One of the things that Lou teaches in his classes is the SWOT analysis of every investment that you make. SWOT analysis: Strengths, Weaknesses, Opportunities, and Threats.
By this Lou thinks that the government is a threat when it comes to these short-term rentals.
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Enjoy Free Power Now, we have a market with a multitude of short-term rentals, STR and now the local governments are beginning to ban these STR’s. This is driving prices up to unreasonable levels. How do you see the fallout of local governments banning STR’s? My name is Kevin.
And it’s Kevin. Kevin, I see it as a threat. And one of the things I teach in my classes is a SWOT analysis of every investment that you make. Now, what I mean by SWOT analysis, strengths, weaknesses, opportunities, and threats, and absolutely government is a threat when it comes to these short-term rentals. Now as hotel year, myself having built a hotel from scratch and currently owning a motel in Texas, I can tell you that it impacts those businesses that have spent millions of dollars building those buildings and complying with government regulations to suddenly have homeowners come in and start renting out rooms and for half price. So it really is, it is an impact and I’ve, I’m on both sides of that coin. I’ve used the Airbnb and BRBO and things like that. So I know the benefits of using them, but the other side of that is the impact to the business owners in your local market.
So, some have the ear of government people the city council, the County commission. And when those people make a decision, it definitely can impact your future. So the first thing I would do is find out what’s on the horizon. Find out if that’s something that is being considered by local government before you buy those homes. Now, in some areas, people have been able to push back. They’ve been able to Sue the local government saying, look, this is, this is my livelihood. This is my own personal residence. And I’m renting out a room in my own personal residence. And they’re starting to make distinctions about businesses renting out rooms versus people renting out rooms. So that’s another thing to look at in your local market, Kevin, and it’s a great question. And one that you should absolutely explore in your local market.
And one of the things that you always teach Lou is go out into your local community, get to know the mayor, get to know the city counselors, get to know the city manager, the sheriff, like everybody. So that, when these things come up, you have their ear already and you can tell them your side of the story.
Hundred percent. Scott, thank you for bringing that up. And this is one of the things that we give to local government. This is our book, Doing Good While Doing Well. How real estate investors make a difference and provide a service in the local community. So it’s absolutely something that you want to bring to your local government because when they know you and they know that you’re making a difference in the community, they respect you. They appreciate you. And they are going to be hard put to deny. You and what you can do for what you are already doing for the local community.