Short Term Rentals: Corporate Housing vs. Vacation Rentals feat. Dr. Chau Ong | Aspen Funds
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Short Term Rentals: Corporate Housing vs. Vacation Rentals feat. Dr. Chau Ong

In this episode, we talk with Dr. Chau Ong, a 7-figure Airbnb Freedom Coach and expert in short-term rentals. Dr. Ong shares insights and strategies for achieving financial freedom through short-term rentals, specifically the corporate housing sector. Most investors assume short-term rentals are only for vacation rentals, but Dr. Ong shares the pros and cons of each type. He also discusses the future of the short-term rental industry. Whether you’re new to short-term rentals or a pro, this episode offers valuable advice for achieving financial freedom.

 

Connect with Dr. Chau Ong on LinkedIn https://www.linkedin.com/in/drchaubnb/
Connect with Jim Maffuccio on LinkedIn https://www.linkedin.com/in/james-maffuccio-77440813/
Connect with Ben Fraser on LinkedIn https://www.linkedin.com/in/benwfraser/

 

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Transcription

 

Ben Fraser: Hello, Future Billionaires! Welcome back to another episode of the podcast. Today we have a guest, Dr. Chau Ong, and he’s gonna be talking about corporate housing and leveraging, uh, real estate without having to buy the real estate.

Through, uh, some master lease agreements, which we’ll talk about and generating additional income through corporate housing. So it’s a really cool strategy. Uh, you can do this, uh, he purports with very little money down and with pretty minimal risk cuz you’re not buying the properties. So, uh, definitely a cool strategy.

And just also wanna give a disclaimer for anyone that’s selling anything, any product or investment or whatever. Obviously do your own due diligence. We’ve not vetted, uh, the system, but he has a great success and the strategy is pretty cool. And so we obviously want to always bring, uh, interesting ideas, uh, to our listeners.

So appreciate you guys listening. I think you’re gonna enjoy this episode with Dr. Chau Ong.

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Ben Fraser: Welcome back to the Invest Like a Billionaire podcast. I am your co-host, Ben Fraser, joined by fellow co-host Jim Maffuccio, and today we’ve got a really fun guest, Chau Ong. If you, uh, are not watching this on YouTube, you gotta go at least peek over cuz he’s got a pretty, pretty cool background and a pretty cool, uh, pretty cool outfit.

So he, he came ready to go today on this podcast and we’re excited. If you don’t know any of his story, he’s actually an immigrant who came to America with the American dream pursuing it. Uh, became a pharmacist MBA, but quickly found out it was not what it, what it, uh, what he signed up for.

And started looking at other ways of entrepreneurship. Got into AirBnbs corporate housing and has really created a pretty cool lifestyle. And now he runs, um, a coaching program and, um, uh, something called Beyond B and B Secrets. And so you could kind of learn his whole approach, but wanted to bring him on because, uh, AirBnb’s, um, hospitality, this is an industry that a lot of folks have been aware for a while and it’s obviously performed very well, even through Covid and so wanted to bring him on to kind of share his expertise on, you know, what he’s seen in the space and, and the kind of corporate housing, AirBnb, and so Chau welcome. Thanks for coming on the show. 

Dr. Chau Ong: Thank you so much for having me.

How’s everybody doing? 

Ben Fraser: Doing good. Doing good. So tell us a little bit of your story. So I think it’s such a unique story, kind of being an immigrant and kind of coming here and just share a little bit about how you got into 

Dr. Chau Ong: doing what you’re doing. Yeah, absolutely. So I’m just gonna share my screen about some pictures, uh, of my youth and just some my story.

Is that cool? 

Ben Fraser: Yeah, yeah, yeah. And just wrote heads up for those that, uh, we’ll kind of just do few quick slides here, but if you wanna take a look, you can definitely watch us on YouTube. We’ll, we’ll post the full video. 

Dr. Chau Ong: Yeah, absolutely. So I was an immigrant from a third world country. When we came to America, all four of us had to sleep on one tiny bedroom in like the worst neighborhood possible.

