Merilee Karr is the CEO and Founder of UnderTheDoormat. Her vision is to make short term rentals a possibility for everyone. She’s been featured on many different news outlets, and although she’s been in the UK for the last 20 years, her experience is incredibly valuable for the US short-term rental market.

UnderTheDoormat believes there is more to short-term rentals than posting an opening on AirBnB. They’re looking to capitalize on the 300 billion dollar short-term rental market. UnderTheDoormat knows that people are valuing flexibility higher and higher, and are looking to support that market need.

In This Episode, We Cover:

•  What you can do with the 330 billion dollar short term rental market to improve your investments
• How short term rentals are evolving with business trips and expenses
• What residents want in the current housing market
• How to prepare for short term rentals instead of just putting it up on AirBnB
• Who the best target market for short term rentals is going to be
• How it’s more than just a way to control vacancy
• Why subletting is a powerful option for any multifamily property
• What operating models are available to make short term rentals a success
• How even a 1% change can completely change the profitability of a property
• How short term rentals better let you follow the weekly and monthly changes in prices to maximize revenue

Merilee Karr

CEO and Founder of UnderTheDoormat

Additional Resources

UnderTheDoormat

Register for the 2023 Multifamily Investment Summit

Wealthy Apartment Investor Podcasts

Paul Colgan is the Managing Partner for EA Americas, and is the Government Affairs Consultant for the Home Builders Association of Greater Chicago. He’s heavily involved with how governments are handling the desire to be more environmentally friendly in real estate.

This Episode Discusses:

• How the private sector (like Salesforce) is pushing a reduction in business’s carbon footprint onto other businesses
• How the government is pushing for verification and monitoring of carbon footprints of companies
• Why you need to be ready for federal regulations to come into play and how to prepare
• Why you need to be following an international standard for regulating your carbon footprint
• What the timeline for decarbonization plans is going to look like
• Companies and investors want to be more environmentally friendly
• What your first steps to working on your ESG should be

Paul Colgan

Managing Partner for EA Americas and the Government Affairs Consultant for the Home Builders Association of Greater Chicago

Parag Goswami is the co-founder and CEO of clik.ai. He previously owned an underwriting company and saw the pain of the repetitive tasks being handed to college graduate professionals. Using his incredible background in technology and computers, he created a solution. 

Clik.ai is an AI powered platform that aims to make underwriting fast and painless. It tackles the problems that asset managers, banks, investors, and more face in the real estate market. Clik.ai knows that having a fast underwriting process can allow users to execute on deals before the competition. 

This episode discusses:

• Why underwriting needs to be done by an AI instead of by hand
• How AI can turn 4 hours of underwriting into 4 minutes
• How underwriting AI lets investors capture opportunities that would otherwise be lost
• What it means for AI underwriting to be the new industry standard and how to use it to make better investments
• What makes clik.ai stand out from the rest of the growing underwriting AI niche
• Why access to underwriting AI drives profits for both the biggest and smallest companies 

Parag Goswami

Co-Founder and CEO of clik.ai

Kayla Neller is the Director for Program Management at Migo. With over a decade of experience in all facets of the real estate and multifamily industry, she has now launched hundreds of short-term rentals across multifamily.

Richard Chandler has his background in hospitality. Now at Migo as the Director of Product and Data, he’s able to merge that experience with the expertise of multifamily professionals such as Kayla. Short-term rentals are a mix of hospitality and multifamily, so his experience is invaluable.

Migo partners with Airbnb to make flexible, short-term rentals a reality for multifamily properties. They aim to make the process simple and easy and guide operators through the pitfalls of loaning out apartments for short periods of time. Migo is a part of RealPage, a real estate and property management company.

