Short-term rental arbitrage seems like an elusive concept. As a real estate investor, it can be a little hard to wrap your head around it. You lease a property, rent it out, and then…profit? That’s right! Without buying a rental property, dealing with maintenance or large-scale repairs, you too can make just as much money (if not more) than the landlord down the street without ever owning the property in the first place. It sounds like a dream, but in reality, you’ll need an airtight system and team to make it work.Thankfully, Jeff Iloulian has all that and more. Before 2014, Jeff was living as a lucrative lawyer, billing high by-the-minute rates and making money every second he worked. This was during the “wild west” of short-term rental investing, where mom-and-pop owned vacation rentals were starting to become a serious way to make passive income. Jeff initiated his portfolio with just one “lease arbitrage” unit and eventually ballooned his empire up to 150 rentals!Now, Jeff does more than just run his short-term rental portfolio. He runs the buying group HostGPO, helping link up short-term rental operators with vendors who can provide better, time-tested, industry-specific products. Not only that, Jeff manages numerous other vacation rentals, so he knows everything from furnishing to cleaning, check-out procedures, and more. He gives a furniture and furnishing masterclass in the second half of this interview where many of his tips could save you thousands over the lifetime of just one rental unit.In This Episode We Cover:Rental arbitrage and how any investor (no matter their budget) can use it to make passive incomeBreaking out of the “not enough time” matrix to start investing on a busy scheduleFurnishing your short-term rental and why IKEA may not be the best bet for bed sheetsBuilding your short-term rental dream team and how to manage a large-scale portfolioThe mega-niche investing opportunity of renting soon-to-be destroyed homes Leaving a lucrative career to invest in real estate and why it’s almost always worth itAnd So Much More!Links from the ShowBiggerPockets Youtube ChannelBiggerPockets ForumsBiggerPockets Pro MembershipBiggerPockets BookstoreBiggerPockets BootcampsBiggerPockets PodcastGet Your Ticket for BPCon 2022Listen to All Your Favorite BiggerPockets Podcasts in One PlaceLearn About Real Estate, The Housing Market, and Money Management with The BiggerPockets PodcastsGet More Deals Done with The BiggerPockets Investing ToolsFind a BiggerPockets Real Estate Meetup in Your AreaDavid's BiggerPockets ProfileDavid's InstagramRob's BiggerPockets ProfileRob's YoutubeRob's InstagramRob's TikTokRob's TwitterAirbnb Rental Arbitrage—The Ultimate GuideThe Ultimate Guide to Short-Term Rental PropertiesCreative Ways to Furnish Your Short-Term Rentals on a BudgetHow to Build Your Dream Short-Term Rental TeamGet Exclusive Short-Term Rental Investor Discounts with HostGPOBooks Mentioned in the Show:Buy, Rehab, Rent, Refinance, Repeat by David GreeneShort-Term Rental, Long-Term Wealth by Avery CarlConnect with Jeff:Jeff's WebsiteClick here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-665Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.