Ep 23 - How to 10X Your Rental Income; From $600 to $6,000/Month with Addison Ricci

GUESTS BIO Addison Ricci - is a new real estate investor with huge aspirations.  After spending nearly a decade in video production he decided to try his hand at real estate investing to build passive income.  He currently owns 2 short-term rental properties in Knoxville, TN (while living in Florida), and plans to expand and acquire more over the next couple of years. HIGHLIGHTS OF THE EPISODE 04:30  Addison’s background 07:52  What Addison learned ever since they started the business in February 2020? 09:16  The dynamic for Addison’s STR operations. 10:44  The types of software or technology that they are using to help streamline their operations. 11:46  They’re doing the Airbnb platform exclusively. 13:14  What are their plans/strategy to go from 2 units to 30 units. 15:52  How Addison rent their 2 properties in one lot. 16:40  Their plan/goal for their next property. 17:41  How much would Addison get from a long term rental compared to a short term rental. 18:59  Whatever real estate strategies you use always make sure it still cash flows. 20:00  How Addison enrolled his Mother in the short term rental business. 23:53  Some of the things that they do to make their listings stand out. 26:06  Who’s doing the cleaning and the supplies. 29:38  Addison’s definite goal in short-term rentals. 30:53  Will Addison go full time on real estate or just as a side portfolio and still do his full-time job? 32:48  Putting all the eggs to this aspect of real estate. 35:21  Where can people get in touch and see Addison’s properties. 35:46  Addison’s number 1 secret for success in short-term rentals. 36:33  Addison’s best advice to start your own short-term rental business. NOTABLE QUOTES (KEY LESSONS): "We're not just buying houses and making them fit. It's like building this stays that is intended for just being perfect stays." - Addison Ricci "Keep it simple especially at the beginning. Kind of, learn the ropes, do what you're doing, really figure out how to find/tune your operations and your systems. Then if you want to expand go nuts but it's not an essential thing." -Michael Sjogren "Just staying flexible with these stays, I think is really key." - Addison Ricci "You can create a project with your family and it's a way that you can create something that can change the life of everybody, now." - Emanuele Pani CONNECTING WITH THE GUESTS Instagram: https://www.instagram.com/straddison/ Learn more about your ad choices. Visit megaphone.fm/adchoices