Today's guest

I had the honor of speaking with Brian Tibbs, the owner, and CEO of “My Short Term Home,” located in Meridian and Boise, Idaho.  

In this episode, Brian shares how he’s been able to acquire 19 rentals through buy and hold investing, how he manages properties while living in South America, and how he has been able to survive the COVID-19 pandemic. 

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Links from the show

Brian Tibb’s website
www.myshorttermhome.com

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Episode #66 Success Secrets

1. Facilitate a team meeting once in a month to go over all the reviews, and look at where things are doing right and what needs to improve. 
2. When acquiring a new property, put up a lot of time on it to make sure that it’s the right one to get it approved and buy it. 
3. In a short term rental business, it’s much more efficient if you have all your units close by. 
4. It is very disadvantageous to have multiple units with the same layout in the same spot for calendar optimization. 
5. There’s a lot of different configurations that you can do to optimize your calendar when you have multiple same units. 
6. The revenue goes up but there’s a lot of taking care of a guest that thinks of you as a hotel rather than a long term tenant. 
7. Don’t lose that aspect of hiring someone really good at deals. 
8. As you go along and learn things, update your operations manual. 
9. Hire an inspector to just inspect the properties to make the caliber that you want for the guest and a solution manager that helps guests solve the problem. 
10. If you can’t generate enough revenue to hire other people then maybe it’s not a viable business if you want to scale it. 
11. Try not to acquire another property until you got the debt to equity down to a certain level. Always keep a really conservative debt to debt to equity ratio. 
12. Have a mindset of not turning away a booking. A lower nightly rate with longer short-term stays is better than having it in a high-rate with shorter stays. 
13. Ignore the get-rich-quick guys that are trying to convince you. Being slow, steady, and conservative is going to win the day and get you through the next crisis. 
14. If you’re maxed out in every way and eking out a profit in the good times, you’re going to get squashed in the tough times. 
15. Take a more conservative long-term approach.