The Airbnb Millionaire - A Guide to Building, Scaling, and Running a Successful Hospitality Investment Business | Michael Elefante (Replay)
Millionaire Mindcast
Matt Aitchison Media, Inc
4.4 • 716 Ratings
🗓️ 4 September 2023
⏱️ 44 minutes
🧾️ Download transcript
Summary
In this episode of the Millionaire Mindcast, we are joined by Michael Elefante, who shares his experience around how amazing AirBnB and hospitality are, what is the criteria for great hospitality assets, building social media presence, and a guide to building, scaling, and running a successful hospitality investment business!
Michael Elefante is an entrepreneur, full time AirBnB investor and content creator, coach, co-founder & CRO at Home Team Vacation Rentals, founder and CEO at BNB Investor Academy where he teaches people how to become financially free through this vehicle. He had coached over 900 people on how to invest in and scale a short term rental (Airbnb) business.
Michael had worked from company to company, and started to make a lot of money. However, he realized that his work doesn’t excite him anymore. He feels like he needs time freedom. Therefore, he figured out how to invest his saved money into a vehicle that will pay a good amount of cash flow and allow him to travel. He found all these in the AirBnB investing and hospitality business. Currently, Michael is building an Airbnb empire while helping other people in this area. He believes that real money is to be made if you can provide an awesome experience. Thus, leveraging his hospitality business with all-out amenities. Moreover, Michael has built a personal brand in the online space, and have already built the trust of the audience.
Some Questions I Ask:
How is the balance between building your Airbnb empire and all the great stuff you are doing as well as being a father?
Where did this entrepreneurial journey begin for you?
What do you say to the people that feel like it’s too late, is Airbnb dying or it’s still a blue ocean with plenty of opportunity to take advantage of?
What types of property should you maybe avoid or areas or things in analysis of Airbnb property?
What are some of the risks that new investors need to be aware of when going into Airbnb?
What are your criteria and buy-box in terms of a great hospitality asset?
What are some of the amenities that you’ve seen the greatest ROI on in terms of investment and some of the newer properties that you’re working on?
What are your kind of go-to platforms and software that have really helped streamline your business?
Talk a little bit about your approach and intention behind building your social-media, and how this really tied into creating opportunities in your Airbnb business?
What has been your biggest challenge of becoming an entrepreneur that you’ve overcome?
How has betting on yourself changed your life and the future of what your path and journey look like?
How will the upcoming recession impact your strategy, and what moves you’re making over the next 12 to 18 months?
Resources:
In This Episode, You Will Learn:
What makes the Airbnb property successful.
Tips for newbie Airbnb investors.
The power of mentor and coach.
Why you should take risks.
Michael takes on the upcoming recession.
Quotes:
“Compete on value and experience, don’t compete on price.”
“The biggest opportunity in today’s economy is the creator economy.”
Connect with Michael Elefante on:
https://www.bnbinvestoracademy.com/opt-in
Sponsor Links:
HelloFresh: Visit https://hellofresh.com/50mindcast or Use the code 50MINDCAST to get 50% off plus free shipping!
Show Brought To You By: www.MillionaireMindcast.com
Questions? Comments? Do you have a success story you would like to share on the show?
Send us an email to: [email protected]
Transcript
Click on a timestamp to play from that location
| 0:00.0 | What makes a property successful is you have to do the market research. Each market's going to be a little bit different. But within each market, even each zip code or neighborhood is going to be very, very important to understand. Just because you invested in Nashville, Tennessee or Austin, Texas, doesn't mean that it's going to be a killer rental just because it hasn't in the city. One pocket of the city could have way stronger demand than a pocket, two zip codes over. And you may not know that |
| 0:21.9 | unless you look at information on AirDNA or a similar site that captures that type of information |
| 0:26.0 | and do your research on comps. And secondly, what types of properties, amenities, things like that |
| 0:32.0 | are bringing in a higher occupancy rate and a higher, you know, a larger demand for a higher daily rate. |
| 0:36.8 | Oh, yeah. a higher occupancy rate and a higher, you know, a larger demand for a higher daily rate. Well, I'm excited to welcome in Mr. Michael Elefonte. |
| 0:50.4 | How we doing, brother? |
| 0:51.0 | Doing well. |
| 0:52.2 | Doing well. |
| 0:53.2 | Appreciate you having me. |
| 0:53.6 | Absolutely, man. So first and Doing well. Appreciate you having me. Absolutely, |
| 1:02.3 | man. So first and foremost, you're a new dad. How is, you know, the balance between building your, |
| 1:07.0 | you know, B&B empire and all the great stuff that you got going on in your kind of short-term and hospitality space, as well as being a new father. |
| 1:11.9 | It's the balance isn't too bad, you know. |
| 1:13.7 | I mean, some days I'm busy, some days I'm not, but the whole lifestyle I wanted to get |
| 1:17.4 | into before having a kid, my wife and I agree, we wanted the time freedom aspect. |
| 1:21.3 | So we achieved that, which has been a blessing. |
| 1:24.1 | We're both home every day. |
| 1:25.2 | I work up in my office, you decent amount of hours, but for the most part, we're just watching her grow every day in a row of eight hours of sleep, and I was like, we have arrived. |
| 1:46.3 | Yeah. |
| 1:47.2 | And then it was like. |
| 1:48.8 | Celebrated too soon. |
| 1:49.8 | She's like, you thought, dad? |
... |
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