Vodyssey is a real estate training and mentorship program by Shawn Moore. The program offers training and mentorship on creating and running a short-term rental (STR) business. Formerly known as Lifestyle Asset University, they changed the name because Utah does not allow the use of the word “university” in company names.
Vodyssey offers mentorship on how to use Shawn's signature method to create a successful lifestyle asset business. What exactly is this business type he is promoting and how effective is his method? Is this a great business model in 2024? Read along and we'll explain everything.
Vacation rentals are a long-term passive income business model that takes a lot of time and work to set-up. I suggest you check out Local Lead Generation business model. You earn passive income by renting out digital space to local businesses instead of physical real estate to guests. And all without the headaches and stress that comes
Vodyssey Pros and Cons
Pros
Shawn Moore is a veteran STR real estate investor.
He sets proper expectations on the business.
Active Facebook support group with 1.5k members.
Networking with niche certified public accountants and lawyers, and top realtors and lenders.
Cons
Membership is pricey. No price transparency.
Training and coaching are entirely for one very specific short-term rental niche.
This business model requires a lot of investment in both time and money.
Price
The price endorsed by Shawn is $10K depending on the payment option you choose. The price offered is known to be around $4,800 to $6,800 with occasional discounts.
Refund Policy
14 day no questions asked refund
Origin
Originally founded in 2019 as Lifestyle Asset University before having the name changed because of legal reasons.
Reputation
Positive detailed feedback from students. So far, there have been no complaints about the program.
Shawn Moore is someone you should be following if you’re into STRs. Although a bit pricey, Vodyssey is a great place to start learning.
What Is a Lifestyle Asset Business?
Shawn Moore describes lifestyle asset as a specific vacation rental type business. It is essentially a short-term rental business. A long-term passive income real estate investment that will skyrocket your net worth. It is a tangible asset that you can use and enjoy with your family and friends while still earning money. The major difference, he claims, is that the big players have no advantage over you in this type of business.
Pros and Cons of a Lifestyle Asset Business
Every business model comes with its advantages and risks. Here are the key and pros and cons of a lifestyle asset business:
Pros
Long-term equity appreciation. If you need to sell your property in the future, you will reap a healthy profit.
Generous tax benefits. The property's carrying costs can be written off against the income it generates.
You'll have your own vacation property you can use with your family and friends that generates income on the side.
Seasonality. In the lifestyle asset business that Odyssey teaches, seasonality is an advantage. The program will teach you the method of how to keep your property profitable all year round.
Cons
Vacation properties are considered a luxury purchase. This will require a bigger down payment, and loans will come with a higher interest rate. Qualifying for a vacation property mortgage will be more difficult.
Vacation rental laws and regulations. Some communities have short-term rental restrictions. These can be a nuisance if you apply for a mortgage.
Unforeseen costs. You may need to spend on unplanned maintenance and repairs in case of accidents or disasters.
Based on his experiences with vacation rentals, Shawn devised a method for how to achieve financial freedom with a lifestyle asset business. He calls this method the 3D approach.
Shawn's method relies on purchasing properties, which will require substantial capital or good credit. There are other methods of making money on Airbnb without owning property.
3D Approach to Vacation Rental Investing
The 3D approach is a 3 phase method:
The acquisition phase is cut into 3 sections:
- Planning out the road ahead - the first step is to create an outline of your business, from selecting a theme to setting goals.
- Understanding your buyer type - establish what kind of buyer type are you to determine what kind of property is best for your business.
- Identifying locations - understanding how to find profitable markets for your property type.
The management phase starts with narrowing down and understanding your target audience. Captivating your target audience will depend on how well you can deliver the "fairy tale" to a specific theme. You will need to furnish the property with top-quality products. Tick items on a checklist to make sure you have all the needs and wants.
STR is a hyper-local business. You need a concierge; someone on-site to handle check-in and check-out, ensure everything runs smoothly, and maintain communication with the renter. You will also need a team for cleaning and maintenance.
There are 3 types of management style:
- Self management - if your business is close to where you live, you can make your business your full-time job. You will handle all aspects of the business, from maintenance to taxes.