Uh, I would hear like gunshots as I go to school and my mom would just pray every day for us to come home because they don’t even speak any English. They had to start over during middle age without any English. Can you imagine that going to a whole new world without knowing anybody except my uncle? But we determined to achieve the American dream, you know?

So when I was, since I was 11 years old, I was, saw my mom and and dad crying to bed every night. And I promised myself that one day when I become a man, I would do whatever it takes to take care of her, take care of my dad as well, retire them. So we thought the way to get the American dream is through traditional education, right?

We’ve been sold at so many ways. So then we sacrificed everything for me to go and earn my doctorate in pharmacy and also MBA. And this time it took me eight years to accomplish all of that through a lot of sleepless night studying 60-80 hours a week. Uh, sleep on the basement in Utah was freezing cold at this time.

And finally, Surviving off of ramen noodles, McDonald dollar menu, and Little Caesar Pizza finally graduated. Yes. So you can see my pictures here. This, this is our fence, uh, our backyard. When, when we, uh, first came to America. Pretty much, well actually this is an upgrade. This is our, like, third upgrade. But, uh, we walk out and we hit the backyard.

That’s how big our backyard is. We took a picture in the backyard, right? But it’s still better than our, our old country. In, in Vietnam, we, we had like this many people fit in one shack, pretty much, you know, there’s like 15 of us. So anyway, very grateful to be, to be here. Um, So basically I became a pharmacist.

I thought I made it. I was like, “Mom, you don’t have to worry about a thing.” “Dad, no worries.” The day I graduated. It’s the day you get your freedom. So far as I know, I worked that entire first year, like nobody’s business. So I was determined to achieve that American dream. By the end of that year, I won the Pharmacist of the Year award in my district.

And I thought I made it. I was like, yes, but now they’re gonna gimme so much more bonus. They’re gonna gimme so much more help, blah, blah, blah. But the opposite is true. They gave me less help because they know that I can handle it. They gave me stricter KPIs, you know, so that way they can basically trap me and suck more out.

And they give me the same standard rate, like 2-3%. It doesn’t do anything, doesn’t even keep up with inflation. So I was like, I climbed the ladder of success all the way up to the top to notice lean against the wrong wall. So I determined something gotta change, right? And I determined to no matter what it takes to find that business, that one idea that will free me forever. And on top of everything, my mom were diagnosed with cancer at a time too. After all of this, I thought I would finally get her that freedom, but now she diagnosed with cancer, so I had to figure out fast.

So I try all kind of businesses you can imagine. From MLMs to day trading to crypto to forex, you name it, I’ll probably try it. Right? Opening, uh, restaurant, opening businesses left and right Amazon, eBay, all of those businesses. What I found is all businesses required two things, either a lot of money or a lot of time, which I did not have.

I was working 40, 50, 60 hours a. And not, doesn’t have a lot of money at this end of the day to show it for it either. So I was frustrated. I was burned now and I was trapped. I was miserable and I was rock bottom. That’s when I met somebody gave me the epiphany. The epiphany is what if I could have just rent vacant homes and sublet them on AirBnbs and scale to freedom.

Does AirBnb own any homes? No. No. And does Uber own any cars? No. No way. And they are the biggest companies out there. So why do we need to own anything? We wanna just control everything. We don’t have to own them. So that’s exactly what I did. And then I scaled to 23 AirBnbs very quickly and got my mid six figure.

I got my financial freedom, right? Because the old motto is very broken. It’s we trading one hour of our live for a dollar. Right. So what, what’s the worst trade in life? Any ideas? 

Ben Fraser: Trading your time for your money. 

Dr. Chau Ong: Yeah, exactly. Because we never gonna know how much time we have, how long we have, and how much time our loved one have either.

So basically the new model is leverage. Leverage is the number one key to success in our model. We leverage other people properties to make money, and then we leverage other people, um, expertise, like all of the handyman electrician made. They can do all that work. We don’t have to do it. And then we don’t have to leverage other people companies to rent from us.

So that way it’s not just vacation rental. I don’t do any vacation rental anymore. I do corporate housing, which mean I rent out directly to companies, or I rent out directly to insurance companies. That will pay, they will stay for months instead of days. And that will give you, really give me true financial freedom.

