Show notes
Michael Chang is the Co-Founder and Partner at TrustBNB Vacation Rentals. Based in New York, we own and operate a portfolio of short-term rentals in Philadelphia, PA, and the Smoky Mountains, TN. Previously, Michael spent over a decade advising leading technology companies, private equity firms, family offices, and venture capitalists as an investment banker. He has advised and executed over $40 Billion in transaction value across 50+ deals.[00:01 - 01:58] Opening SegmentWe welcome, Michael Chang!Michael shares his story of starting out in investment banking and then transitioning into the short-term rental business [01:59 - 18:48] Staying On Track By Having Goals And MilestonesEntering into long-term leases with landlords and then buying properties in traditional vacation rental marketsRental arbitrage is easier to run when partnering with owners of large multi-family buildingsYour net becomes gross, which makes it much easier to pay taxesReal estate is designed to defer taxesWorking from anywhere with a team of remote employeesBeing able to recruit, train, and retain a motivated teamMarket saturation and the COVID-bump[18:49 - 28:44] THE FINAL FOURWhat's the worst job that you ever had?Digging irrigation ditches on campusWhat's a book you've read that has given you a paradigm shift?“The Richest Man In Babylon” by George Samuel ClasonWhat is a skill or talent that you would like to learn?Learn how to design propertiesWhat does success mean to you?Michael Chang says, “Success to me means being able to spend as much time as I want with my baby girl and my wife.”Connect with Michael Chang:LinkedIn: Michael ChangTikTok: Michael ChangInstagram: Michael ChangLEAVE A 5-STAR REVIEW by clicking this link.WHERE CAN I LEARN MORE?Be sure to follow me on the below platforms:Subscribe to the podcast on Apple, Spotify, Google, or Stitcher.LinkedInYoutubeExclusive Facebook Groupwww.yonahweiss.comNone of this could be possible without the awesome team at Buzzsprout. They make it easy to get your show listed on every major podcast platform.Tweetable Quotes:“Our ultimate goal is to buy more properties because we believe that the path to long-term wealth because we can use that for Airbnb and not just long-term rentals, which is our own strategy.” – Michael Chang“When it makes sense to let things go, we'll just let it go. Because we have a number in mind that allows us to accomplish our goals.” – Michael ChangSupport the show