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Today I had the honor of speaking with Farhan Abbasi. Farhan is based out of Boston Massachusetts and runs a coworking space called Coalition Downtown while also managing a portfolio of 15 properties also located in the Boston area.
Farhan has been in the rental arbitrage subleasing space since 2012 and throughout his short term rental ventures managed 40 properties but has had to scale back to due to tightening regulations.
In this success story, Farhan shares transitioning from climbing the corporate ladder in Accounting and Finance to leaving the rat race and taking up self-employment and hospitality, the steps to building systems that allow him to manage his properties part-time, and the challenges of tightening city regulations and having to dissolve properties.
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Episode #20 Success Secrets
1. Find properties that will be able to service multiple markets such as tourism, academia, traveling nurses, families, etc.
2. New construction buildings are usually more willing to take on rental arbitrage clients.
3. Avoid properties that require a broker fee so that you can speak directly with an owner rather than an agent.
4. Don’t stick to just Airbnb, branch out to other OTAs.
5. A bare minimum system should include calendar syncing, dynamic pricing, and assistant.
6. Get involved with other members in the STR community to form a voice to represent the communities stance on STR’s.
7. Be careful of how much you invest in a single unit and be mindful of relationships with all stakeholders because you never know when someone will pull the rug from underneath you.
8. Hospitals and corporate rentals can sometimes fall outside of strict regulations and maybe a market which can be serviced.
9. Get an LLC to guarantee the lease and not under your name.