I have helped hundreds of people from any background to achieve that six figure income working just a few hours a week. 

Ben Fraser: Yeah. So let, let’s pause here real quick. Cause I think this is a unique model that people assume if you wanna get into vacation rentals or AirBnb, short-term rentals, you gotta go buy a property, maybe fix it up, you put, you know, some new furniture in some new drywall and you know, make it look nice.

And then you gotta go buy the property, right? You gotta go put money into it and you gotta go buy the furniture and get the financing and then you go and list it on AirBnb or whatever platform and try to get listing. What you’re saying is, is you’re actually not owning any of the properties, right? So, um, there’s different names for this, but, you know, master lease agreement or similar names where you basically go and you negotiate with the owner of a property, whether it’s a single family property or a multi-family property or whatever, and you’re negotiating kind of a, you know, here’s what the monthly fee’s gonna be. I’m gonna pay you. And then you go and drive additional revenue above that through the short-term housing rates, cuz they’re generally more than long-term housing. And you get to keep that, that delta. Am I thinking about that right? 

Dr. Chau Ong: Yes, yes. You’re absolutely right. Very smart. Yeah. So it’s master lease.

Somebody can call it abi charge is basically the difference between what we rented for and what we sublet it out for. 

Jim Maffuccio: So you think about it, almost every retail business, a restaurant down the street is leasing a restaurant space and then they’re turning around and re-leasing in a sense, or they’re generating revenue from the people that come in the door and hopefully they’re making enough to make a difference.

So I think a lot of our audience are real estate investors and own real estate are maybe thinking about owning more. So, uh, I have a question for you as a real estate investor myself. If I’m the owner of that vacant home, or maybe it’s, maybe it just went vacant and I’m really tired of being a landlord, and I would imagine that’s probably your perfect avatar is someone that’s tired of managing the thing myself, and you’re gonna make my life easier because you’re a professional, you’re a company and you’re gonna, uh, and, and plus if you’re in corporate housing, I’m not gonna have the partiers coming and going. Right? 

So is the least agreement I have with you is it gonna, in general be more than what I would get if I went out and went to a local property manager and just took in whoever they put in my place. 

Dr. Chau Ong: As far as the, the landlord, we’re gonna be the best tenant. So one, we’re gonna clean it every few months and we’re gonna pay for it. Right?

Secondly, any maintenance under $200 a month, we’re gonna cover it. We’re not ever gonna bother the landlord unless something major. So we basically manage it for them, you know, without asking for anything except paying them more. And then the third thing is that we like the property.

We even pay on both above market price, like, you know, a hundred, 200, sometimes 300 bucks. And then the other thing is we can even sign a three years, uh, lease instead of just a one year. I challenge any landlord, has anybody actually offered you all these things? If they are, they’re probably my students, but, 

Ben Fraser: so are, are you generally doing this on like single family, uh, residences or is it a, you know, multi-family or kind of combination of all the above?

Dr. Chau Ong: Yeah, so it’s a combination depending on the market. Of course single family will be the best. And then some markets are so tight and, uh, you know, we couldn’t get single family. We can do townhouses and then some market are really tight we can do condos. 

Jim Maffuccio: How do you manage properties that are not local to you?

I think I know the answer, but I’m kind of teeing it up for you. For our audience, it might not be that involved in the short term rental space, but how do you manage that process? And when you say you pick the markets, I imagine you’ve select the markets that are most conducive to your business model.

But once you’ve done that, how do you manage the process? 

Dr. Chau Ong: Yeah. You’d be surprised how much like low maintenance this takes because, uh, the average day three to four or five months, And then, uh, the main person you need is just a maid and a handyman. That’s it. They can do almost everything for you, and as long as you take care of them, which one of the secrets I always say is overpay your people take care of them and they bend over backward for you. They do everything for you. So you can just treat people with very kind, with respect, pay them more. They will take care of the property for you. And I even have students who live in Canada and have five corporate housing in Florida is making like $15K a month for five, six months.

They not been in, and they’ve only been doing this for like a few months. 

