How to START an Airbnb Business (In a NEW Market!)

Episode #363

Want to know how to start an Airbnb business? If you find the right deal and build an all-star team, you could squeeze a TON of cash flow from just one rental. And we’ve got the perfect guest to show you the ropes!

Welcome back to the “Real Estate Rookie” podcast! Today, we’re joined by former ninety-day mentee Melanie Wilmesher. Since we last spoke with Melanie, she has added a short-term rental property to her portfolio—this time, in an entirely different market! In this episode, she shares her biggest struggles and lessons learned from investing out-of-state. While one destructive house party left her with $4,000 in damages and nearly derailed her Airbnb investing strategy, Melanie credits her trusted team for getting the property back up and running in no time.

While short-term rentals can be wildly profitable, running them is not always a breeze. Melanie shares the highs and lows of her journey so that you can know what to expect in any situation! You’ll learn how to deal with bad reviews, find a great property manager for your rental, create the best possible guest experience, and more!

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Join BiggerPockets for FREE 👇
https://www.biggerpockets.com/signup?...
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Join the Real Estate Rookie Facebook Group:
  / realestaterookie  
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Find an Investor-Friendly Agent in Your Area:
http://biggerpockets.com/agentmatch
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Find Investor-Friendly Lenders:
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Books Mentioned in This Episode:
“Real Estate Partnerships”: https://store.biggerpockets.com/produ...
“The Intention Journal”: https://store.biggerpockets.com/produ...
“Short-Term Rental, Long-Term Wealth”: https://store.biggerpockets.com/colle...
“Long-Distance Real Estate Investing”: https://store.biggerpockets.com/produ...
“Start with Strategy”: https://store.biggerpockets.com/produ...
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Rookie to Real Estate Investor in 90 Days: LIVE Mentorship Calls:
https://www.biggerpockets.com/blog/ro...
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3 Steps to Start Investing in Real Estate + 2024 Mortgage Rate Predictions:
https://www.biggerpockets.com/blog/ro...
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Connect with Melanie:
BiggerPockets: https://www.biggerpockets.com/users/m...
Instagram: @wander.by.heart or   / wander.by.heart  
LinkedIn:   / melanie-wilmesher  
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Connect with Ashley and Tony on BiggerPockets:
Ashley: https://www.biggerpockets.com/users/e...
Tony: https://www.biggerpockets.com/users/t...
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Connect with Ashley and Tony on Instagram:
Ashley: @wealthfromrentals or   / wealthfromrentals  
Tony: @tonyjrobinson or   / tonyjrobinson  


Show notes at: https://link.chtbl.com/Rookie


00:00 Intro

01:18 $4K in House Party Damages!?

06:27 Airbnb Lessons Learned

14:19 Choosing a Short-Term Rental Market

21:17 Buying Properties “Sight Unseen”

25:09 How to Build Your DREAM Team

29:13 Numbers On the Airbnb

35:46 What’s Next for Melanie?

41:52 Investing Strategies & Partnerships 101

50:11 Connect with Melanie!