February 21, 2019

Episode 35: SHORT TERM RENTALS 101 WITH NESTRS’ NICK AND SARAH KARAKAIAN

Ep35Release-1

"Nestrs" power couple Nick and Sarah Karakaian join Brian and John in this episode. This husband and wife real estate investment team offer services such as rental consulting and home organization, with much of their focus now being on their short-term rentals via Airbnb. Nick and Sarah discuss how they first got started using Airbnb in New York City and now rent out three units of their fourplex in Columbus. They share their vast experience of renting out properties short-term and provide tips on how to find success using the platform.

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This Episode is Sponsored by

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Core Rentals offers full service, residential property management in Columbus, Ohio and surrounding areas. They are equipped to handle single-family and multi-family homes. Visit CoreRentalsOhio.com today to have the day-to-day operations of your rental property handled by professionals.

Covered Topics:

  • Nick and Sarah’s process for evolving their Airbnb business.
  • The costs associated with renting an Airbnb versus traditional, long-term rentals.
  • How to approach the questionable future regarding Airbnb and laws surrounding it.

Show Notes:

  • 01:22 – Things that have been going on this week.

          - Buying a house to be used as a rental property near one that the guys already own.

          - Getting some renovations done in the office.

  • 04:21 – Introducing Nick and Sarah.

          - The evolution of their individual businesses into one entity.

          - Being on a TV show about flipping a house and what is was like.

          - Challenges of doing renovations in New York City.

          - Converting part of their NYC house into an Airbnb.

  • 12:02 – Nick and Sarah’s course of action after success with their first Airbnb.

          - Becoming obsessed with podcasts to gain more knowledge.

          - Making the decision to leave New York to get better value from their money.

          - Falling in love with Columbus and investing in their first property in the city.

  • 15:17 – The current usage of their fourplex.

          - How each three out of four tenants ended up easily moving out after Nick and Sarah’s purchase.

          - Renting out three apartments on Airbnb.

          - Another Airbnb project that the couple is starting.

          - The growing competitiveness of Airbnb.

  • 19:34 – Expenses of Airbnbs compared to longer-term rentals.

          - These properties being more of an investment up-front, but Sarah believing that renting out Airbnbs is a long-term game.

          - Systems that Nick and Sarah have created to streamline the maintenance of their Airbnb properties.

          - Buying properties in established neighborhoods.

          - Providing amenities that most people would have in their own homes.

          - How the one long-term tenant in the fourplex feels about the other apartments being rented on Airbnb.

  • 24:52 – Nick and Sarah’s thoughts about Airbnb laws and regulations.

          - Hotel companies trying to enter the short-term rental market.

          - An explanation of two Airbnb terms: Superhost and Airbnb Plus.

          - Airbnb’s cancellation policies.

  • 31:11 – Other business that Nick and Sarah do besides short-term rentals.

          - Co-hosting for other landlords with Airbnb properties.

          - Helping investors who want to enter Columbus.

          - Staging homes that are going to be listed for sale.

          - How they use social media to reach their audience.

          - The couple’s recent decision to stop travelling and stay in Columbus.

  • 37:25 – Renting out an RV short-term.

          - Platforms besides Airbnb that are better for renting RVs.

          - The insurance involved with renting out an RV or an Airbnb compared to a traditional property.

  • 41:08 – Getting ready to rent a three-bedroom home on Airbnb.

          - Things you can do to make your property unique and more desirable.

          - Costs of furnishing Nick and Sarah’s Airbnb properties.

  • 46:20 – John’s concern about neighbors lobbying against his future Airbnb.

          - Nick and Sarah’s approach to buying property that prepares them for these risks.

          - Their experience going to council meetings in Columbus.

          - Hosts that undercharge.

          - Brian’s preference of how to get started with Airbnb.

  • 52:39 – Tips from Nick and Sarah.

          - Nick’s response when someone on Airbnb asks if their property has a certain amenity or not.

Topic Takeaways

  • Don’t worry about future Airbnb regulations. If you eventually have to stop, you’ll have made plenty of money and still have a valuable property to rent out or sell.
  • It’s okay to be imperfect yet authentic on social media.
  • If you’re a new Airbnb host and think your property is ready, have a friend stay at your property overnight and ask them to identify anything that they think is missing.

Tweetable Quotes

With Airbnb, it’s just as important to list the pros about your property as it is listing the cons.” (Tweet This!)

You’ll be a great host and you’ll always rise to the top if the guest is at your core.” (Tweet This!)

Brian Rightler John Horner Core Developements

Welcome to the Take Action Real Estate Podcast! 

Our hosts, Brian and John, created Take Action Real Estate: the website, podcast, and blogs to help YOU. We want to share our experiences and knowledge and help you get started without making the same mistakes we did.

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