Ben Fraser: it it, It’s appealing to a landlord who maybe is positioned as a long-term rental, right. That. You know, they just expect to get X amount per month, uh, from someone’s gonna be there for a year and they have some turnover expenses and they’re covering their mortgage, but well, you’re coming in and saying, Hey, I’m actually gonna sign a three year lease.

Mm-hmm. So, you know, three times longer than the average lease you’re getting, and I’m gonna cover some of the maintenance costs so you don’t have to worry about that. So it is kind of a win-win for the landlord. Do you provide a lot of the furniture, cuz obviously the difference between long term rental and short term is you’re generally providing some of the furniture and, you know, the amenities and other things.

So obviously there is some cost involved this, even though you’re not buying the property. But what does that generally look like? How much are you putting into a property and you know, how much delta are you, you know, generally able to, to uh, generate above what you’re paying the landlord, uh, on average would you say?

Dr. Chau Ong: Yeah, sure. So it’s first month rent, first month deposit, and then the furniture. So first month rent could be like $2,500. First month deposit is $2,500. It’s about $5,000, and then furniture about $7,000 on average. We have the whole list of everything you need to buy come out to be around there.

So the total cost going in is only $12K, but on average you make like $2K a month. You know, almost like right away. 

Jim Maffuccio: You’re going to the landlord, the owner of the property and asking them to put that, that furniture in or that spend to make that spend up front? 

Dr. Chau Ong: Uh, no, we, we gonna make that spend for the uh, okay.

Jim Maffuccio: The furniture. Yeah. Yeah. Okay. So you’re, you were, you were talking to us as though we were people that were gonna do, do your program, uh, like be students of yours. But I’m, I’m, I was kind of asking from the, from the direct, from the perspective of being that. That homeowner that you or your students are gonna approach and say, Hey, we wanna, we want to use your, your place for this.

We wanna master lease your place. You’re gonna come in with the, your furniture, your, you know, the furnishings and that. 

Dr. Chau Ong: Yeah. Whoever rented is, is their business. So yes, they put in the furniture. That makes sense. Even rent the furniture too. So if they don’t have a lot of money, they can rent the furniture for like $500-$1,000/month.

And pass that cost on to the corporate housing. So, so basically here’s the return. This is why this model is so attractive because for one home that you can, you flip or rehab, you can do about 10 arbitrage and make about $20K/month. So about $240K/ year. 

Ben Fraser: If you’re doing 10, 10 properties, you’re saying 10 properties?

Dr. Chau Ong: Yes. Yeah. So 10 property costs you about $120K so instead of like do like a rehab, whatever, it would probably cost you around $120K, right? A flip, right? Maybe even more, right? So instead of doing that, you do 10 arbitrage making $20K/month right away, and then you make $240K on year one, boom, boom, boom, right?

And plus the second thing is you spread the risk out to 10 different, uh, deals instead of just put all your eggs in one deal. And then they flop. You put in 10 deals, even two or three of them, uh, flop, you’re still making good money. So, so that’s, that’s the attractive part.

So that’s why the return on investment is so huge on this because if you, if you think about it, if you put in $12K in, and then you make $2K/month, within year one you make $24K. So that’s like 200% return in year.

Ben Fraser: Break that out a little bit. So what you’re saying is on a single property, you could generate $2,000/month of net profit.

Yes. Above what you’re, what you’re paying the landlord. Yes. 

Wow. 

Jim Maffuccio: That’s not including paying the, the cleaning or the, uh, handyman?

Dr. Chau Ong: You passed that. Yeah. That’s everything. 

Ben Fraser: Just simple numbers. So if you’re paying, say your landlord a thousand dollars a month on a single family property, you could potentially generate net $3,000.

Um, running it as a corporate housing, uh, or short-term rental versus what they’re generating a long-term rental. Is that just the simple math there? 

Dr. Chau Ong: Yeah, the simple math is, uh, rent is about, let’s say $2,500 and then you up that to company for about $5,000. Then you minus utilities, all that, uh, the, the cleaning, you pass that on to the, the clients, all the other fees you pass on to the clients.

Um, and then you make about 2000 a month. 