This episode discusses:

• How to regulate home sharing and short term rentals to keep risks low
• Who is really wanting to take advantage of being able to rent out their own apartment when they’re not around
• How easily the management and regulation can be handled
• Why property owners and residents both want to rent out their apartments while they aren’t there
• That 65% of AirBnB rentals already takes place in multifamily, despite the risk of being evicted
• How to tackle cleaning and quality to make sure short term rentals are kept to a high standard, which is already the #1 most common complaint on AirBnB
• How to help residents make the best of renting out their apartment

Kayla Neller

Director for Program Management at Migo

Richard Chandler

Director of Product and Data

Craig Shannon is the President of Grovemont Capital Advisors. There he helps connect real estate companies with capital. As such, he has enormous insight into what investors REALLY want. As changes are happening faster and faster, Craig is able to make investors and operators get the most value possible.

This episode discusses:

• What are the three things an investor needs to be looking for
• Why real estate is so popular as an investment right now
• What the current excess of capital means for the investment market
• Why trust is the most important factor in making any investment
• How realizing your tenants are really clients can turn an investment around
• Why a 0% vacancy is a bad thing for a multifamily property
• What top properties are using for an advantage in the real estate and investment market
• When it’s correct to use equity instead of debt to raise capital, regardless of interest rates
• Why high quality people are the best asset of any investment
• How to take risks in investments and technology that will pay off instead of leaving you with arrows in your back
• Why it’s critical to always have an advisory board

Craig Shannon

President of Grovemont Capital Advisors

John Carlson is the President of Mark-Taylor, and has been with the company for 20 years. He leads the strategic direction and oversees business development, operations, and the property performance portfolio. 

Mark-Taylor owns, develops, and operates quality multifamily properties. With over 20,000 units, they are one of the largest multifamily operators in Arizona. 

In This Episode

Patrick and John discuss the following:

• Where the real estate market is and where it’s going
• What the acceleration of deals being made in 2022 means for investors after an already record setting 2021
• What 10.2% CPI change since the beginning of COVID means for the future market
• How the current market is different from the pre-crash market in ‘04 to ‘06
• Why investing in people is the most valuable investment you can make
• How smart home technology is starting to become a necessary amenity over time
• Why increased flexibility is critical to the future of multifamily
• Why giving an amazing experience is the #1 priority for any in-person interactions
• How John managed to get through moments where projects failed

Sam Grossman is the Managing Director of Real Estate Services at Inveniam. He has a big focus on what you can do to increase the yield on multifamily investments without “just raising rent”. He’s helping companies recognize how that’s possible.

Inveniam uses blockchain technology to verify data. Trusted data and digital asset management is critical for every company in this day and age. Everyone wants more and better data, for a good reason. It can make the difference between a subpar investment and an excellent investment.

In This Episode

Patrick and Sam discuss the following:

• Why you need to do what you’re good at, but let other people do what you’re not good at
• Why raising rents and decreasing costs, what everyone’s done for years, is not going to get you to your investment goals anymore
• How new technology increases transparency with investors and managers
• How smaller businesses can get top level reporting with minimal work
• How to compete with the big names in multifamily investing
• Why it’s important to educate yourself on new opportunities and technologies before you jump on a deal
• What your team can do with faster and easier reporting

Danny Court is a Partner and Senior Economist at Elliott D. Pollack & Company. His analytical and data-focused mind helps him present data and forecasts in reliable and easy to understand ways. He also has experience creating and utilizing the proforma models used to make real estate purchases.

Elliott D. Pollack & Company offers real estate and economic forecasting services. They base their forecasts and analysis off of national data and strive to make it transparent. 

In This Episode

Patrick and Danny discuss the following:

• A LOT of facts and data about the current real estate market, where it is, and what the economists are predicting for the future
• What the lowest vacancy rates of apartments and homes means for the real estate market
• How the absorption of the oversupply in real estate from 2008 is causing problems today
• What it means to have the most units under construction since the 1970s when there is an undersupply in the real estate market
• The problems brought up by the decrease in affordability and what we can do about them
• What it will take to get out of the low housing supply in the coming years
• Exactly what the increase in rent has been, and what the experts predict it will continue to be in the next 5 years
• Why this isn’t a real estate bubble and what that means for investors