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"Short Term Rentals"
Short term rentals (STRs) are under attack in cities across North America. While they offer significant profit potential, they also come with regulatory challenges, rising costs, and neighborhood opposition. In today's episode we break down the latest trends, regulations, and risks associated with STRs, helping you determine if they’re still a smart investment.
[00:00:00] Introduction: Overview of short-term rentals and why they’re facing increased scrutiny.
[00:02:00] What Are Short-Term Rentals? – Defining STRs, their uses, and their role in the economy.
[00:05:30] Challenges and Regulations – Discussion on city restrictions, including Toronto and Winnipeg’s policies.
[00:7:00] Investment Risks – Hidden costs, unpredictable vacancies, and the impact of regulation changes.
[00:9:00] Key Takeaways: The future of STRs, responsible investing, and alternatives to consider.
Garret Wong is the founder of the My First Keys podcast, the Rent It Yourself Community and a seasoned property manager with nearly 30 years of experience. Originally a research scientist specializing in molecular biology, Garret transitioned into property investment, where he’s grown a personal portfolio of 43 buildings and 75 doors into a property management company that has managed over 1 billion dollars in assets with a 98.5% success rate in legal proceedings and a 98.6% rent collection ratio.
Known for his practical approach and strategic insights, Garret has developed an extensive SOP library to manage everything from tenant selection to maintenance, helping landlords and property managers build a reliable, resilient system.
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