Jim Maffuccio: Yeah. So are your, are your, uh, clients or your tenants are typically companies? So they’re not gonna, they, they might have somebody coming and going. They might have two people in there at once, but they’re actually your tenant. As opposed to, well, I should, I should say this.

What percentage of your business is the, where an actual, a corporate entity is your tenant versus a, uh, a professional, like say a traveling nurse or something like that? 

Dr. Chau Ong: I’d say about 70, 80%. 

Jim Maffuccio: Oh, that’s great. That’s that. That’s a great tenant, right? They have a, have a corporation as your tenant. 

Dr. Chau Ong: Oh, yeah.

They are the best tenants. I never guess how many evictions I. Doing this, probably zero. Yeah, exactly. And, and how, and we all know we’ve been, we’ve been doing real estate for a long time, right? How, how often does that, does that happen happen with any regular tenants? Right? If you do this anything more than 10 years that we have.

Right. 

Ben Fraser: So, so what, what’s the appeal of corporate housing over, you know, vacation rentals? Cause you said you started doing it in vacation rentals, but you’ve shifted it sounds like a hundred percent to more of a corporate housing model, which is unique because most people get in the space and they kind of, you go after the, you know, vacation rental for the family in, you know, a hot area that people are visiting for tourism. So this is a little bit different because you might pick a different market. It may not be a hot tourist market. Yep. But maybe there’s a lot of traveling corporate travelers here. Yeah. So, so talk a little bit about, about that, the differences. 

Dr. Chau Ong: Yeah, absolutely. So, uh, simple question. Would you rather host, uh, 15 families to stay for 15 different weekends or would you rather host one companies who take over it for three, four months and the net profit is about the same.

Jim Maffuccio: Right. Uh, lemme get back to you on that. I gotta think about it. Yeah. 

Ben Fraser: There’s some numbers here. 

Dr. Chau Ong: Yeah. Yeah. And then, and then, uh, do you wanna host them with, uh, you know, vacation? They, they parties, they throw events, they smoke, they drink, whatever. Is, is that 

Jim Maffuccio: No, I want the 12. I want the, I want the nurse traveling executive that’s working 10 hours at the office with people.

Exactly. They know they come home and they’re so tired. They don’t even want turn the TV off, right? They’re not gonna use the kitchen either cuz they’re stopping to pick up something to eat on the way home. 

Dr. Chau Ong: So that is very true man. You got it. You got the model. Yeah. Yeah. 

Ben Fraser: Generally like there’s kind of an arbitrage on length of time of a stay, right?

So, or length of time of a contract. So if you have a 12 month contract with the tenant, you’re obviously gonna have the lowest, you know, per day cost or to, to the actual end user. And Yeah. On AirBnb, you know where you’ll stand for two or three days for a vacation, you may have the highest cost per night.

Yeah. And so corporate housing is kind of somewhere in the middle. My guess is with, you know, two to three month contracts. Yes. But what you’re saying is because of all your turnover costs, potentially with the cleaning, with the maintenance, with a little bit more maybe damage that you’re dealing with on the vacation side, you may be generating more revenue on those properties doing vacations, but you actually come out about the same Yeah. With the corporate because your, your cost to do that or less. Am I thinking about that? Right? 

Dr. Chau Ong: Yeah. That’s, that’s one, that’s one part. The other part is vacation rental occupancy rate is usually about 40, 50%, maybe 60%, you know, whereas, uh, corporate housing occupancy rate is like 70 to 90.

Because there’s no gap in between. You know, like let’s say they stay for four or five months, there’s no literally no gap in those four or five months. Right? Vacation rental. Just go for the weekend. 

Jim Maffuccio: What do you find to be the typical length of lease to these companies that you’re leasing to? 

Dr. Chau Ong: 3, 4, 5 months. Yeah. Okay. But a lot of time they extend, that’s what I love about this business. About 70% of the time they, they extend. Um, because constructions always take longer. Assignments take longer people delay people, they get lazy, the weather, whatever.

So, and every time I hear that, guess what I.

and without any extra work. You one extent. I’m so sorry your project took longer, but yeah, I love to welcome to host you. So yeah, why don’t you stay for another few months? 

