S3 Ep 13#: Mastering Short Term Rentals: Insights from Top Real Estate Experts Tyler Coon & Justin Reid
📌Make sure to check out Savvy Realty @ https://www.savvy.realty/ 👉In this episode of the Real Estate Mentor Podcast, Jonathan Klunk brings together two industry experts, Tyler Coon from Savvy Realty and Justin Reid, a seasoned short-term rental host, to discuss the nuances of investing in and managing short-term rental properties, particularly out-of-state investments. They delve into strategies for successful property management, the importance of market-specific knowledge, and emerging trends in the vacation rental space. Offering practical advice on everything from financing options to creating appealing rental properties, this episode is packed with essential tips for both new and experienced investors. (00:45) Meet the Experts: Tyler Coon and Justin Reid (02:16) Tyler’s Journey into Short Term Rentals (06:07) Building a Nationwide Network of Agents (09:32) Challenges and Strategies in Short Term Rental Investments (12:33) The Importance of Trust and Expertise in Real Estate (28:24) Navigating Financing for Out-of-State Investments* (30:59) Navigating Lending Options (31:27) Credit Unions vs. Mortgage Brokers (31:40) Timing the Market (31:57) Comprehensive Deal Analysis (32:38) Challenges in Property Management (33:04) The Reality of Managing Multiple Properties (33:22) Transitioning Out of Property Management (36:49) The Future of Vacation Rental Management (39:11) Self-Managing Short-Term Rentals (41:45) Optimising Your Airbnb Listing (43:55) Providing TV and Streaming Services( (47:30) Understanding Local Laws and Regulations (53:23) The Importance of a Knowledgeable Agent (57:37) Final Thoughts and Contact Information 👉Tyler Coon Bio Tyler Coon is the CEO and founder of Savvy Realty. Tyler has been focused exclusively on short term rental investment real estate since 2019. Based in Asheville, North Carolina, Savvy STR Agents is a dynamic real estate team with expansion agents across the country who are devoted to aiding investors in acquiring lucrative STR properties. Tyler has successfully expanded the team's presence to cover Florida, the Carolinas, Kentucky, the Smoky Mountains, Myrtle Beach, Southern California, and Washington, D.C., with plans for further growth. Tyler is committed to strategically aligning his clients with profitable opportunities, ensuring their success and financial growth in the dynamic world of short-term rentals. Email: tyler@savvy.realty Instagram: @savvy.realty (company page) @tyler.avl (personal page) Facebook: https://www.facebook.com/savvystragents 👉Justin Reid Bio Justin Reid is a prominent figure in the Short Term Rental industry, particularly in Louisville, Kentucky. He relocated to Louisville in 2013, where he quickly established himself in real estate. In 2015, he co-founded Key Source Properties with his husband, Jonathan Klunk. The company specialized in managing short-term rentals and, at its peak, oversaw 72 properties, employing 15 cleaners and a team of seven office staff. In 2023, Reid sold Key Source Properties and transitioned to new ventures within the real estate sector, launching Key Source Home Enhancements, a home improvement company. His expertise lies in project management and organizational skills, which he has honed over years of experience, even dating back to his college days. Reid's calm demeanor and ability to maintain composure under pressure have contributed to his success in managing people and projects. Outside of his professional life, Reid enjoys traveling to Europe, spending time with his four pets, and indulging in culinary experiences with friends and family. He is committed to helping clients with their home upgrade needs, leveraging his extensive background in real estate and property management. Email: justin@gokeysource.com Instagram: @thejustinreid https://www.instagram.com/thejustinreid/ Facebook: https://www.facebook.com/justin.reid.7906 Podcast post-production by Seamless Multimedia
