Ep 71: The Secret to Real Passive Income Strategies… And How Short Term Rentals Could be an Ideal Strategy for 2021

Are you looking for more passive income strategies that could work for you in 2021 and beyond?

This type of revenue is the dream, isn’t it?

Well, in today’s episode, I unpack my unique perspective in setting up passive income strategies with short-term rentals. While this may not sound passive, I share why I think this approach could equal the keys to the kingdom.

Also, as I mentioned at the top of the show… Do you have a question for me about adding a short-term rental to your income portfolio? If so, just ask!

Go to ginnytownsend.com and at the very bottom of the homepage, you’ll see a record button where you can leave me a “voicemail” with your question and I’ll get to work creating an episode to help you out.

AND… if you’ve decided to add a short-term rental is the strategy for you, if you’re ready to GO, I have some exciting news for you.

The 6-Figure Vacation Rental Roadmap is now LIVE and you can go grab your copy today at ginnytownsend.com/rental.

I’m so excited about this and I’ll see you on the inside!

And if you’re curious about how much you could potentially earn with an Airbnb in your area, I can send you a free and pretty powerful tool to help you estimate…

Visit GinnyTownsend.com/estimate to claim access to this powerful free tool!

Thanks for joining me, and until next time, continue to be up and to the right.

EPISODE TRANSCRIPTION

Hey listeners, thanks for joining me today to really quick things before I get started one. I recorded this episode while driving and I went back to listen to it. And I think what I had to say was really valuable, but there is some car background noise. So I hope that does not distract you. I just want you to be able to get the goods that came out while I was just driving around and thinking about helping you all and then II do you have a question for me about bringing a

Short-term rental to Market. Do you have any questions at all? If so go over to GinnyTownsend.com on that homepage scroll all the way to the bottom and there is a little record like send a voicemail little button. And so you just click that record your question and I will get an email with that recording and I am happy to make an episode based on the specific questions you have. Okay, let’s get into today’s episode…

What is up Podcast Nation? Guess what? It’s Ginny Townsend and I am in my car again running some errands. It is my daughter’s first birthday today. And obviously, we are not celebrating as we would in a normal season, but I am going to get a couple of special things for her and I’m really really I’m Blown Away by how incredible this first year of parenting has been

Okay, let us dive on in. So today I wanted to talk about why I value one time tasks over all of the different tasks like in my business at least especially so if something is not a one-time task, it is something that needs to be done again, and again and again and a couple of examples of things that need to be done again, and again and again one can be housework. It’s not like

You clean your house. So I like you sweep your floors or something. And then they never have to be swept again. How magical would that be or you know doing laundry? I was just doing some earlier today like yeah, those are things that need to be done again and again and again, like if you do it once and you don’t do it again, like there’s no value to that or you know, I have I’ve been a part of service-based businesses and while it was a lot of fun to be able to work with

clients in different Industries and to be able to help them meaningfully growing their companies. But the thing is you have to keep doing the services to keep getting paid. It’s it’s not like you can just Implement one thing and then it’s just on autopilot or something like that. It it really does need to be managed. You have to do the different, you know, the different Services again and again and again and again, so what I love about

Short-term rentals is the bulk of the work is just a one-time task. So for each property you set up you find the place you gain access you gain control of the place to be able to list on Airbnb whether that is through buying or Arbitrage or or leasing or whatever. The agreement is you gain control of it and then you furnish it you photo you list and then you that’s those are all one time tasks you do.