Ben Fraser: So how, how do you choose markets maybe differently than you would for a vacation rental or is there any difference? 

Dr. Chau Ong: Vacation rental.

Yeah. Yeah. No, definitely different. So vacation rental is gotta be destination cities, touristy cities. Right? This, you can do any, any major city. And we have our formula to on how you can drill in and, and look into it every little city. Right. But, uh, but vacation rental, you just gotta be at the destination city and, and vacation rental are very risky.

If you ask me. Like with Covid, most of the vacation rental company dies, right? Even the biggest companies, and I don’t know about you, but if not a covid happened, I don’t wanna build my, my business on sand, you know, so good thing I was in corporate housing already, so we survived that. We only had like a 15, 20% dip, uh, because most of our tenants are long term

Jim Maffuccio: Are you looking for things like where there’s, uh, where there’s a lot of business growth and that would be a good market? I mean, if you, can you share some of the, you know, just high level, like here’s the kind of markets that are best, you know, job growth maybe? Yeah, 

Dr. Chau Ong: Absolutely. So, okay. I’ll, I’ll share with you.

Um, see, I like you guys. So the, the 3 H’s Rule okay. Highways, hospitals, and hotels to start a general over, So when, when two highways meet right across, across each other, that’s where the most traffic, the most attention flow. Well, when two highways cross, there’s a four section, right? Well, all the, some of the hospitals or ho um, hotels usually congregate into one of the four sessions or two of the four sections.

Why? Who cares? Okay. All I know is that I want to be where they. Because they drop a hundred million dollars into a project, they done their research. Follow the wells and you get fed basically. So if you get hospitals, you get hotels and it’s, uh, two major highway and talk about major highway in the big cities, you pretty good.

And then we can drill in and look at deal by deal basis, which our team will vet every single deal for you because you know our reputation on the line. We even guarantee that after 30 days, if you don’t get booking and you follow all stuff, I actually put, uh, pay you first month rent so that way you can just get out of that lease and find new one.

Hmm. That’s the only thing about this is very low risk in any business you wanna look. What’s the downside for us? Right? In any business? What’s the downside? You lose the first month. And one month rent. That’s it. 

Jim Maffuccio: So, so there’s not a, there’s not like a, I imagine you’re the ones presenting the lease agreement to the, uh, to the landlord.

So there’s not any other poison pills in that lease you can break the lease, but just they get to keep your deposit in your last month rent? 

Dr. Chau Ong: Yeah. Yeah. 

But it is the concept very important because what I learned from Tony Robbins, you know, I spent hundreds of thousands of dollars with Tony, by the way, and actually millions of dollars into myself. But what I learned is asymmetrical risk to reward ratio. So every, anytime we risk one, you wanna win five to 10 and anything, right?

So in here we are risking a few thousand bucks to make, what? $25-30K a year for the next, let’s say five years. That’s like a $100K. So it’s actually a one to 20 ratio. So you only need to be right one time out of 20 times to make money. In this and with, with our education, with our sources, we arrive about 80, 90% of the time.

Jim Maffuccio: So you do have those cases where, You, you, you rent a place, you move the furniture in an oops, nobody shows up, or you can’t find that corporate rental, and then you just like pack it in and take your licks and move on. But you can afford that. That’s kind of like when you run a convenience store, you have to account for, you know, employee theft has to be one of the line items.

Everybody would like to think. It never happens, but it does. Part of your business model. 

Dr. Chau Ong: Yep, yep. Not nothing is perfect, but this one is so low risk. You know, it, it, it is super low. That’s why I’m so passionate about it, because I look at all the auto model, I look at the BRRRR method, right? I look at the flip method.

I look at the multi-family. Well, in order any of those methods require hundreds of thousands of dollars or like a full-time job, or even just wholesaling. Go out there and find a full-time job. You know, this one only require a few hours a week making six figure income, and you’re only risking a few thousand bucks.

Ben Fraser: Talk about that little piece of it. Cause I think for our listeners, you know, that. An important thing to understand, like what, what’s the time commitment here? Right? Is this something I need to be doing full-time? Is this something I can do on the side? How much of this am I outsourcing to, you know, another company that that’s managing the rental for me?

