S3E17 Rent by the Room with Sara Barb

 

In this episode, Sara Barb discusses her transition to a co-living model for her property management company. She explains the benefits of this model, including higher cash flow and stability for landlords, and lower rent and utilities for tenants. Sara also emphasizes the importance of building communities within these co-living houses and providing personal development resources for residents. Additionally, she shares her approach to teaching financial literacy to her children and her vision for generational wealth. The episode concludes with a discussion on the 75 Hard challenge and the value of doing hard things. In this conversation, Sarah Barb discusses her experience with the 75 Hard challenge and the importance of accountability and support. She shares how she initially had no intention of doing the challenge but decided to commit to it to prove to herself that she could do it. Sarah also talks about the challenges she faced during the challenge and the mindset shift she had to make to push through. She then discusses her transition from short-term rentals to co-living spaces and the benefits and challenges of managing co-living properties. Sarah emphasizes the importance of mindset and awareness in achieving success and offers advice for new investors to surround themselves with successful people and be mindful of their limiting beliefs.

Takeaways

Co-living models can provide higher cash flow for landlords and lower rent for tenants.
Building communities within co-living houses can create a sense of connection and personal development opportunities for residents.
Teaching financial literacy to children from a young age can set them up for success in managing their finances.
Generational wealth should focus on passing down knowledge and mindsets rather than just financial resources.
Challenges like the 75 Hard challenge can help individuals develop discipline and resilience. Having accountability and support can make challenging tasks easier and more enjoyable.
Committing to a challenge can help prove to yourself that you are capable of achieving your goals.
Overcoming mental barriers is a crucial part of personal growth and success.
Managing co-living spaces requires systems and clear guidelines to ensure a positive living environment.
Success is defined by personal values and can encompass various aspects of life, including relationships, health, education, enterprise, and legacy.

Chapters

00:00 Introduction and Background
01:21 Pivoting to Co-Living Model
04:33 Investment in a New Property
08:05 Cash Flow and Community Building
09:27 Considerations for Co-Living Properties
13:26 Motivation Behind Co-Living Model
20:14 Teaching Financial Literacy to Children
23:53 Generational Wealth and Legacy
31:16 Charitable Giving and Childhood Disease
39:04 75 Hard Challenge and Doing Hard Things
40:18 Accountability and Support
41:35 75 Hard Challenge
42:57 Commitment and Mindset
44:27 Overcoming Challenges
45:25 Pushing Through Mental Barriers
46:16 The Mental Game of 75 Hard
48:40 Finding Support at Home
49:02 Transitioning from Short-Term Rentals
50:52 The Cost of Operating Airbnb
53:49 Managing Co-Living Spaces
55:30 Getting Started in Co-Living
57:51 Co-Living on a National Scale
59:39 Book Recommendation: Buy Back Your Time
01:01:42 Spending $30 Million
01:02:55 Advice for New Investors
01:05:01 Defining Success
01:07:18 Where to Find Sarah Barb