Don’t have to keep Furnishing it every month. How crazy would that be to furnish it? So Furnishing a place which like I mentioned in this previous episode is where you can 25x your money. That’s really the only difference between having a real estate cash flow. That could be like one two, three hundred dollars a month versus cash flow of $2,500 a month. You know, really? That’s the only difference is it’s furnished. So I consider

To be an enormously valuable one time tasks you do it and then it’s done and then of course the ongoing management of it, I have feel like I can almost hear you say but wait wait wait because it’s short term rental you have guests coming in and then there’s turnover and because they’re not staying a long time, you know, you have to do that over and over. I mean you can and honestly that’s very high dollar per hour work or you can delegate it because the margins are quite generous you can delegate

It and pay your people really well. So what are the tasks that I mean by delegating? One of them is and here’s here. You want to talk about a literal 80/20 messaging potential guests is about 80% of the workload of a short-term rental once it’s live and so finding someone or using some software to be able to just automatically respond with an answer or two.

Clear respond, you know if it’s a person to be able to offload that to pay someone to do the the ongoing you have the tasks that have to be done over and over and over again. I love being able to help other people out. Right? I love that. I think there is just no higher calling than helping people to put food on their table, but that’s just me. I hope actually I hope that’s not just me but you know, and then other tasks obviously cleaning and maintenance. That’s really it. Those are really the bulk.

All of the work that needs to be done over and over and over again, that’s really it. It’s three great people you find three great people and you can offload all of the tasks that you have to do over and over and over again and you can spend your time on the extremely high-value tasks of finding a new short term rental to bring online or whatever or Furnishing the newest short.

Rental, you’re bringing online. Whatever it is. Those are the high-value tasks that you only need to do once that’s why I love them so much. So as you are thinking about well, I assume you’re looking for more passive income strategies and I assume you know that real estate is a tried-and-true method for building not only cash flow but net worth think about the tasks that you can only do once or that you only

need to do once versus the tasks that need to happen over and over and over again. So essentially looking to avoid the tasks that you have to do over and over again or delegate that bring someone in bless them, you know provide great work for other people and then you focus on the one-time tasks the one-time tasks the strategy the big decisions that is very literally where the money is at. All right. Well, I know this is a brief episode but like

I said before why take up 30 minutes of your time if I can share what I want to share in 10. So I hope you have had an amazing week. I hope that you are seriously considering bringing a short-term rental into your income portfolio because that I think is where it’s at that is where it’s at my friends. And if you’re you know, if you’ve decided you know, this is actually a really this sounds like a great idea. That sounds like my best next step, but you’re not sure where to start.

How do you actually find the property? How do you actually you know, if you want to buy it? How how do you approach that investment property? How do you if you want to rent it? How do you approach a landlord wanting to rent it with a short-term rental in mind and then Furnishing it how to furnish it without spending a ton of money right being able to furnish it in a business savvy way and then, you know making a listing that just knocks the socks off of your potential guests and then creating an incredible guest.

Experience for your guests. So they’ll leave you a five star review. So people will continue to book and create this virtuous cycle. If you want to know how all of those things are done. I have created a program just for you and you know, what I’ve completed the program. I am so excited to announce that it is live. And if you go over to Jenny townsend.com to rental you’ll be able to see all of the details including all of the bonuses like one I’ve mentioned before I’m calling vacation rental Revenue.

New labs and that is where I’m exploring. I’m giving you a behind-the-scenes peek of what I’m bringing into my business new revenue streams. I’m bringing into my business in 2021 that have to do not only with new on ramps for gaining control of a property to put it on Airbnb as well as additional revenue streams that are over and above having an actual property. So if you’re like, you know what this sounds amazing. I don’t know if I’m quite ready to buy or want to rent a place to put on Airbnb.

That’s fine. You will be able to discover how to build pretty dang good revenue from additional Services found in the air B&B ecosystem. So again, hop over to Jenny townsend.com to rental to get your copy of this amazing program today. I want you to know I’ve poured my heart and soul into it. I keep thinking about each of you like what are the questions that they’ll have? What are the points that may stick? You know that may feel stuck and how can I solve that? How can I make it

Easier I’ve been thinking about the ease of helping you to bring a short-term rental into the marketplace as soon as possible. So with that in mind again go to Ginny townsend.com to rental and get your own copy of the six-figure vacation rental roadmap today those. Thank you so much for joining me today and until next time.