Shownotes
Welcome to another episode of the REI Mastermind Network! In today's episode, host Jack Hoss is joined by the inspiring Jorge Contreras, a successful entrepreneur and real estate investor. Their conversation dives deep into the power of mentorship and how it can impact our lives and businesses. Jorge shares personal stories of his challenging upbringing and how he overcame limiting beliefs to achieve success. He also reveals his strategies for building a highly efficient and semi-passive business in the vacation rental industry. From communication systems to team building and pricing models, Jorge provides valuable insights and practical tips that can elevate your real estate game. So, grab your notepads and get ready to take your business to the next level with this enlightening episode of the REI Mastermind Network!
Connect with Jorge Contreras: @TheJorgeContreras on Instagram
Key Topics and Bullets:
The importance and challenges of mentorship
- Some people don't see the value in mentorship
- Speaker notices a mom and daughter duo not taking their mentorship event seriously
- Some people pay for mentorship but fail to take action or value what they learn
- Speaker personally values mentorship and learns something positive from every experience
The Jorge's background and personal growth journey
- Growing up in a household with two Mexican immigrant parents involved in illegal activities
- Facing challenges and limiting beliefs about relationships, business, and trust
- Realizing the need for personal development, mentorship, and therapy
- Learning to take responsibility for applying mentorship learnings to all areas of life
Overcoming limiting beliefs in business
- Two limiting beliefs creating a bottleneck in hiring and delegation
- Many people become entrepreneurs but end up working long hours and becoming slaves to their businesses
- The value of learning from millionaires and attending trainings with Tony Robbins
- Overcoming limiting beliefs and implementing new strategies for business success
Building a team and creating a semi-passive business
- The intensive nature of the Airbnb business and the need for systems and processes
- Building a team with cleaners, maintenance personnel, and a communications coordinator
- Streamlining communication through tools like Slack and property-specific channels
- Fostering a culture of communication and delegation among team members
- Involvement in major issues only, while team members handle day-to-day tasks
Hiring, probation periods, and building a reliable team
- Using social media and online platforms to source for team members
- Choosing individuals over large cleaning companies for cost-saving and consistency
- Implementing a probation period to ensure a good fit
- Belief in finding great people and continuing hiring until the right ones are found
- Retaining team members for long periods of time
Pricing models and amenities for vacation rentals
- Basing rates on fair market rent and aiming for 10% of fair market rent as a nightly rate
- Breaking even at 10 nights, doubling rent at 20 nights, and tripling at 30 nights
- Providing accommodations for 10 people with better experiences at a fraction of hotel costs
- Offering the most and best amenities to attract bookings and generate revenue
- Converting garages into game rooms for enhanced staycation experiences
- Utilizing professional real estate photographers for marketing visuals
Leveraging assets and the concept of good debt
- Learning about leveraging assets from a mentor and shifting mindset
- Increase in net worth within two years due to leveraging and investment in cash flow assets
- Moving away from a Dave Ramsey mentality of avoiding debt to using leverage strategically
The speaker's business model and location strategies
- Purchasing single-family homes meeting specific criteria
- Prioritizing properties with pools, game rooms, and above-ground Jacuzzis
- Meeting the demand for staycations and offering a great experience within the home
- Acquiring short-term rentals near downtown areas with convention centers, events, and weddings
- Selecting properties within 1 to 3 miles of downtown for maximum success.
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"You can invest 10,000 hours and become an expert or learn from those who have already made that investment." - Jack
