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Show Notes:
Feel like escaping the ‘rat race’? Wouldn’t it be nice to build a little wealth, making as much in passive income as you do active? Today Jasper has a conversation with a guest who has accomplished this ambitious goal – with the help of a game!
Mark Krupa has invested in multiple properties along the ‘tourist trail’ in Eastern Europe. He is the author of @Airbnb Coach: Maximize Your Income and Satisfaction as an Airbnb Host, and he does one-on-one coaching to help Airbnb hosts improve their listing performance.
Listen and let Mark coach you up on the investing game in Eastern Europe! Learn how he chose his investments, which one is performing the best and why, and how he navigates the ever-changing regulations around short- and long-term rentals.
Topics Covered
How Mark chose the locations for his investments
Researching tourist numbers and top destinations
Visiting himself
Why Mark chose Eastern Europe
He lives there and Americans are allowed to invest
Low down payments and mortgage rates in 2009
Mark’s properties
Bad Aussee, Austria
Czech Republic (three studio apartments)
Texas (two single family homes)
The success of the Austrian property
Opportunities to ski in the area
‘Four season destination’
Purchased for $35,000 ($7,000 down payment)
Income of €900/month, expenses only €350/month
Advantageous tax situation
Low interest rate on mortgage
The unique requisites for guests of Mark’s Austrian property
Fill out and turn in tourist tax form
Leave cleaning fee in cash (€35)
Access keys themselves via realtor lock box next to front door
Other locales Mark has considered as an investment
Vienna
Budapest
Capital cities
The regulations surrounding short-term rentals in the Czech Republic
Must have business license for short-term rental (30 days or fewer)
Obligated to forward guest information to foreign police
Required to report income at end of tax year
Mark had to shift from short- to long-term rentals
Mark’s tips for investors
Find out if you can secure a mortgage
Look into buying properties that are fully managed
Research the prospects of making more than you will spend
Stay there yourself if possible
Find a reliable cleaning staff that does quality work
Communicate, react and welcome guests
Resources
Cashflow Game
voxer.com
Connect with Mark
@Airbnb Coach: Maximize Your Income and Satisfaction as an Airbnb Host– by Mark Krupa
Connect on Facebook
Follow on Twitter
Connect with Jasper
Email: jasper@getpaidforyourpad.com
Twitter: @GetPaidForUrPad
Instagram: @GetPaidForYourPad
Facebook: www.facebook.com/getpaidforyourpad
This episode is sponsored by Hostfully.com where you can create a custom digital guidebook for your guests!
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