Build STR Wealth is a course created by Bill Faeth where he teaches you everything you want to know about investing in short term rental real estate. In his course, Bill offers valuable insights on:
- Various Marketing Strategies
- Property Management
- How To Maximize Profits
Over the last several years, since AirBnB entered the STR scene in August of 2008, it seems as though everybody and their 2nd cousin twice removed have been jumping on the BnB Bandwagon in droves.
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Of course, short term rental hosts have had a few negative impacts on the real estate industry in general with issues like making housing more expensive due to all the extra tourism, and local communities nixing the idea of STR with rent control ordinances.
Plus, you’ll be dealing with a lot of competition, not only from the one-man operations, but from companies that have much deeper pockets.
That’s not to say that you can’t make any money with short term real estate, it just means that the opportunities might be a little hard to find, so you’ll need to use a little bit of ingenuity and fancy marketing to find those hidden gems in certain neighborhoods that the big guys don’t know about yet.
So, is STR real estate something that you could make a go of?
Maybe…
And this is what we’ll be talking about in this Build STR Wealth review.
First, for the next couple of minutes, I’d like to take a good look at the STR Industry from a holistic view, covering some of the benefits of short term rentals and some of the drawbacks.
Second, I’d also like to answer some of the more common questions I get about these types of real estate courses.
The last thing I want for you is to jump into something just to find out a few months down that road that it’s not all that it’s cracked up to be.
Last, I’d also like to briefly talk about something that I believe is one of the best real estate strategies for 2024 (Hint: It’s not the traditional type of real estate you might be thinking of).
So, with all that said, let’s see what behind door #1…
What’s The Good And Bad Of Short Term Rentals?
OK, let’s take a look at some of the positives of STR…
Cost Savings
Oftentimes, getting a short term rental can cost a lot less money than staying at a hotel, especially when hosting a big family or group.
First of all – the space… when you’re renting a home, you’re gonna have a ton more space than you would at a hotel, so even if you’re paying a lot for the STR, imagine how much you would have to pay if you needed to get multiple rooms at a Hilton or even a Holiday Inn.
And let’s not forget the amenities of having your own kitchen where you can make your own meals and having multiple bathrooms. If you’re a parent like me, with multiple kids, you know the stress of having a single toilet when an emergency hits.
Unique Accommodations
One of the things I personally like about staying at an STR is that they all look different. At a hotel, you can pretty much expect to have one or two beds in the middle of the room, a television next to a desk, and a bathroom off to the side.
To this day, I’ve never seen the same floor plan for any of the STRs that I’ve stayed at. This kind of diversity let’s travelers and vacationers pic the exact style that they’re looking for like:
- Modern or Rustic Styles
- Urban or Suburban Locations
- Country Farmhouse or Bright Lights In The Big City
These types of accommodations allow visitors to experience living as the locals do which adds another dimension to their whole experience.
Local Interactions
And speaking of living like the locals, when staying at an STR in the past, my hosts would often provide me with a list of fun things to do and fancy restaurants to visit that I probably wouldn’t have thought of simply by Googling “fine dining and recreation near me”. This alone is well worth staying at an STR.
This type of personal connection you have with an STR host usually leads to multiple stays, in fact I have a list on my iPhone of all the places that I have and haven’t enjoyed staying at so I’ll know which ones to pick and which to avoid.
All right, now let’s look at some of the not-so-good things of STR…
Misleading Information
Of course, not all STR experiences are the same. There have been times where the product advertised isn’t quite the product paid for.
I can remember a couple of times when the camera used to take pictures of the home we were staying in must have used a rose-tinted lens, because the up close and personal view left a lot to be desired.
Also, they forgot to mention noisy neighbors and barking dogs in the middle of night. Trust me, these are on my “Never Again” list.
Legal and Security Issues
Recently STRs have been hit with legal roadblocks in certain neighborhoods that are making it more and more difficult to find good stays. So, you’ll want to make sure that the property you choose follows specific laws.
In addition, you might have to deal with security issues that might not be such an issue at a hotel. So always make sure that the home you’re staying at has a security system that you specifically have access to.
Limited Support For Amenities
I’ve never had an issue with this, but I have heard horror stories when customer support was a little harder to come by than at a hotel – things like:
- Cleanliness
- Equipment Malfunctioning
- Disputes With Hosts
…can often throw a monkey wrench in your stay, and getting a quick resolution isn’t all that quick.
But if you can live without amenities like daily housekeeping, an on-site restaurant, and room service, then STRs could be right up your alley.
Now, let’s take a closer look at Build STR Wealth, starting with Bill Faeth…
Who Is Bill Faeth?
Bill is a man with many hats. Some of the titles he carries are:
- Former professional golfer
- Serial entrepreneur
- Short Term Real Estate Investor
- Multi-million dollar business builder
He has over 20 years experience as an investor and manages multiple properties with some making him as much ast $90k in annual revenue.
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What Do You Get With Build STR Wealth?
Here’s a quick break-down of what you’ll get inside Bill’s program…
- Various Courses: You get access to the long courses in cliff notes of short-term renting.
- Resource Library: This is Bill’s library of all of resources and his dynamic pricing tool to get the most money from your STR.
- Private Mastermind Group: Bill offers you access to his online community where you can hobnob with his other students.
- STR Wealth Conference: Get access to latest content, webinar replays and exclusive workshops.
- Geographical Diversification Strategy: Bill teaches you his strategies for finding the right properties in the right locations.
- Property Transformation: Bill shows you his techniques for making the most money by making your short-term rental shine ensuring the best guest experience.
- Self-Management Tips: Bill advises you to learn how to manage your properties instead of using a real estate agent or property management company so you can have the most profit potential.
- Marketing Guidance: Learn how to effectively get the word out for your properties by creating an eye-catching airbnb listing.
- Diverse Income Streams: Reinvest into your business so you can make more money.
How Much Does The Program Cost?
Below is a break-down of the cost for what Bill offers in his program.
- 3-Day Training for New Airbnb Hosts: $379
- Facebook Ads Training: $285
- Airbnb Profit Maximizer: $997
- The Superhost Library Subscription: $67 per month
- CoHosting Masterclass: $797
- STR Mastermind: One-time payment of $15,000 or $3,250 down and five monthly payments of $2,650 each
- Total: $17,525
Note: I’ve listed the total cost for everything, but your total cost depends on which programs you choose to get.
Are There Better Ways To Make Money In 2024?
So, is short term rental investing a good option?
In short, Sure!
I mean, you can definitely make money with this kind of real estate, even if you don’t own the properties.
You just need to have all your ducks in a row so that you can get the rentals occupied. The last thing you want is to be stuck paying the owner out of your pocket while waiting for your STR tenant.
Also, since you don’t own the property, you might run into issues where the owner flakes out and causes issues with your plans.
This is why I prefer to do Digital Leasing.
With digital leasing, I can create multiple digital assets out of thin air and rent them out to local clients for anywhere from $500 – $2,000 per month / per client, and very seldom do I have to worry about vacancies once the deal is done.
And the best part is that it’s virtually all 100% passive income.
If you would like to know more about how Digital Leasing works and why I believe it’s the best opportunity for you in 2024, just click below…
