I want to give you the raw and unedited version of what I would do if I was brand new starting an Airbnb business. What are the steps that I would take? What I did back in 2016. You can follow today so you can build an Airbnb empire for you and your family. But first you need to decide. why are you doing this?
Is it you're looking for more time freedom? Is it maybe you're looking for additional income? Maybe is it looking you want to retire your parents?
You're an animal in a cage and you're looking to get out of what you're doing. You know you can do more personally. Whatever the reason is, your why is what's going to push you each and every day to get better and better.
I started Arbitrage back in 2016. uh didn't know what i was doing got an apartment and basically anyone who shows you to get an apartment first clearly doesn't know what they're talking about because apartments are not what you want to start with because that's technically corporate leasing but i started back in 2016 and my first apartment flopped in four months i had basically a lady knocking on my door saying listen we're not mike we're not doing this there's an hoa here your airbnb is toast so i had to move everything out I had to sell the furniture, et cetera. Today, I'm the number one Airbnb coach in America because I stuck with it and I went deep on one thing. Here's what you want to do. The first step I would do is just create a name. The reason why you want to create a name for an LLC is because when you create a name, you are actually going saying, you know what, I'm going to be a business.
I'm not going to do this in my personal name. I'm not going to use my social security number. I want to use my EIN number. Now, here's the click. What you're going to do is you're going to go to the irs.gov and you're going to get a free EIN number.
But the first thing I want you to do is create a name. name. That's why important. If you don't have any ideas for name for your LLC, just go to chat GPT and ask, download the app and say, ask it, create me 15 names for my brand new Airbnb LLC. It'll create you 15 names.
Then what you're going to do is go to your secretary of state. They're in the state of Florida. We have sunbiz.org.
You can just Google start a company in that city, in that state, and it's going to pull up the website, usually.gov. And then you'll just be able to type in that name to see if it's available. Okay.
The chat GPT gave you, if you like one, pick one, go to the state, create it. They're generally pretty cheap. anywhere between, I don't know, 100 bucks, 300 bucks, depending on your state.
Wyoming is one of our favorites because it has the protection of anonymity and a lot of our students are getting them there. But you can choose a state anywhere you want. It does not have to be in the state that you actually live in.
Okay. But that's why Wyoming, Nevada, and Delaware are really good states. So now we've taken the shift from, we're going to get an Airbnb property to, we're going to run a business and build an empire because now the mindset is it's a business.
So that's step one. You're going to go create an LLC. Two, go to your, get your EIN, go to irs.gov, get a free EIN number.
Okay. three, wait a couple of days, and then you're going to have the articles organization and your EIN number, and you're going to go to the bank and open up a business bank account. Now I recommend Chase or Bank of America, Navy Federal, because they're going to give out higher limits once you start building business credit. Now, here's the thing. Once you've done that, it's now time to pick a market.
And this is what I tell a lot of people. I'm like, listen, you're going to pick a market, pick a market that's strong. But wait a minute, Mike, I don't know what the strong markets are. I don't know where I should go. How do I know that the property I'm going to pick is actually going to be profitable?
How do I know that it's a good market? I'm going to get to get occupancy. I'm going to tell you right now, I'm going to give you a couple of markets right now that are very strong in Airbnb business right now in the 2024 market that are doing well. Nashville, Tennessee, Savannah, Georgia, St. Augustine, Florida, Jax Beach, Florida, Waco, Texas, Santa Clarita, California, Santa Barbara, California, Sedona, Arizona, Broken Bow, Oklahoma. Some of the Midwest areas right there are doing really, really well because they haven't caught up yet with some of the pros down in Miami and Atlanta and Chicago.
Chattanooga, Tennessee, you got Myrtle Beach, South Carolina, you got... Charleston, South Carolina. These are markets that are Philadelphia, Pennsylvania, right? Markets that are strong right now to get into Airbnb with. How do I know that?
Because I've got students there, as well as I know by checking on softwares. I've got professional software. I can check and see what other people are doing right there in a two mile radius of any location you're looking for. So I can tell you, is it good or is it not? Now we've picked a market.
