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Welcome back, avid investors and real estate enthusiasts! In this week's episode of the Straight Up Chicago Investor Podcast, we're delving into the captivating journey of JD Modrak, a seasoned real estate investor, as he generously shares his insights, experiences, and golden nuggets in the realm of Short-Term Rentals (STRs). Brace yourselves for a treasure trove of wisdom that can elevate your understanding of real estate investing.
The episode kicks off with JD opening up about his humble beginnings in the world of real estate. One of the highlights is his strategic move of purchasing a multi-family building using a VA loan. As he narrates the story, listeners are treated to a firsthand account of the challenges and triumphs that come with such a significant investment.
A major focus of the episode revolves around Short-Term Rentals. JD provides a comprehensive breakdown of the income and expenses associated with this unique form of real estate investment. Listeners gain valuable insights into how STRs compare to traditional rentals, allowing them to make informed decisions based on their investment goals.
JD doesn't hold back when it comes to details. He takes a granular approach to discussing the intricacies of STR pricing, occupancy rates, and turnover costs. By the end of this episode, listeners will have a solid understanding of the key factors that influence the profitability of Short-Term Rentals.
What sets this episode apart is JD's focus on optimization. He shares practical tips and strategies on how investors can maximize the profitability of their STRs. From fine-tuning pricing strategies to minimizing turnover costs, JD's insights are like a roadmap to success in the world of Short-Term Rentals.
One of the true gems of this episode is JD's candid discussion about common mistakes investors make in the realm of STRs. By highlighting these pitfalls, he empowers listeners to navigate their own STR investments with wisdom and foresight, avoiding potential setbacks.
As the episode concludes, listeners are left with a sense of empowerment and a wealth of knowledge gained from JD's real estate journey. Whether you're a seasoned investor or just dipping your toes into the world of real estate, this episode of the Straight Up Chicago Investor Podcast is a must-listen.
Watch Straight Up Chicago Investor Podcast Episode 245 in Full Here
Questions We Answer In this Show:
Q. How to Skyrocket Your Profits with Short-Term Rentals!
Q. Welcome to the Evolution of Short Term Rentals
Q. Avoiding Pricing Pitfalls in Real Estate for Maximum Profit!
Show Notes:
02:09 Housing Provider Tip: Have an HVAC contractor for emergency repairs during extreme weather!
04:22 Intro to our guest, JD Modrak!
05:22 JD’s start with Short-Term Rentals (STRs)!
08:21 STR Expenses and Net Income.
13:23 STR expectation changes over the years.
18:04 Pricing STRs!
23:19 The Perfect Check-In.
25:17 Identifying good STR markets.
30:22 Mid-Term Rentals (MTRs)!
36:14 Financing STRs and MTRs!
43:24 Taxes on STRs.
47:08 What is JD’s competitive advantage?
47:52 One piece of advice for new investors.
50:15 What do you do for fun?
50:43 Good book, podcast, or self-development activity that you would recommend?
51:00 Local Network Recommendation?
51:48 How can the listeners learn more about you and provide value to you?
Connect with Mark and Tom: StraightUpChicagoInvestor.com
Email the Show: StraightUpChicagoInvestor@gmail.com
Guest Name: JD Modrak
Guest Company: Kasa
Guest Link: https://www.linkedin.com/in/jdmodrak/
Other Links for show notes:
Andrew Dorazio (Network Referral)
Our Team | BCG Real Estate Group
Show Sponsors:
Chicago Investor Resources Shared
What You Must Know About Renting Your Property In Schaumburg
Survival Guide For Self Managers - 15 Tips Chicago Landlords Must Know(Especially House Hackers)
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