Are they managing the rentals generally? Just talk about that because a lot of our listeners, you know, they’re working full-time jobs. They don’t have a desire to go full-time entrepreneurship, but you know, they want to kind of build passive income. 

Dr. Chau Ong: Yeah, absolutely. So I’ve helped hundreds of people with full-time job making six figure income, working just a few hours a week, literally.

And now they be, uh, free and do whatever they want to do. Um, travel one, you know, few of them travel around the world for a few months. Just, uh, take that whole family so you can manage this anywhere around the world once you figure it out. And build just a few team, team members to take care of everything for you. So literally just a few hours a week. Uh, realistically in the beginning, well, if they do this, if they try to do this by themself without our help, I would say it’s like a full-time job. Right. But if, if they have my sources and they have my help with all the script and everything laid out about 5 hours a week, you know, maybe 10 hours in the beginning if they wanna learn.

Right. And then after a month, they should know like most of it. And then it reduce that down to like five hours a week. 

Ben Fraser: Interesting. Now, I would imagine too, it’s, it’s less ongoing management because on Airbnb, if you’ve got a booking every new week, you know you’ve gotta get the cleaner in there. You’ve gotta update the listing, you’ve gotta do all the things to make, make it ready for the next person. And this, if you’ve got three to four, five month STTs at a time, there’s not a whole lot of, um, Turnover and, and churn of, of the, the property.

So there’s, you know, it definitely makes sense on a, a lower, uh, amount of time. Um, so how, how do you find, how do you find a corporate user, right, a corporate tenant? That to me that seems like the big, the big challenge here. How do you, do you have networks of, you know, are there agencies that help place corporate people in these housing?

Is it you go direct, direct to the companies to you? Help them or is there platforms talk, talk about that a little bit.

Dr. Chau Ong: Yeah, sure. So I been doing this for eight years, so I have a lot of relationships. They’re all, uh, platform. There’s, uh, agencies, all of that. And we have went through so many of them and we have, weeded out all the, you know, scammers, all the, all the tire kickers and, and really, uh, got the best of the best to actually pay legit companies that actually, you know, have clients for us, a regular basis.

So that’s why I view this whole system and plug and play all my students in to this ecosystem, all the sources that I have, so that way they can just get booking right away. Now, some of these companies are like, uh, IT companies, right? Construction companies. Uh, there’s also one huge, one of my favorite is insurance companies, insurance, housing.

So family is near a place to stay when their home get damaged. Hurricane, flood, tornado, whatever, where they gonna stay, you know, they don’t wanna stay at hotels, so they stay at our properties. So that is a huge thing as well, cuz insurance will pay for that. And most people don’t know that.

Right. And then there’s relocation company for executives who relocate into the area and the company will pay for that as well. If people wanna find on their own, they can contact, usually the human resource department of each of these companies or hospitals and just introduce themselves and tell them this is what I do.

And start building that relationship that way and trying to find clients that way. 

Ben Fraser: Yeah. Got it. Very cool. This is a, a cool model. Definitely has some very compelling aspects to it. So what’s the best way for folks to learn more if they wanna kind of check out what you’re doing? 

Dr. Chau Ong: Yeah, so you can go to https://beyondbnbsecrets.com/.

Uh, once you, you know, opt in there, we will give you one hour consultation for my top advisor to see if it’s a good fit for us to work together. If not, no worries, right? But if it is, at least they give you a game plan of what to do next, how, how to approach it and answer any questions that, uh, you have.

The other thing you can follow me on social media is @drchaubnb. D r c, h a u b, and B, uh, you know, Instagram, Facebook, all of that. So yeah, just follow me and then we can, uh, go from there. We actually have a live class every Thursday night https://www.beyondbnbsecrets.com/live. You can go on there and I’ll be there live.

So an answering the questions and go over more details. 

Ben Fraser: Awesome. Well, thank you so much for sharing this and, uh, hopefully our listeners enjoyed hearing about this cool strategy and, uh, leveraging these housing units for corporate, uh, users. And thanks so much Dr. Chau. Thanks for coming on.

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