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Today I had the honor of speaking with MiLo Chan. MiLo and his wife Chandra were able to quit their full-time jobs after stumbling upon Airbnb and realizing how well it was in their market. MiLo and Chandra decided to move into their parent’s basement temporarily to rent their home and during this time they were able to save enough money to purchase another property.
From there they have been able to scale up to rental arbitraging 3 properties while owning 2 while also giving them the freedom to quit their jobs and focus on their vacation rental business.
In this episode, MiLo shares his journey in becoming a full-time host, how he uses dynamic pricing, and his strategy to succeeding in a market that undervalues their properties.
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Episode #12 Success Secrets
1. Find inspiration for your description and photos by looking at other successful hosts listings.
2. Find a location that has year-round events and tourists such as convention centers.
3. Find a cleaning company that you can trust and depend on.
4. Prime your guests for a review by letting them know you are hoping they will have a 5-star stay.
5. Learn what you need to learn and then don’t be afraid to pull the trigger and just do it.
6. Develop properties that invoke an emotion to help create an experience.