- Hybrid management - hiring a manager or management company to do the marketing, bookings, check-ins and check-outs, and take deposits and reservations. You will need to do the cleaning and hire the cleaners and maintenance teams yourself.
- Full service management - this is typically a full-service management company that handles every aspect of your business, freeing up your time to focus on other things.
The marketing phase of the training will teach you how to brand your business to cater to a specific group of people. You will organize the details and set the scene for the experience. Create your list as if you are storytelling. Hire a professional photographer to take photos of the property, nearby activities and attractions.
A heading is valuable copywriting real estate. This should not be generic, but descriptive of the scene. You will learn the importance of pricing and how to set your price range. You will use tricks such as making 2 listings with different pricing for seasonal properties.
Once your business is stable and successful, you can stop using online travel agencies (OTAs) such as Airbnb and move to paid marketing, such as ads or your own website. Build solid foundations with each property to maximize your portfolio in the long term.
Now that you know what the business model and the method used are all about, it's time to dive into the program itself.
Who Is Vodyssey For?
Shawn states that Vodyssey is for anyone who is seriously considering purchasing a vacation rental property. These are:
- Newbies who want to start a business with short-term rentals. People who are interested in renting out vacation properties, from houses to resorts.
- Current owners of short-term rental businesses who are having difficulty staying profitable or scaling their businesses.
- Experienced real estate investors who want to try out or switch to short-term rentals.
If this doesn't fit your needs, check out our master list of top Airbnb courses.
What Do You Get With Vodyssey?
You need to book a call before you can access any information on what's included with the program. A 1-hour "free training" video gives you an overview of Shawn's 3D approach to vacation rental investing. Early in the video, he sets the expectations for how success can be achieved with this program.
Vodyssey comes with step-by-step training on how to apply the 3D approach to build a successful lifestyle asset business. Membership in the program comes with access to a private Facebook support group. You gain access to a network of top realtors and lenders, specialized CPAs and lawyers.
The program has a ton of additional content regarding brand building, how to be featured on travel blogs, stepping up your Facebook advertising, etc. They guide you on how to make it among the top 25% of properties in an area.
You get to use a tool that tracks a specific customer niche and a funnel that attracts a specific customer niche.
9 Steps to Make Money With Vodyssey?
This is the step-by-step process breakdown of the 3D phases.
Build your idea for your lifestyle asset business. Set your goals for your business. Define your niche and style. The coaching will help you define your "why, what, and how".
Know the pros and cons of property types from single-unit housing to multi-family complexes.
Recognize how to pick the best real estate market for your specific niche and style. For example: a single-unit house in a secluded area by a lake that can offer fishing, kayaking, etc.
Hire management, cleaning, and maintenance personnel locally. Locals have the advantage of knowing the area and can answer inquiries and suggest activities that can boost your guests' experience.
Have a financer lined up before making deals. Find off-market properties. The program has networks of lenders and realtors that you can take advantage of.
Build your business around your specific niche. Don’t be stingy when furnishing your vacation rental. Sell the dream through your property.
Sell your listing by describing the perfect vacation for your specific target audience. Enhance your listing with vivid copywriting and beautiful photographs. This is how you will beat the competition in your niche market.
Price is a big factor in marketing. You can use a higher price to grab attention and build curiosity. The high price can be justified by the content of your listing. Through photographs and good copywriting, show them the quality they’re paying for. Ensure an excellent customer experience to maintain high reviews.
Vodyssey recommends moving to paid marketing once you have a stable business. The program encourages its members to scale through paid marketing, but many still use OTAs. Paid marketing will help you reach a wider market. You can run ads or build your own website. Give away discount vouchers to entice more people to check out your listings.
How Successful Are Vodyssey Students?
Vodyssey has an overwhelmingly positive reputation. They have dozens of video and photo testimonials and success stories. They even use some of the biggest success stories as case studies for your reference. These success stories are all very detailed, which is a good sign that they are legit. (Click images to enlarge):
Here are reviews from its students on real estate forum sites.
