34: Make Money In The Sharing Economy, Part 2 with J Massey

Welcome to Part 2 of my conversation with real estate investor and founder of Cashflow Diary - J. Massey. We open Part 2 of Make Money In The Sharing Economy with J’s perspective on ordinances and bylaws that dictate where short term rentals (STR’s) are allowed, where they’re not, and why he’s actually a fan of these rules. J also reveals; often overlooked segments of the population that need extended stay accommodation, opportunities to rent out your house or condo for day use ; for example – to content creators, other ways you can earn money in the shared economy, the most common oversights and mistakes made by people entering the STR business, and he walks us through the numbers of what it takes to net $1,000 and $2,000 per month from your STR Like Part 1, this episode is ripe with light bulb moments to inspire your side hustle journey.   What You’ll Hear: 03:35 The ordinances are forcing you into a more profitable part of the business 04:20 All these groups in the “extended stay” category need places to stay 06:25 Government organizations can be a worthwhile source of guests 08:01 J walks us through the numbers to net $1000 and $2000 per month 09:37 Biggest expense is the lease (or mortgage), then labour-related issues 09:57 Start your projections with a revenue number being double what you’re paying for the lease 10:28 Worse case you should expect is a net income of 30% of revenues 11:35 “Tent pole” or “Compression” events coming to town drive up nightly rates 13:09 “Damage fee waiver” vs “security deposit” 14:18 Only 60% of J’s gross revenues are from the nightly rates, 40% are the “add-ons” 14:30 Other “add-on” ideas to receive revenue from guests 16:00 Opportunities in “day-use” property rentals 17:50 Expenses that are sometimes overlooked in budgets 18:06 You need to pay attention to “screening, safety, and security,” to avoid liability, a lot of problems, and increased labour costs 22:11 Where to look for your first short term rental property 25:15 Other rental opportunities from assets you now own 26:43 J’s best tip for taking action 27:52 Focus on being “prepared” rather than waiting to be “ready” Wrap Up: 29:01 Fail fast, fail forward, fail frequently and start before you’re ready 29:25 A confidence-building mindset to adopt - What would I do differently next time? What went right? Connect with J Massey: https://cashflowdiary.com/ https://www.instagram.com/cashflowdiary/ J’s Short-Term Rental Blueprint Course https://cashflowdiary.com/blueprint/ Connect with Joan: https://www.instagram.com/joanposivy/ https://www.facebook.com/posivy/ https://www.joanposivy.com/ Be on the show! https://www.joanposivy.com/be-our-guest.html