Mark SimpsonHelping short-term rental hosts get the tools, tactics and training to grow direct bookings with confidence

Find a Partner

8 Jun 2023 · 1 min

Watch on YouTube

0:54

A short YouTube advisory by Mark Simpson urging caution before entering hotel/short-term rental development without experience. He recommends partnering or finding a mentor, citing financial risk: he had 15 units in five states before his first hotel, renovations on a current project are $4.5M with potential to increase by ~$300,000, and he pairs his operational expertise with partners' renovation/development experience.

Questions this video answers

Mark Simpson

15 units in five different states

Base renovations $4.5 million; currently projecting up to about $300,000 more

Chapters

I didn't do my first hotel until I had 15 units in five different states. So I was pretty seasoned on the short term rental front. I'm not saying that you can't jump right into it, but if you're going to do that, do it with a partner or get educated with a mentor. Like, don't jump in blind. And I don't say that to plug me or any other educator. I'm saying that because it's just financially dangerous. Like, you can lose a lot of money. And I've just seen people drastically underestimate, like for context, just the renovations on this project are four and a half million dollars and we're already running into a couple issues that are going to swing that up to 300,000 more. So, like, you just need to know how to like, estimate costs and plan for certain contingencies. So I'd encourage you to partner with people that have experience. Like my two partners have a lot of development experience. So I bring the operational expertise, they bring the renovation expertise.