Great info! We just bought a beach house we plan to rent out. With the remote access to the thermostat, are you saying that you set it at a certain temp and they can’t change it? For instance we stayed in a condo once in August in the south, and the owners wouldn’t allow the thermostat to go below 74 - we were hot and miserable and would never stay there again. My concern is that will really make people mad and result in negative reviews. Thoughts?
How did you build your team (cleaners, contractors, maintenance, etc.)? I know a property manager can handle this but what if you want to build your own team; what's the best way to go about buding this team?
There are a lot of different ways to build one out. For me, I've been in the industry long enough I've just made connections. But great places to start is Craigslist. Be slow in the hiring process and screen properly and fire fast if it's not working out.
Hi Kai, since this video is a little older I am curious if you still speak to all your guests prior to them staying at one of your properties or if you have changed this practice? I know for me personally as a host I have never spoken to a single guest of mine, and as a guest if I was asked to have a phone call I would be a bit of a turn off.
Great advice Kai, thanks for sharing! For your smart lock, did you need to purchase a hub? Or is the smart lock as simple as installing it and downloading an app?
Hello, Mapo! Yes, my particular one required a hub called Wink. There are locks that can link with Alexa or Echo. But I believe all WiFi locks require some sort of hub.
Thank you for the insight! What PropTech stack would you recommend for managing a handful of properties? I just demoed DoorLoop and think it's really great but was wondering if you had any other recommendations.
I looked in Fort Lauderdale near where I live and most of the properties rent on air bnb for 58/night. That's only 1700/month that doesn't cover the mortgage on most homes. I'm I mistaken?
Hi Danny. Yeah, some cities are grossly saturated with short-term rentals and you'll see price wars between rentals. The funny thing is that the owners of the renters don't even know that they're driving down their prices by undercutting each other. There are many other factors too. Some of the lower rates could be for single rooms or small studios. $58 seems pretty low for an entire home. Without look, my guess would be that those are rooms or guest apartments.
Hello there! Yes, we have it in our description and/or rental agreement that we have exterior cameras for added security on our properties that have cameras. Usually, I'll ask about vehicles at our larger homes that can host more than 4 guests. We try and limit to no more than 2 vehicles if we can.
I really appreciate the content, Kai. Do you have any long term rentals? Or are you strictly short term? I am trying to become a first timer and trying to decide between starting with a duplex and house hacking or jumping right into short term. I feel the duplex is best to start to lower monthly expenses. Thanks again for the content - very helpful and educational
Hey Geoff! Thanks for kind words. I do have long term rentals too. Oh yeah, I'd definitely recommend the duplex or triplex route (if you can afford). The next best thing, what I like doing is buying 'single family homes' with an unfinished basement and separate garage. You can build incredible value, have three livable areas and cash out well if you ever decide to sell. But as a starter, I'm a strong advocate for duplexes in a good location.
Kai Li - Consume Less. Extract More. Thank you so much for replying! You’re the man. I can’t wait to get started. Another year and a bit of renting but then I’ll be ready.
Heya. What's the smartlock you're using in the video (with Wink)? For remote access or locking. The one in the link looks different from the one in the video. Thanks kindly.
Hey Kaysie! Oops, messed up on the link. It should actually be the audiobook version of 'The Martian.' One of my favorite books on honing in on the solutions when it feels like you're facing an unsurmountable number of problems. :)
Hi Kai, I need advise. I just started for short term rental in Orlando. I live in New York. Should I mange my own or looking for property management. How do you do to make profit? My manager told me he did it 5 years ago and he lost money because property management raking up with so many expenses. I am scared. Please kindly give guidance.
Hey Lucas! Not anymore since Airbnb evolved their guest verification process. I do have a rental agreement for other platforms that do not verify or qualify their guests. A lot of shady people floating around out there. Dealing with an issue of Hotels.com at the moment.
Just found your channel, awesome content, thanks! I'm a little bit confused about smart thermostats, so you control the temperature in the property while the guests are staying there, right? What if this temp isn't comfortable for them though? They have no way of adjusting it themselves? Thanks!
Hi Vera! Welcome to the channel. :) Yeah, we keep it in a comfortable range, but we have a note in the unit that if they have a specific temperature request just to text or call me and I'll change it. The reason why is that I noticed power bills literally 3-4x more than average because renters will leave heat or cooling on ALL day while they're gone.
