Who Made My Property Completely Passive (And how)

What’s up guys, today I’m going to be sharing with you a hack that we use, we just implemented in our portfolio that really took it that extra last step to become almost entirely passive, to the point where now honestly, we’ve got a property that we’ve held for a year and a half now about. And I think I’ve in the last six months, spent all of 20 minutes thinking about that property, let alone doing any kind of work associated with it. And so I want to share exactly how we were able to do that it’s actually one specific role that we filled in our portfolio overall, that allowed us to have this huge level of leverage, even beyond the level of passive nature, you know how passive our portfolio was, we took it to the nth degree. So I want to share about that. And I want to share how you can do the exact same thing when it makes sense and how to do it. You so this role is something we’ve called the portfolio manager role. And I think this generally makes sense to hire when you get to about three properties that you own. Or if you’re managing other people’s properties, then if you have three properties, under management, you’ll probably still be doing this role yourself, you’ll probably want to grow more to around five to 10 properties before hiring this role, if you’re managing other people’s properties, because there’s just gonna be a little bit less margin to hire with, but the portfolio manager role, their role is really to be the glue. And I’ll explain what I mean by that is that we’ve talked about in a whole bunch other videos, all sorts of different ways to outsource and automate different aspects of hosting properties on Airbnb and short term rental. And so ultimately, this comes down to maybe your cleaning, you’re going to outsource, that’d be the first thing and you hand that off to a cleaning team. And we’ve talked about exactly how to find the right cleaning team, all that. So if you’re interested in that, more videos on this channel to explain that in detail. So that’s the first step. And then the next step is to outsource all the maintenance all the going for this going for that, that’s going to be something that you’ll outsource typically right from the get go as well, maybe if you’re handy or outsourced a little bit later on. But that’s basically going to come down to having a maintenance person a gofer, we call them who can be your general handyman, and they’re going to go take care of anything on the ground at the property. The next level of automation or outsourcing, that we input is going to basically be your guests communication, those are the people that are going to respond to the guests, because initially, when you’ve just got one property, it’s really not that much to manage. But then when you have 2345 listings, you’re gonna want to hand that off to someone, again, we have training on exactly how to find that person, a virtual assistant, get that all set up. And that’s we got other videos on his channel that discuss that in detail. Once you’ve done that, you’re largely outsourced as much as most people typically will be. And it’s really great honestly, at that point, you’re really not that involved, all you do is now act as sort of the glue that holds everything together, where if the guest communication team says, hey, the guest has this problem, you might liaison between that, and the cleaner, and you can have your account of the teams linked up, have them, you know, communicate with one another. So that largely you’re just kind of overseeing things. And that’s honestly a really great spot to get to. And I know that’s where a lot of property property investors strive to get to is that level of you know, we’re really at this stage only working maybe an hour a week on the portfolio for all. And so when you want to take that down to zero, you want to take that down as close to zero as it can possibly get. That’s where the portfolio manager comes in. And I think this is a really, really valuable role. Because more than saving time, it saves headspace, the portfolio manager is going to come in and they’re going to essentially be the glue, they’re going to take over your role, where now they’re the one that’s overseeing communication between the maintenance person and the guests communication, a clean team, they’re the one that’s going to coordinate everything, if you need to find a plumber last minute, they’re the one that’s going to basically do all of that. It’s all stuff that typically, you know, when you only have a few properties, it really doesn’t count that often. So it’s really great to have a portfolio manager who can come in and work sparsely, but the you can have them do other stuff in the business as well talk about some other things that we have been doing a minute as well. But the portfolio manager is great, because even though the role that they’re taking on doesn’t really take up a lot of time, it does take time largely at unexpected periods. And so what I mean by that is that, unfortunately, you can’t really predict and plan for when you’re going to need to call around and find a plumber last minute, but being the one to have to do that almost always sucks because you never almost never have a day where you go you know what I actually just have a perfect block here where I had free time I was gonna be staring at a wall doing nothing. But now I can spend that time finding a plumber last minute. Now, it always happens when you’ve got meetings and other things on the go that day and you don’t want to be the one to do it. It’s inherently very stressful. You’ve got to do a bunch of problem solving. Who wants to be involved with that. And so if you can have a portfolio manager come in, not only do they then take that off so that you don’t have to do that in the middle of a busy day. But it also means you just don’t have to think about it, not having to think about it is honestly one of the best things about having a portfolio manager, because nine times out of 10, you don’t actually have to do anything, when you’re doing this portfolio management thing, because 99% of gas days, you’re gonna go off without a hitch. But in my experience, you’re just kind of always waiting for that shoe to drop, you’re always a little bit worried about when that issue is going to come up. And that takes a bunch of headspace. And you’re kind of always worried going to bed that you maybe didn’t look at something. And so just having a portfolio manager who’s your eyes and ears, they’re the glue, they’re taking care of absolutely everything and overseeing all of it. That really does free up a whole lot of headspace. So I really believe that once you get to a high enough level where you’ve got five or 10 properties, it becomes an absolute must. And honestly even around three properties as an investor, I think it’s