How Hospitality Affects your Short-Term Rentals with Blake Carter

Blake Carter is the co-founder of CRIBS Consulting, specializing in creative methods that allow real estate investors to cash flow in expensive markets. He made his way into real estate investing after high school and today, he is focused on creating cash flow through short-term rentals and helping other investors do the same. Listen to this episode to learn more about Blake, what CRIBS is all about, and how his short-term rentals are doing in today's market! Key Talking Points of the Episode 00:00 Introduction 00:31 Who is Blake Carter? 02:07 When did Blake decide to get into real estate? 04:19 How did Blake get into short-term rentals? 05:49 How did Blake and his partner come up with the idea for CRIBS? 06:41 What should investors be focusing on in 2023? 08:02 How have short-term rentals changed cash flow for real estate investors? 13:25 What has Blake learned about short-term and mid-term rentals over the years? 14:52 What are the operational hurdles that Blake had to overcome? 17:33 How does Blake address the cash flow concern for short-term rentals? 19:39 How can you find a good property manager for your short-term rentals? 21:18 How can virtual assistants help you self-manage your properties? 23:36 Where is CRIBS heading in the next few years? 26:27 What is Blake's advice for investors interested in short-term rentals? 27:48 Why is it important to focus on one thing at a time? 28:52 What is Blake's advice on designing short-term rentals? 30:37 How important are the relationships you have with your vendors? 32:22 What do people overcomplicate about short-term rentals? 33:10 What do people underestimate about short-term rentals? 34:20 How can you reach out to Blake and his team? Quotables "It's really understanding that there is an actual business aspect to it aside from the real estate." "Understanding and learning about the business of hospitality and the business of short-term rentals before you jump right into it is really, really important." "If someone's considering a management company, finding someone who is local but has a really good footprint on the area is important." "You'll find your biggest return will be if you can focus all your time, energy, and money on one business and one goal, and then you can expand from there." "It's important to hold them accountable and there are ways to hold them accountable, but you want to treat them well because they're the ones that are really running your business." Links Website: RCN Capital https://www.rcncapital.com/podcast Website: REI INK https://rei-ink.com/ Website: CRIBS Consulting https://www.cribsconsulting.com/ Email: Blake Carter [email protected]