505 | Short-Term Rentals: The Complete Guide to 3X your Income – Chat with Hayley Mitchell

Investing in Short-Term Rentals: Why and how much does it really cost to succeed?   

In this week’s episode, we welcome back Hayley Mitchell, an award-winning full licensed Real Estate Agent who has worked across ALL facets of Property Management since 1999, including owning her own businesses!  

She has won several prestigious awards, including REIV’s Property Manager of the Year twice, and has been named Elite Agent’s Top 50 Industry Influencers in 2017, 2018, 2019 & 2022.  

After appearing on the couch way back in 2021, she’s returning to share her sharp insights and tried-and-true experiences in succeeding at short-term rentals.    

Here’s a sneak peek of what we’re uncovering…  

• The 2 factors to determine if short-term rentals are for you    
• A complete breakdown of the costs required to start up a short-term rental
• The NEWEST changes to regulations that impact investors who use the short-term rental strategy 
• Is there a location “sweet spot” for short-term rentals?
• Real-life case studies on how different short-term property investors found their success, and more!  

 

Free Stuff Mentioned

• Articles from Ben’s “What’s Making Property News”: Making renting fairer in NSW | NSW Government 

• Give property investors a voice! Become a PICA member for just $5 and help give property investors across Australia a voice against unjust changes to state regulations.  

• PIPA Annual Investor Sentiment Survey 2024: We want to hear your thoughts on government regulation and tenancy relationships in PIPA’s annual survey!  This data is critical to accurately representing the views of property investors and protecting them in ongoing legislative changes. We just need 3,000 responses, folks. Share your thoughts here now! 

• Guests & Episodes Mentioned: 
  • 248 | Everything You Need to Know About The 138 Changes Landlords Are Facing 
  • 332 | New Laws To Sting Landlords! – Chat with Hayley Mitchell 

 

Timestamps

• 0:00 – Short-Term Rentals: The Complete Guide to 3X your Income – Chat with Hayley Mitchell  
• 2:46 –  Mindset Minute: The #1 secret that separates winners and losers  
• 5:00 – Welcome Hayley!  
• 5:53 – 20 years in the game: Why short-term rentals?  
• 7:56 – Money Story: How a horse saddle taught her an invaluable money lesson  
• 14:23 – Accidental accumulation and her first property  
• 16:05 – Why choose short-term rentals?  
• 17:44 – A $38G land tax bill: When should an investor walk away from short-term rentals?  
• 20:43 – The most asked short-term rental questions  
• 23:00 – How much upfront capital does it take to furnish a short-term rental?  
• 26:11 – When can investors start to expect to see a return? 
• 27:21 – The golden rule of thumb for platform fees  
• 28:30 – The big problem with Victoria’s incoming 7.5% levy tax  
• 30:39 – Do people really take the forks?!  
• 32:34 – How much does insurance cost?  
• 33:21 – Professional vs. Private hosts  
• 35:00 – The Hidden Tax: How much do Property Managers cost?  
• 39:19 – “A good manager should pay for themselves” 
• 39:59 – The sweet spot for short-term rentals  
• 44:07 – How do you make your short-term rental stand out?  
• 46:16 – How can property investors stay on top of regulation changes  
• 49:55 – An 89-day stay?! 😮  
• 51:26 – Are short-term rentals adding to the housing affordability crisis?!    
• 53:08 – The carrot vs. the stick approach  
• 56:21 – Best & worst results from an industry-winning property manager 
• 1:01:28 – How to understand short-term supply and demand  

And… 

• 1:02:27 – What an amazing guest!  
• 1:04:58 – Lifehack: Packing Cubes: Yay or Nay?  
• 1:07:53 – WMPN: NSW’s No Grounds Evictions  
• 1:12:09 – Become a PICA member for just $5 and help us give property investors a voice!  
• 1:13:00 – Share your thoughts in PIPA’s Annual Investor Sentiment Survey 2024 
• 1:17:10 – Thank you, Tom!