Ep 35 : Getting Rich With AirBnB With Chris Thomas
Episode description
Airbnb is a leader in the rental business all over the world. The rental business is booming. That means you can run your AirBnB business from anywhere and that qualifies for a great idea to become the successful remotepreneur you always wanted to be.
To prove that, Chris Thomas is a special guest on our podcast today. He came from living on welfare to becoming a multi-millionaire. Now, he owns a business that makes a ridiculous ton of money on autopilot. He even wrote a killer book on how to make a fortune in real estate. To add even more success, he lives a life of luxury and freedom.
All you have to do is to read below!
Remotrepreneur’s Insights:
- Reach Out to Investors – Chris managed to get investors interested quickly in his dream by contacting manually at least 500 people a day. In the beginning, sacrifice long hours of your day to reaching as many people as you can. Even if you manage to get at least one investor interested, you’ll be successful.
- Find Your Business Model – Chris says there are two business models. The first one is to find people that have a room, apartment or house for renting. Second one is to find people willing to invest in your business. The choice is yours.
- Additional Tips to Running an AirBnB Business – As a part of any business, it’s important to know your ROI, margins, gross revenue, costs for management etc. Chris gives his tips on doing just that on the podcast.
Key Podcast Milestones:
02:12 – How Chris went from welfare to multi-millionaire
08:08 – How does a short rental business work
12:30 – How much money do you need to start an AirBnB business
14:34 – What to do if you don’t have the money to start a business
15:42 – How do you calculate management fee
18:00 – How long does it take to start earning money
19:50 – Can you manage your AirBnB from anywhere around the world
22:10 – How to remove yourself from the process of running your AirBnB business
34:27 – AirBnB profit margins
Top Key Quotes:
“I reached out to 500 people - manually. Not InMail, Linkedin all that automated stuff. I manually reached out to 500 people in 48 hours.”
“You’re a rentopreneur. You’re either going to apartment buildings or you’re going to somebody who has a vacancy in a house or somebody who has an extra room. If I was starting out right now, I would reach out to a friend or a family member who has an extra room in a house or their apartment, reach out to their listing person and tell them you want to add an addendum in the agreement that you’re going to put people in AirBnB. You don’t want to be a slimeball on his business.”
“I come from the gutter. My companies are doing almost 3,5 million dollars. How is that possible? I’ll tell you why, right here and right now. It’s because I didn’t quit.”
Socials:
Books:
Short Term Rental Riches – Chris’ book
Websites & Courses:
STR Profit Academy – Chris’ course on achieving financial freedom through AirBnB