While there are some risks to playing Airbnb successfully such as market saturation and city-wide bans, it can still produce great returns through minimal work if handled carefully. Today’s guest is Will Harvey and he stands as a great example of somebody who is playing it safe and enjoying the benefits. Will owns over 1.5 million in real estate in the northern Virginia area and is a partner in several apartment syndications across the US both actively and passively. He co-founded CEO Capital Partners and co-hosts the awesome Wealth Junkies podcast too. On top of all this, Will is an Airbnb master and it was an honor to have him on the show. In today's episode, Will shares the story of how he got into the Airbnb game as well as the tips and tricks he uses to keep the ball rolling. Will tells us the inspiring tale of how he fell into addiction as a teenager but rose above it and went on to become the great success he is at present. He talks about how his road led him to the lending game, how he bought and house hacked his first three-bedroom property, and the twist of fate that got him into Airbnb around that time. After going in headfirst and developing systems as he went, Will now operates a well-oiled machine that uses virtual assistants and other tools but never over-leverages his resources like other less cautious users of the platform. Will has seen some amazing yields in his time with Airbnb so tune in to hear how you can too!
Key Points From This Episode:
- Will’s journey through alcohol and drug abuse to recovering and getting into real estate.
- How Will recovered by hearing similarities between his story and that of his older friend’s.
- A recommendation for alcoholics who don’t have caring friends to help them: AA meetings.
- The ‘long game’ mindset shift that took Will from addiction to huge real estate success.
- How will got into Airbnb after his friend left a room vacant during his first house hack.
- Will’s process of systematizing his townhouse Airbnbs with minimum stay periods, etc.
- Comparisons between the income earned by rentals vs Airbnb: $300 + difference per month.
- Systems Will uses to streamline his Airbnb: a VA, Turnoverbnb for cleaners, and more.
- Booking quantities concerning seasons and Airbnb’s success in quieter locations.
- How Will’s house hacking Airbnb method reduces the risk of market saturation or banning.
- Advice for newcomers: ‘ready, fire, aim,’ or consult Bnb Formula to learn about arbitrages.
- A favorite tool of Will’s that helps him with his business.
- What Will learned after getting huge attorney bills while trying to buy a property.
- Scaling through finding people who do what you can but 80% better.
Links Mentioned in Today’s Episode: