Mid-Term Rental Record Breaking Contract at 45K/MONTH with Mike Stone - Episode #259

In The Lab with Ruben Kanya

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In a recent episode of "The Real Estate Experiment," Mike Stone, a former attorney turned Mid-Term Rental Insurance specialist, takes center stage, showcasing a remarkable journey of success in the industry. Stone's recent achievement breaks industry records—a substantial $45,000 per month contract for the next five months, resulting in a net profit of $12,000 monthly. The episode provides invaluable insights for those venturing into the Mid-Term Rental Insurance Niche.

Stone emphasizes the significance of establishing connections with insurance and relocation specialists, highlighting the importance of understanding the specific asset requirements to cater to families in need. He advises potential players to engage in cold calling to introduce themselves as Midterm Rental Housing specialists. Negotiating contracts diligently and ensuring they align with the interests of all parties involved emerges as a critical decision-making factor.

Mike Stone shares his strategy of seeking $2,000 more in net take-home for midterm rentals compared to short-term rentals. Recognizing the importance of education and proximity to industry figures, Stone recommends investing in learning and aligning with experienced professionals.

The episode underscores the role of a podcast as a potent brand-building tool, with Invested Talent positioned to guide individuals in launching podcasts from inception to completion. Mike Stone's success story serves as a testament to the value of hard work and the importance of surrounding oneself with proven mentors in the real estate industry. The overarching message resonates with the essence of an abundance mindset and a willingness to put in the necessary work for sustained success.

HIGHLIGHTS OF THE EPISODE:

00:54 Mike Stone's journey to entrepreneurship.

05:20 Taking a risk in real estate.

10:28 Investing in Education and Coaches.

15:14 Benefits of having a coach.

20:05 Optimizing Airbnb Hosts for Quality Guests.

25:02 Mid-Term Rentals: Tips for Success.

35:06 Short-term vs. Mid-Term Rentals.

40:18 Solving a 12,000 sqft housing problem.

45:05 Negotiating a Luxury Property Rental.

50:07 Hard work pays off.

55:09 Keys to success in business.

1:00:11 Real Estate: The Key to Success.

1:05:02 Benefits of Podcasting for Real Estate Investors.

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