Ep 182 - Managing Renovation Budgets and Contractors with Blake Dailey
In this episode of the Short Term Rental Secrets podcast features hosts Mike Sjogren and Emanuele Pani interviewing Blake Dailey, a former Air Force construction project manager turned real estate investor specializing in short-term rentals and boutique hotels. Blake shares his journey from starting with a VA house hack to owning a portfolio of boutique hotels, emphasizing the importance of learning from failures and not rushing the process. He provides detailed advice on estimating renovation costs, managing contractors, and ensuring successful projects through proper planning and budgeting. The hosts also discuss the upcoming boutique hotel conference aimed at educating investors about entering and succeeding in the boutique hotel space. Throughout the episode, the importance of maintaining a work-life balance and being intentional with time management as a business owner is highlighted. 00:00 Embracing Failure and Learning Lessons 00:22 Introduction to the Hosts and the World of Short Term Rentals 01:04 Personal Updates and the Power of Perspective 03:59 Special Guest Introduction: Blake's Journey from Air Force to Real Estate Mogul 07:48 Blake's Evolution in the Real Estate Industry 11:10 The Complexities and Learning Curves of Managing Hotels 16:52 The Importance of Teamwork and Skill Transfer in Real Estate 20:34 Unlocking the Secrets to Finding the Right Contractors 22:00 Navigating Contractor Licenses and Avoiding Costly Mistakes 23:32 The Critical Role of Working Capital in Construction Projects 27:02 Effective Contractor Management and Incentive Strategies 32:26 Mastering Rehab Budgets for Large Projects 36:24 Announcing a Boutique Hotel Conference: A Deep Dive 39:32 Finding Balance in Life and Business After Quitting Your Job Blake Dailey's Bio: Blake Dailey began his real estate investing career buying and renovating hurricane-damaged homes in Panama City, FL, and stumbled upon a high cash-flowing short-term rental strategy acquiring houses with ADUs. After surpassing his W2 income with his cash flow, Blake pivoted to commercial multifamily and syndicated his first large apartment deal – a 66-unit in NC. Combining his experience with raising money and doing commercial deals and BRRRRing STR properties, Blake jumped into commercial short-term rentals by converting run-down hotels/motels into renovated boutique hotels. Blake has owned five boutique hotels and a handful of short-term rental homes across California, Florida, and Utah, along with the 66-unit apartment complex. He buys, renovates, and operates boutique short-term rentals. Connect with Blake: https://www.instagram.com/blakejdailey https://www.youtube.com/@BlakeDailey Connect with the Hosts Michael Sjogren: Short Term Rental Secrets Facebook Group | Clubhouse | Instagram | Youtube | Facebook Page | Linkedin https://linktr.ee/mikesjogren Emanuele Pani: Clubhouse | Instagram | Facebook | Linkedin Watch Mike's free masterclass training on www.strsecrets.com/masterclass Learn more about your ad choices. Visit megaphone.fm/adchoices