How to Scale to 50+ STR Units Through Partnerships

Description

In the competitive and fast-paced world of short-term rentals, partnering with investors can be a game-changer for scaling your business.

Partnering with investors is a great way to build up equity without getting a mortgage or investing your own funds.

However, successfully finding and partnering with the right investors can be daunting. Josh Kristoff and his team at Nomad Capital Ventures have successfully scaled to 50+ units through partnerships.

Josh is the Managing Partner of Nomad Capital Ventures, a real estate and property management company out of Jacksonville, Florida. He's participated in our Legends Mastermind and is currently in our Rising Stars Mastermind.

In this "Get Paid For Your Pad" episode, Josh joins me to explore scaling a short-term rental (STR) business to 50+ units through partnerships.

He'll share his expertise and his team's experiences in understanding the market, finding investors to partner with, and why setting clear goals is paramount. Plus, the most important thing investors look for in a partnership.

Listen in to hear Josh's experience with multichannel bookings (the good and the bad), the most critical factor in building the investor-operator relationship, and how you can get started scaling your STR business through partnerships.

Topics Covered

Josh shares what Nomad Capital Ventures does and how they successfully run four complementary businesses (with 7 kids in the mix)
How Josh and his team use their network to find investor partnerships
Josh shares his journey in learning about property management
Why Nomad Capital structures their deals as a 506 B
Josh shares the importance of having a clear understanding of your goals before entering the short-term rental business
The importance of conducting sensitivity analysis against projections to ensure protection for both sides
The most crucial factor for working with investors
Why communication is vital to building investor/operator relationships and trust
What a relationship entails from an SEC standpoint
The delicate dance of multichannel bookings: Jason shares the benefits (and drawbacks)