The Legacy Wealth Code Podcast
Welcome to the "Legacy Wealth Code" podcast, where we unravel the secrets of real estate investing, tax strategies employed by the uber wealthy, and the art of building a lasting legacy. Join us on this captivating journey as we explore the pathways to wealth creation, uncover powerful tax-saving techniques, and feature interviews with successful business owners who have mastered the art of building generational wealth.
In each episode, your host Michael & Andrew, will guide you through thought-provoking discussions, insightful interviews, and expert advice from renowned investors and financial gurus. Together, we will dive deep into the world of real estate investing, examining various strategies such as property flipping, rental properties, commercial real estate, and syndications. Discover key principles, practical tips, and industry trends that can help you make informed decisions and maximize your returns in today's dynamic real estate market.
But that's not all. "Legacy Wealth Code" delves into the fascinating realm of tax strategies, unveiling the closely guarded secrets of the uber wealthy. Learn how they employ legal techniques to minimize their tax obligations and explore the intricacies of tax planning, entity structuring, 1031 exchanges, cost segregation, and more. Unlock the power of tax optimization and gain insights that could potentially save you significant amounts of money.
Additionally, we bring you exclusive interviews with highly successful business owners and entrepreneurs who have mastered the art of wealth creation and legacy building. These captivating conversations will provide invaluable insights, personal anecdotes, and actionable advice on overcoming challenges, seizing opportunities, and leaving a meaningful impact on the world.
Whether you're an aspiring investor, seasoned entrepreneur, or simply curious about the world of wealth creation, the "Legacy Wealth Code" podcast will empower you with the knowledge and inspiration needed to embark on your own path to financial success. Join us on this transformative podcast as we decode the secrets of real estate investing, reveal powerful tax strategies, and guide you towards building a remarkable legacy that will endure for generations to come.
Tune in to the "Legacy Wealth Code" podcast and unlock the blueprint for financial freedom, tax optimization, and the creation of a legacy that stands the test of time.
The Legacy Wealth Code Podcast
Building Wealth Through Short Term Rentals - The Keys to Thriving in a Competitive Space
A true real estate legend, Kevin Byrne is our guest on this episode. Kevin has flipped over 1000 short sales, started a brokerage that now has over 180 agents, and has built an investment portfolio of 100+ doors, many of which are short term rentals. Air Bnb has seen exponential growth in recent years and Kevin has put the systems in place to become a super host and deliver exceptional service to his guests. As a result, the return on investment for these properties has been a huge driver of wealth for Kevin. Kevin shares some insights on how to make sure your property performs in a space that is getting more competitive than ever.
Onward!
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THE LEGACY WEALTH CODE PODCAST SHOW NOTES
Episode #7: Building Wealth Through Short Term Rentals - The Keys to Thriving in a Competitive Space
Host: Michael Notbohm & Andrew Hoek
Guest: Kevin Byrne
Episode Summary
Welcome to this episode of the Legacy Wealth Code Podcast, a platform aimed at helping you build long-term wealth and a lasting legacy through real estate investing, tax strategies, and motivational stories from successful people. Meet our hosts, Michael Notbohm & Andrew Hoek.
Today's guest is Kevin Byrne, the owner of Impact Realty in Tampa, which he started 3 years ago and has now grown to a business with 185 agents. Kevin Started building wealth with over 1000 short sales and then pivoted to long-term rentals, and now he manages over 100 rentals.
In this episode, Kevin discusses short-term rentals, highlighting the benefits, misconceptions, risks as well as major factors to consider when investing in this aspect of real estate.
Episode Topics
[00:30] Introducing our guest, Kevin Byrne.
[01:18] Growing wealth by adapting to short sales.
[05:18] The misguided notion that short rentals are an automatic path to wealth.
[06:48] Are short-term rentals saturated?
[10:11] Analyzing a deal; consider the worst-case scenario and long-term prospects.
[12:12] How Kevin manages his properties.
[15:41] Pricing Strategies; tools to forecast expected revenue from properties.
[24:10] Navigating through the hospitality needed in short sales.
[30:20] Expected trends in short-term rentals; the entry of Wall Street.
[36:18] Short-Term Rentals vs Hotels
[37:55] The regulation aspect of short-term rentals.
Notable Quotes
"Although it seems like real estate, it's really hospitality, and I think people are mixing the two up" - [Kevin Byrne]
"I believe that the short-term rentals market right now is a very very risky market to be in, however, there are still great returns for exceptional operators" - [Kevin Byrne]
"When you're analyzing the short-term rental acquisition, you absolutely have to run long-term analysis on it" - [Kevin Byrne]
"A good pricing software is going to adjust for events" - [Kevin Byrne]
"A lot of people, I think, look at the reviews probably as the number one metric of which property they're going to book" - [Michael Notbohm]
"You have to be so good at the value that you're providing people that when that one bad review comes through, you have so many positive reviews to drown it out" - [Kevin Byrne]
"The insurance that you traditionally carry on a residential property is not going to cover short-term rentals" - [Kevin Byrne]
"If you keep a diversified portfolio of about 75% long-term rentals, 25% short-term rentals, your short-term rental is going to mirror your long-term income and you can scale a lot quicker with a lot less risk" - [Kevin Byrne]