a worthwhile investment. Guys just want to take a quick break to say that for those of you watching, who want to build cashflow, and long term wealth by purchasing Airbnb ease and short term rental properties, there’s a link in the description down below for a free training, they’ll walk you through my exact strategy for investing successfully in Airbnbs. The training walks through the three most important things that you need to know if you want to successfully buy your first or next short term rental property. And again, the link is in the description down below for you to sign up completely free. When you sign up for the training, we’re also going to send you our ROI analysis tool completely free so that you can analyse properties the right way and find properties that will generate amazing returns. Again, the link to sign up is in the description down below. And both the training and the ROI analysis tool are completely free. Now, that’s not going to be a full time role in and of itself. And so as a portfolio manager, there’s a whole bunch of other things that you can get this person doing and you really want to train them. So they’re capable of doing a variety of different things. For one, they can become an executive assistant to you if you need, you can have them doing other things that a typical executive assistant would do like helping with your scheduling or planning booking things for you. If you need them doing that stuff that can be really great. You can also have them going and doing some revenue optimization, you can train them to optimise your prices. And you can have them doing some light guests messaging to reach out to guests and ask them to extend their stays, things like that, all kinds of little stuff. They can also be tweaking your listings and optimising your listings, there’s a whole bunch of different things that they can be doing. And so I recommend that once you have the budget to hire this person, you do it right away. Because all those other extra things that they can be doing for you are inevitably going to produce a return for you, they’re going to actually end up putting more money in your pocket. So to me hiring this person is a no brainer. Now in terms of where to hire this person, how to find them how much to pay them. Generally, I would recommend hiring a virtual assistant for this. And I typically recommend if you’re in North America to hire for this role in Eastern Europe, Eastern Europe tends to be a really great spot because if you go all the way over to Asia, then you’re going to be in a completely inverse timezone. So it’s gonna be really tough to find someone who’s going to be good and reliable, dealing with these issues when you actually need them dealt with. Whereas if you have someone in Eastern Europe, there’s enough overlap, where you can still get them to do work during your Eastern Standard or Pacific Standard times without too much issue. The other thing that’s really nice about Eastern Europe is that there tends to be a really strong work ethic there. And the wages are comparatively low when you compare them to North American wages. So I personally really liked this strategy of hiring like a virtual roll over in Eastern Europe. And typically, we’ve been able to find people for anywhere from 1000 to $2,000 a month us for this role. And a typical Portfolio Manager can can manage a number of properties. So you know, when you do the math, it actually makes a tonne of sense to have someone hired into this role, because it alleviates that last little bit of concern that you have in the properties. And it really allows you to free up all your time to focus on what you actually want to be focusing on whether that’s your business, whether that’s your work, whether that’s growing your portfolio and adding more properties. Or if it’s just hanging out and enjoying the portfolio that you built, reaping the rewards of it. That’s really my favourite thing is that now at this stage, I really like having it all set up so that I can really the only involvement I hardly ever have with these properties is when I want to book one of them for myself and actually go and enjoy them. So I would highly recommend you give some thought to how to put a portfolio manager in place for your business. Again, if you want our help, then we’ve got links in the description down below for some free trainings where we’ll go more in depth and we can work with you and help you actually place a portfolio manager make sure that all those things get taken care of so that your short term rental investing really can be passive. The reason I say almost passive instead of fully passive you may have heard me talk about this on the channel before is it No, no investment is ever fully passive at the end of the day, you still have to spend time on it, you still have to spend time, you know, even if it’s just managing your finances or analysing deals, even if you look at, you know, for example, putting money into an index fund, well, you still had to open up the account, you still have to open up the brokerage account, you still have to put your money in there. So it’s not fully passive. But from a day to day or week to week or even month to month perspective. Once you get to the level of short term rentals, where you’ve got the major roles outsourced, you’ve got some automations in place with software, and you’ve got your portfolio manager in place acting as the glue that is about as passive as an investment can get where now, you really don’t have to touch it hardly ever at all, unless you have to replace the portfolio manager because the other really great thing about the portfolio manager is that if your guest communication starts to slip, or your cleaning company isn’t good, or your maintenance person starts to be unreliable, the portfolio manager is now the one that steps in and takes care of that. So they’re trained to find all these different contractors, which means that they can replace the contractors you have in the business. So again, it’s a total no brainer. For me, I think this is probably one of the best roles we’ve ever hired for the business. I’d love to know your thoughts in the comment section down below. Again, check out the resource in the description as well if you want to check out some of those trainings. Again, they’re all completely free. Last but not least, if you’re here, make sure you subscribe make sure you hit the like button both of those things will help you to get more videos put in front of you that we post to every week all focused around Airbnb short term rentals, whether it’s investing managing other people’s properties. We want to help you earn more on Airbnb, so make sure you hit both the like button and the subscribe button to stay up to date. With all that said, thanks so much for watching, and I’ll see you in the next video.