Yes. But there are some electronic lock where you don't need wifi to change the code. You have to physically have the lock in front of you to change the code though.
Can you help me, how do you manage locks without internet connection ? Are you just referring to Air Bnb homes for short term where you manage the internet services of the home ?
My son is dragging me kicking and screaming into the 21st Century. Our tiny house is now a smart home. Everything but the hot water is smart controlled. Do you know of a good smart lock for a sliding glass door? My tiny home has that for the only door as well as an egress window in the bedroom.
Hey Gabriel! Recently as I’ve acquired more properties and it being peak season, logistically I can’t have everyone sign and talk on the phone with every guest. Now I require guests with less than 5 reviews to sign and I speak to guests who are brand new to the platform (0 reviews). This is roughly half our bookings. Hope that helps!
Yeah, I let the guests know the temperature range (typically 69-70 degrees). If they have a specific temp then I can accommodate. I stopped allowing guests to control when the power bill was 3-4x average because guests are HORRIBLE at remembering to turn off AC and heating when they're out.
@@KaiAndrew I've been managing a small apartment for my in-laws but have the opportunity to manage for another owner. I am lost at what to charge and how to set up the back office thru the Airbnb site for commissions and communications. Any insight, video or other, would be appreciated on the mgmt topic.
Hey Kim! Exciting opportunity! I typically charge between 15-30%. It varies based on the type of property. I'm assuming the apartments would fall somewhere between 20%-25%. AirBnB is fairly straight forward, have you ever hosted before?
Artea Wright hi! Only if you don’t screen or do proper management. I’m very hands on so I’ve gotten a small number poor guests. Like less than 10 out of hundreds.
I no longer do this since Airbnb changed their policies around guests. At this time there were a lot of people using fake and unverified profiles to book. But at that time I used docusign.
Have you used or tried any smart devices on your home like these?
so using an app you can turn off the air conditioning if you feel the guest is over-using it?
Just closed on both my 2nd and 3rd short term rental! Thanks for the great content Kai!
Nice!! Congrats, Brian! :) Are these purchases or rental arbitrage?
@@KaiAndrew Purchases. These two have mortgages. First one paid in full.
really great video! i would love to know how you are doing the other managing duties remotely, cleaning, maintenance, etc.
Enders Game is perhaps one of my top 5 favorite books of all-time. But to answer you question in short I hire and train a cleaner/manager.
Very informative, thanks!
Can you please demonstrate what loud banging you DIDN'T mean?
Where is the advice about managing cleaning, laundry, restocking essential needs?
FACTS Post the link if you find a good video!
Great idea and it seems achievable to support my mobile living lifestyle. Thanks
Absolutely!s
Everything looks so neat in the background, change your wax for the next vid so the board doesn’t stick out ;) cool video though
You're totally right. I can't find my scrapper....wax...and I'm slightly lazy.
Thank you bro. Good sound advice that no one else shares
Prevention vs treatment. Awesome!!
Thanks, Isaiah! Hope it helps you out with whatever you're working on. ;)
Yessir, always choose prevention if you can. :)
Thank you so much, brand new to the channel
Thanks for subbing!
Great info! We just bought a beach house we plan to rent out. With the remote access to the thermostat, are you saying that you set it at a certain temp and they can’t change it? For instance we stayed in a condo once in August in the south, and the owners wouldn’t allow the thermostat to go below 74 - we were hot and miserable and would never stay there again. My concern is that will really make people mad and result in negative reviews. Thoughts?
How do you kick out partiers when managing a remote property?
How did you build your team (cleaners, contractors, maintenance, etc.)? I know a property manager can handle this but what if you want to build your own team; what's the best way to go about buding this team?
There are a lot of different ways to build one out. For me, I've been in the industry long enough I've just made connections. But great places to start is Craigslist. Be slow in the hiring process and screen properly and fire fast if it's not working out.
Hi Kai, since this video is a little older I am curious if you still speak to all your guests prior to them staying at one of your properties or if you have changed this practice? I know for me personally as a host I have never spoken to a single guest of mine, and as a guest if I was asked to have a phone call I would be a bit of a turn off.
