Airbnb Simplified: Scaling into Lean ApartHotels with Dave Goodfellow - Episode #211

The short-term rental industry is a niched real estate industry of its own, and Dave Goodfellow was able to scale his operations within a unique niche of what he calls ApartHotels — giving him the most cash flow through a lean repeatable model. An Aparthotel is a concept of building multiple units under a single roof. Dave began his short-term rental experiments first off in the rental arbitrage arena to then scale into ApartHotels. Today, Dave and his team target rundown hotels, remove all the operational hospitality space (i.e. restaurants, etc) or what Dave calls operational headaches, and repurposes it into a rentable place for guests to maximize. Dave Goodfellow of Ikonic Training is an active property investor for more than ten years with a background in sales operations. He has driven the front of their serviced accommodation business in multiple locations in less than two years using these mixed strategies. In this episode, we learn that not all real estate is created equal. There always has to be a value add component. You might be buying a property that's neglected, but it has reasonable bones in it. Buying a property can either mean cash flow (rents) or capital growth (sale price). As the soon-to-be author of the book Airbnb Simplified, Dave shows us how you can simplify your short-term rental strategy by executing your experiments in a very lean way in ApartHotels. HIGHLIGHTS OF THE EPISODE: 06:15 How to Make Committed Decisions 10:48 Misconceptions Between Short-Term Rentals and AirBnb’s KEEPING IT REAL: 04:05 Introduction 14:37 How Dave Came Across AirBnb 20:49 What’s an ApartHotel? 30:37 Short-Term Rentals’ Biggest Misconceptions 33:52 How to Keep Your Properties Filled 37:43 Book: AirBnb Simplified 38:33 Service Accommodation Roadmap 44:34 Dave’s Vision 49:46 Closing NOTABLE QUOTE (KEY LESSONS): 36:33 “...Business is not difficult. It’s only people that make it difficult…” – Dave Goodfellow CONNECTING WITH THE GUEST Instagram: https://www.instagram.com/davegoodfellowofficial/ Facebook: https://www.facebook.com/dave.ikonic.7/ Twitter: https://twitter.com/IkonicProperty Linktree: https://linktr.ee/davegoodfellow LinkedIn: https://www.linkedin.com/in/davejamesgoodfellow/ Get Your Airbnb Millionaire Blueprint: https://experimentrealestate.com/#blueprint Get coached on how you can repurpose your existing home or investment property into an Airbnb with me: https://experimentrealestate.com/hospitable-hosts Guesty Unique Link: https://hosts.guesty.com/?=therealestateexperiment Hospitable Hosts book: https://amzn.to/3e4LEhE Instagram: https://www.instagram.com/therealestateexperiment/?hl=en Apply for an American Express Card with this link: http://refer.amex.us/RUBENKr8et?xl=cp01&mpt=v0 #serviceaccommodation #operationalspaces #aparthotels