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What you'll learn in just 17 minutes from today's episode:

Find out an investment strategy for Airbnb properties that can accommodate various market segments for more positive cash flow
Discover what amenities to add to your Airbnb properties that have high demand in the market
Learn how to make your Airbnb properties cash flowing even during a down season such as this pandemic

Resources/Links:

BNB Mastery Program:https://bnbmasteryprogram.com/bookacall-path

Topics Covered:

01:06 - How Airbnb are doing pretty well despite COVID
02:16 - The adaptation Airbnb has to do during this pandemic
04:33 - Getting projects amid the pandemic
06:02 - Providing amenities for Airbnb properties renters are looking out for
07:32 - Renovating distressed properties into Airbnb rental single-family unit
09:41 - Long-term and short-term rental rates for single-family unit properties
11:16 - How rural properties are maintained
12:28 - Know what you're doing when running your numbers

Key Takeaways:

"I'd say with Airbnb, in general, the major shift is that if you're in a downtown core location that relies a lot on international travelers coming in, get your place booked up, then you're finding you have to pivot your strategy." - James Svetec

"Any area within two to three hours drive of a populous downtown urban center, you see huge spikes in the numbers there. Inventory is getting completely booked up. So you can charge some pretty hefty rates compared to what you normally would, and you're going to see really, really high occupancy rates even through the winter." -James Svetec

"I always tell people like when you're investing in short term rental, a lot of people's concern is that there's a lot of volatility in the market. And the truth is, it's not unpredictable; it's highly predictable. And you can look at data to figure out exactly how well a property is going to perform. You just need to know what you're doing when you're running those numbers. And then you always want to have backups and contingencies in place." - James Svetec

"It's important to number one, just run the numbers conservatively and know what your worst-case scenario is. But then also just have different backups in place so that you're never left with the property that's not going to be cash-flow positive." - James Svetec

"I think what it really comes down to for a lot of people that are on Airbnb is looking for certain amenities, certain features. And especially right now, people in these urban centers wanted to get out of the city. But sometimes they're actually looking to go to the city to work still and maintain the same standard of living that they were in beforehand." - Riley Oickle

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