What is our next step? The next thing you want to do after you pick a market is you want to get software. The reason for it is because we want to check the numbers in that market. market, right? So what you're going to do is go to airdna.co.
The simplest way to do this is start with the free version. And trust me when I tell you, you don't want to stay with the free version. This is just to look at some numbers.
I'm going to give you a second, but do not start, do not end up with free software. It's like getting into a plane with one engine. You're not going to do it. It's like getting drive to work without breaks.
Okay. You want to get paid software. My students get my $2,000 software. It's part of working with me. I paid for the year upfront.
It's the best of the best, but you can set up an account at airdna.co for free and you can check the market. Now here's what you're going to do. There are a couple things that you're looking for in a market to see if it's a good market or not. I've given you a couple options of markets.
What I want you to do now is go on the AirDNA. Here's some of the metrics we're looking for. The first thing you want to make sure is that the occupancy for that area is above 60%. That's how we know we have a strong market.
Number two, you want to make sure your average daily rate is above $150. We don't want to compete with hotels that are rinky-dink ones, okay? We want above $150 per night. It'll show you right there what the average daily rate is in AirDNA. The third thing we're going to look for is we're going to look for the occupancy.
see rate. I told you that needs to be above 60, but you also want to market grade above 70 market grade above seven that goes from zero to a hundred. Also want to make sure there's more than 250 people in that city that you're looking for that are actually Airbnb, but less than 10,000.
It'll tell you right there at the top, how many active Airbnbs are in the city you're looking for within that market. Now you've got a pretty good idea. If you follow these metrics and watch this video, video 15 times over, you'll have exactly what you need as far as picking the market in that city. Now, does that mean that every area within the city is good?
No, there's places in Jacksonville that I live in, and this is where most of our portfolio is, that I don't want to be at midnight. I have no business walking down the 32208 zip code at midnight unless... I'm wearing a bulletproof vest. So there's areas in every market, every city that you probably don't want to go to and probably not good for Airbnb. So check the market within AirDNA to see what cities have those metrics I just shared with you.
Okay, now we've got a market. We know what numbers we're looking for. The next step is you're going to go to Zillow. Okay, once you've found that city, go to Zillow.
All you got to do is go to Zillow.com, type in a city at the top. I'm going to give you three things to look for. Number one, once you put the city in, you're going to make sure that you're only looking for properties for rent, not for purchase.
Guys, this is rental arbitrage. We're just renting from a... a landlord getting their permission to put on their view. We don't have to buy the property.
Number two, once you've found the property, okay, once you put in the city and you've typed it in, you're probably going to want to stick anywhere between $1,500 to $3,000 as a monthly rate. I don't care about the bedrooms and bathrooms. Now, the last thing you want to do is when you go over to a button called more, you'll see it at the top here.
When you scroll down, you're going to see an area that says, how long has that property been listed? Now, this is the gem. If you made this bar right here, here's the gem. Let's say that we picked Philadelphia. Let's say we had a specific zip code.
we were looking for in Philly that we were wanting to put our first Airbnb. We went on Zillow.com. We typed in Philadelphia. We filtered it by $1,500 to $2,500 per month.
Bedrooms and bathrooms don't matter. And now we go over to more and we scroll down. You're going to see a little button that says, how long has that property been listed on Zillow?
This is the gem. Guys, listen, the longer the property has been listed, the more pain the landlord's in, the more desperate they are to rent to us. And that is what we are looking for as Airbnb hosts. If someone just listed a property yesterday, it is unlikely they are going to rent to us because ...
they have other traditional tenants that are looking for the property. We want people that have been, have properties that have been listed for a long time. They've got rent, they're, they're mortgage payment, they got taxes, they've got insurance, they've all these fees they've been sitting on and they're struggling right now to rent their property. And when we come to them with a solution, tells them, listen, we're going to be the best tent you've ever had.
We're going to make sure we pay every month on time. We're going to sign a two year lease with you. We're going to make sure your property stays in for sale condition, the entire lease.
We have travel nurses, doctors, chiropractors, business professionals. Sometimes they stay for two to three days. Sometimes they stay for two to three months. Okay. But Mr. Landor, Mr. Landor, we're going to make sure your property stays in for sale condition the whole time.
