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Rental arbitrage is renting a property long-term from a landlord and renting it out short-term, profiting from the difference between the rates. It's something you can start in a few weeks with no money that may turn into a six figure business in under a year or two and you can grow it to seven figures and above with persistence, some luck, and developing your skills.
00:00 Intro
01:20 Setup LLC
Filing LLC paperwork is cheap (about $100) + about a week to get your EIN, necessary to open a business bank account. A registered agent is a must and a business license.
03:58 Research Stage
While waiting for your business documents, prepare for your first deal. Be professional: choose a business logo + cards and analyze long + short term rental revenue and costs in your area. Consider househacking or subletting your residence if you have written permission from owners. Identify properties (e.g., apartments.com, hotpads, zillow, trulia, realtor, etc.) that may be profitable (e.g., Airbnb, VRBO, Booking.com, Expedia, Marriott, Google, etc.). Prepare your pitch.
07:00 Pitching Your 1st Deal
Present your pitch + negotiate with landlord. Sign a lease with an addendum + place utilities in your business' name.
09:50 Before Move In
Goal = launch as fast as possible: plan your furnishing in advance, emphasizing sleep quality (mattress and quiet rooms [blackout curtains ]). Second-hand luxury stores are ok, but order online if at scale. Automate with e-locks to send guests codes.
11:24 Launch
Speed is important, but DIY to start so you don't scale mistakes. Friends, trucks + organization help. Photos are as important as the quality of your guests' sleep. Short term rental insurance matters, e.g., Proper / StateFarm. Advertize on short-term rental sites.
13:07 Hiring, Automation & Scaling
Cleaners, maintenance, and managers help + automation. As you automate, you'll find you're trading profit margin for your own time. It's more passive that way. You decide how big you want to grow, how much energy to devote, and whether you want to do it full time or part time.
Comment if rental arbitrage is something you're considering. Good luck!
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