Killer content as always, excited to be here before you blow up!
Hey, thanks man. That means a lot. Let's hope I'm building the right trajectory. Always appreciate the support! :)
That's what I was thinking... :)
LL, we do so many of the same steps! so far no contracts for me though.
That's what I was thinking... :)
LL, we do so many of the same steps! so far no contracts for me though. (oops wrong login before
)
@@lyneljohnson7067 Thanks, Lynel! :) Glad to see we have similar methods.
Can you use flair in a rental apartment? If so, how do you set it up ? It’s a great add on. Thank you so much for the advice.
Great advice Kai, thanks for sharing! For your smart lock, did you need to purchase a hub? Or is the smart lock as simple as installing it and downloading an app?
Hello, Mapo! Yes, my particular one required a hub called Wink. There are locks that can link with Alexa or Echo. But I believe all WiFi locks require some sort of hub.
What's the link online for send and sign contract? Thank you!
Hello Cyn! I personally use Docusign to send my contracts.
Thank you for the insight! What PropTech stack would you recommend for managing a handful of properties? I just demoed DoorLoop and think it's really great but was wondering if you had any other recommendations.
Love it! Subscribed!
I looked in Fort Lauderdale near where I live and most of the properties rent on air bnb for 58/night. That's only 1700/month that doesn't cover the mortgage on most homes. I'm I mistaken?
Hi Danny. Yeah, some cities are grossly saturated with short-term rentals and you'll see price wars between rentals. The funny thing is that the owners of the renters don't even know that they're driving down their prices by undercutting each other. There are many other factors too. Some of the lower rates could be for single rooms or small studios. $58 seems pretty low for an entire home. Without look, my guess would be that those are rooms or guest apartments.
Please advise if you inform the guest of the exterior cameras and when do you ask how many vehicles will be on the property?
Hello there! Yes, we have it in our description and/or rental agreement that we have exterior cameras for added security on our properties that have cameras. Usually, I'll ask about vehicles at our larger homes that can host more than 4 guests. We try and limit to no more than 2 vehicles if we can.
Do you need a Real Estate Brokers License to start a Short Term Property Management Company?
Great suggestions.
I really appreciate the content, Kai. Do you have any long term rentals? Or are you strictly short term? I am trying to become a first timer and trying to decide between starting with a duplex and house hacking or jumping right into short term. I feel the duplex is best to start to lower monthly expenses. Thanks again for the content - very helpful and educational
Hey Geoff! Thanks for kind words. I do have long term rentals too. Oh yeah, I'd definitely recommend the duplex or triplex route (if you can afford). The next best thing, what I like doing is buying 'single family homes' with an unfinished basement and separate garage. You can build incredible value, have three livable areas and cash out well if you ever decide to sell. But as a starter, I'm a strong advocate for duplexes in a good location.
Kai Li - Consume Less. Extract More. Thank you so much for replying! You’re the man. I can’t wait to get started. Another year and a bit of renting but then I’ll be ready.
@@Hardtimes330 Boom! Man with a plan is a great place to start. Keep me posted on what you end up doing!
Heya. What's the smartlock you're using in the video (with Wink)? For remote access or locking. The one in the link looks different from the one in the video. Thanks kindly.
What is the final book in your recommendations supposed to be? The link appears to redirect to The Martian movie.
Hey Kaysie! Oops, messed up on the link. It should actually be the audiobook version of 'The Martian.' One of my favorite books on honing in on the solutions when it feels like you're facing an unsurmountable number of problems. :)
Great valuable content
Emkay Vee Thanks, Emkay:)
Hi Kai, I need advise. I just started for short term rental in Orlando. I live in New York. Should I mange my own or looking for property management. How do you do to make profit? My manager told me he did it 5 years ago and he lost money because property management raking up with so many expenses. I am scared. Please kindly give guidance.
Hey Andrew! Great tips, thanks. QUESTION: Do you really talk on the phone with each guest before their stay? Do you call them, what do you say?
Hey Lucas! Not anymore since Airbnb evolved their guest verification process. I do have a rental agreement for other platforms that do not verify or qualify their guests. A lot of shady people floating around out there. Dealing with an issue of Hotels.com at the moment.