We have no smokers. no pets, and generally no little kids. And so we say that to them with a script. Now I'm going to put my script inside the description box for you guys. So that way I'm going to give you some love because you made this far.
You're getting love from me. Down in the description box, you're going to see the script. You're going to then take that script and just copy it.
When I say copy it, just right click it and copy the actual script. It's editable. So you copy it. And then what you're going to do is when you are on Zillow and you found a property, let me tell you this last metric. I always look for the four H's.
Hills, hospitals, hotels, H2O. If you can be around a property that has a hot tub or a pool at the property or at OVH. ocean view or lake view, you will always do better than any other property. Number two, hills. Everybody likes to ski.
Everybody likes the mountain thing. Poconos, think of Gatlinburg, Pigeon Forge, right? These are ski and mountains, right? People like that. Three, hotels.
Try to be around nice hotels, not the ones that are $150 or less like the Days Inn. You want more than Marriott's, right? If you can get around those type of hotels, you will do well. And lastly, and this is the lane I plan, which is the hospitals, travel nurses, doctors, chiropractors, and people going through surgery.
Highest caliber people you're going to going to get in Airbnb. You can have two different people from the same platform. Airbnb number one client is coming into party to trash the place with a bunch of young people, smoke weed and trash it. Number two that I have, people that are above 55 years old that are going through surgery. They need someone to stay to be closer to husband or wife while they're going through surgery.
They don't smoke. They have no pets. They have generally no little kids with them and they're willing to pay top dollar. Same platform, Airbnb, two different clientele.
You see the difference? So I play in the game of the hospitals. We basically strategically put our Airbnb properties within a one mile radius of a massive hospital.
Here in Jacksonville, Florida, we have the Mayo Clinic, which is one of the best heart and brain hospitals in the world. So you see that. Now, once you've found a property on Zillow that falls into one of those four categories, just one of them, doesn't have to be all of them, fits in one of those four H's, then you're going to take my script that you've copied, and there's going to be a button on Zillow that says, ask a question.
Click on any property and scroll down. You'll see where it says, ask a question. Blue button. Click that button, and at the top, you're going to take my script, and you're going to post it right there. And now you're going to hit submit.
You're going to have to put your name and email in one time and then don't remember after that, but you're going to hit submit. And basically you're going to do this on all the properties that you want to go save. If you do this 10 times, you're going to get about a 10 to 15% return of people that are saying, Hey, let's work together. Now you've got a property for rent with a landlord in pain.
They know exactly what we do based on the script, which is bulletproof. Landlords are going to be eating out of your hand to work with you. And now they've came back and said, Hey, let's work together.
So at this point, what do you do? Because what if you have no credibility, no background, you have no education in Airbnb, you have, you know, you have no references. You've just, you don't have a whole lot.
lot of credit. You don't have business credit established yet. What do you do in this case?
What you do is you message me the word Airbnb. Once you get to this point inside the comment section, I'm going to reach out to you directly. I'm going to show you exactly what you need to do.
If you guys make this far, this is exactly what I would do in order of how it would start right now in Airbnb. And I guarantee if you do this the right way and you follow the method I'm teaching you right here, you'll have your first property in 30 days less. I've got students right now and results are not typical based on education and background, et cetera. But I got students right now that are getting into properties in less than. one week.
One week. How would you like to have your first property in a week? Just follow the system I'm showing you guys. I'm the number one coach. I'm the best in the business, guys.
You got to follow what I'm telling you in this video right here. Go back to it. Save it. Watch it 10 times because this has everything you need to get your first property. Just put the word Airbnb in comments and then I'll reach out to you and then we can talk about what that looks like.
And I'll show you the one thing that I did different than any other Airbnb coach and how I changed the whole dynamic of Airbnb. And that's when I became number one. Follow me.
Subscribe to the channel. I give you all real stuff just like you saw this video here. All real stuff. real stuff, not even any fluff in here.
This is what I would do transparently if I was starting all over again. So subscribe to the channel, hit the like button, put the word Airbnb comment if you need help past that. Love you guys every single day I come to you to make sure that you have everything you need.
God bless. Be safe. Let's roll.