Compared to many other coaching programs, Vodyssey had only 1.5K students in 3 years. This small number may be one reason they maintain good mentorship quality. Shawn Moore also sets realistic expectations that you will not become wealthy quickly but will have to invest a lot of time and effort into this long-term business.
Shelly Niemand: Short-Term Rental Success Story
Shelly's Background and Story
Shelly Niemand began her Vodyssey journey in April 2023. This interview happened in December 2023. She's already 8 months into the program. Shelly shares her journey with how she started, the challenges she faced, and the moments when she was about to quit but didn't. She also mentioned the tools she used, like AirDNA, which helped her study property listings.
How Shelly’s Business is Doing Today
Shelly's business is doing well today because of her hard work and careful planning. Although the video doesn't give exact details, it suggests she overcame the early challenges of starting in the short-term rental market. Her commitment to learning, market research, and smart choices are the reasons for her success in business.
Top Lessons Shelly Learned on the Biggest Challenges She Faced
Importance of Financial Readiness: She recognizes the importance of financial stability when entering the real estate business.
Continuous Learning: Students should humbly accept that nobody is an expert at the start. What's important is to leverage knowledge to speed up progress.
Executing Knowledge: Emphasizing the value of not just learning but also implementing that knowledge effectively.
Local Understanding: The importance of understanding market demands, and using tools like AirDNA for data-driven decisions.
Balancing Emotion and Practicality: Balancing emotional responses with practical considerations like budget and property features.
What's not mentioned in the interview: Shelly claims her STR business is doing well, but she didn't disclose how much she spent to start, how much she's currently making, or if she already recouped her investment. Industry data reported by iGMS shows it typically takes 1 to 3 years for an Airbnb to start making profit. So, it's likely that the "success" Shelly is referring to is just an upward trend in her rental unit business, but she might not have reached ROI yet.
Who Is Shawn Moore?
Shawn Moore has been in the real estate industry for 20 years. He has a technical sales degree from Weber State University. He has done fix and flips, single-family rentals, multi-family rentals, new construction, and land development. Shawn hosts his Vacation Rental Revolution podcast and published the 2021 book, What the Heck Is a Lifestyle Asset?: How To Build Lifestyle & Financial Freedom Investing In Vacation Homes.
In 2006, Shawn co-founded Wasatch Luxury, LLC with his wife. The company buys, sells, builds, and invests in properties throughout Utah. They also offered real estate advice and education, which eventually formed into the Vodyssey program. Shawn also founded the now defunct Alpha Dog Media, LLC in 2018, a company that guarantees placement for realtors on NBC, CBS, Fox, and ABC.
Is Short-Term Rental Investment Worth Starting in 2024?
There is no better time to start a short-term rental business as hotels decline in popularity, with guests preferring the higher standard of STRs. The time of the professional host is now.
The massive housing shortage across the United States has driven home prices up over 30%. There is a shortage of 3.8 million homes in both rental housing and ownership. This high demand and low supply has increased housing prices and rent. While this means you can charge a higher rent, you will need to secure more capital in order to secure your short-term rental property.
There are many other courses and mentorships that teach different methods of investing in short-term rental properties. Here are some of these courses:
Beyond Bnb Secrets by Dr. Chau Ong is a mentorship program that teaches you how to list corporate rentals on Airbnb.
The Real System by Jorge Contreras is a coaching program that teaches you how to build a business by buying, sub-leasing, or co-hosting an Airbnb property.
BNB Formula by Brian Page teaches you how to build an Airbnb business solely by leveraging other people's property.
Robuilt Host Camp by Airbnb Ambassador Robert Abasolo is great course that teaches you how to create an Airbnb business in unlikely niches such as glamping.
Rental Academy Mentorship is a program by JD Sustar that focuses on rental properties and using the power of Airbnb.
You can check out more Airbnb training programs on my top Airbnb courses list.
Why Local Lead Generation is the Better Passive Income Model in 2024
I mentioned an alternative business model at the start. With the local lead generation model, your cash flow comes from renting out your digital space on your ranked site to local businesses. Once the deal has been made, it could take up to several years before you even need to check or update your site. It is a low-risk, low-capital, low-maintenance, passive income model. This gives Local Lead Generation a massive edge over real estate investing.