Just found your channel, awesome content, thanks! I'm a little bit confused about smart thermostats, so you control the temperature in the property while the guests are staying there, right? What if this temp isn't comfortable for them though? They have no way of adjusting it themselves? Thanks!
Hi Vera! Welcome to the channel. :) Yeah, we keep it in a comfortable range, but we have a note in the unit that if they have a specific temperature request just to text or call me and I'll change it. The reason why is that I noticed power bills literally 3-4x more than average because renters will leave heat or cooling on ALL day while they're gone.
@@KaiAndrew that makes perfect sense, thanks!;)
Hi, does the smart lock itself needs wifi access in order to change codes? thank you
Yes. But there are some electronic lock where you don't need wifi to change the code. You have to physically have the lock in front of you to change the code though.
Can you help me, how do you manage locks without internet connection ? Are you just referring to Air Bnb homes for short term where you manage the internet services of the home ?
My son is dragging me kicking and screaming into the 21st Century. Our tiny house is now a smart home. Everything but the hot water is smart controlled. Do you know of a good smart lock for a sliding glass door? My tiny home has that for the only door as well as an egress window in the bedroom.
Hi Kai,
is it possible to get in touch with you for more details? would like to learn more from you.
Hey, Eszter! Thanks for being apart of the channel. Feel free to reach out directly via email: coachingwithkaili@gmail.com
@@KaiAndrew ohh million thanks Kai! i'll take time today afternoon to email you!
xx
Two Questions:
1) You have every guest sign a contract before their stay?
2) You have a phone conversation with every guest before their stay?
Hey Gabriel! Recently as I’ve acquired more properties and it being peak season, logistically I can’t have everyone sign and talk on the phone with every guest. Now I require guests with less than 5 reviews to sign and I speak to guests who are brand new to the platform (0 reviews). This is roughly half our bookings.
Hope that helps!
How do you make them sign? Do they have to sign before booking?
Should I LLC each rental property separately?
Couldn’t find you on Instagram!
Hi Gina! @kaijandrew :)
To set up the start lock do you need WiFi?
Hello! For remote access yes. But if you just want to be able to use a code you don’t need it.
So do you control the thermostat? or them. I dont get it.
Yeah, I let the guests know the temperature range (typically 69-70 degrees). If they have a specific temp then I can accommodate. I stopped allowing guests to control when the power bill was 3-4x average because guests are HORRIBLE at remembering to turn off AC and heating when they're out.
@@KaiAndrew excellent, I will do the same. Thankyou
Do you use other booking site other than airbnb?
Hey there, Raymond. Yes, we use a few other rental sites such as Booking, VRBO, Homeaway and Expedia.
hi you mentioned your friend CPA kevin. Is there his info somewhere on your video? I am interested to contact him for my vacation home
Hi Ted! Yeah. Here's his contact: ksmoot@accountability-inc.com. Just tell him I sent you over and he'll take care of ya.
how about naming the apss!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Do you own all your properties, or do you manage some too if so, how much do you charge for management?
Hi Kim! I own about half and manage the other half.
@@KaiAndrew I've been managing a small apartment for my in-laws but have the opportunity to manage for another owner. I am lost at what to charge and how to set up the back office thru the Airbnb site for commissions and communications. Any insight, video or other, would be appreciated on the mgmt topic.
Hey Kim! Exciting opportunity! I typically charge between 15-30%. It varies based on the type of property. I'm assuming the apartments would fall somewhere between 20%-25%. AirBnB is fairly straight forward, have you ever hosted before?
Is it really that bad? Do guest really get out of control? This is definitely scaring me 😳
Artea Wright hi! Only if you don’t screen or do proper management. I’m very hands on so I’ve gotten a small number poor guests. Like less than 10 out of hundreds.
Gotcha 👍🏾. Thanks!
How do you get people to sign a document if you get them through airbnb?
I no longer do this since Airbnb changed their policies around guests. At this time there were a lot of people using fake and unverified profiles to book. But at that time I used docusign.
@@KaiAndrew thanks for the heads up
you call every guest? @7:45
Not anymore since Airbnb upped it's verification system. This video is a couple years old. Back then we'd get some shady guests.
@@KaiAndrew we still from time to time do...even with positive reviews...
This is just an affiliate channel. Listen and look at all the products he is promoting.
Very very helpful!! Thanks!!