24 min listen
JF3413: Short-Term Rentals: How to Shift Your Investing Strategy and Maximize Profitability in 2024 ft. Joe Riley
JF3413: Short-Term Rentals: How to Shift Your Investing Strategy and Maximize Profitability in 2024 ft. Joe Riley
ratings:
Length:
22 minutes
Released:
Jan 8, 2024
Format:
Podcast episode
Description
Joe Riley, CEO of Patriot Family Homes, discusses the dynamic world of short-term rentals, focusing on challenges and opportunities within this niche. He shares his thoughts on how the short-term rental industry will be impacted alongside economic decisions in 2024 and how owners can maximize profits going into the new year. Key Takeaways: Shift in Business Focus: Joe discusses the strategic shift from acquiring properties to acquiring short-term rental operators, a response to the challenges in real estate acquisitions due to fluctuating home prices, interest rates, and rising operational costs. Market Dynamics and Regulatory Impact: The episode highlights how market regulation levels significantly affect the short-term rental industry. Less regulated areas have seen a surge in supply, impacting investor returns, while tightly regulated markets like Savannah have been more stable. Advice in Maintaining Profitability: For short-term rental owners, Joe recommends diversifying listing platforms, adjusting booking strategies, and targeting medium-term guests during off-seasons to maintain high occupancy and revenue. Joe Riley | Real Estate Background CEO of Patriot Family Homes Portfolio: 550+ short-term rental units in 13 states Based in: Chattanooga, TN Say hi to him at: patriotfamilyhomes.com Greatest Lesson: Find your niche, and stay focused. Become the absolute best operator in that niche that you can be. Check out Joe’s previous episode: 2738 - The Innovative Strategy to Scale Military Short-Term Rentals Sponsors BAM Capital
Released:
Jan 8, 2024
Format:
Podcast episode
Titles in the series (100)
JF 06: Cautionary Tale of Joint Ventures from an Attorney: Douglas Dowell has been involved in many areas of real estate but we’re going to focus on his background as a real estate attorney. He gives us incredible insight into joint venture agreements and what to look for prior to creating one. He also talks ab by Best Real Estate Investing Advice Ever