Capital City Times

The Melbourne entrepreneur and his co-founders have expanded from a single leased apartment to 83 short-term rental properties, building an education and technology business alongside their accommodation operations.

Australia’s property market has traditionally rewarded ownership. For generations, building wealth through real estate has meant saving for a deposit, securing a mortgage and waiting for property values to appreciate.

Jordan Pham is pursuing a different model.

As co-founder of Melbourne-based BNB Success, Pham has helped develop a short-term accommodation business operating 83 leased properties without purchasing the underlying real estate.

The company reported approximately A$3.99 million in gross booking revenue for the 2025–26 financial year, according to figures published from its internal booking system in August 2026.

That figure represents revenue before rent, cleaning, staffing, furnishing and other operating expenses. Nevertheless, the scale of the operation illustrates how rental arbitrage is emerging as an alternative way for entrepreneurs to participate in the accommodation market.

From One Apartment to 83 Short-Term Rentals

The business began in 2023 when Pham and fellow co-founder Terence Mok each contributed A$15,000 toward their first Melbourne apartment.

Rather than buying the property, they secured a lease and operated it as short-term accommodation.

The first listing reportedly received a booking within an hour of going live.

Stanley Ma subsequently joined the operation, becoming its third co-founder as the portfolio expanded.

By August 2026, BNB Success reported managing 83 properties supported by a 25-person team, including cleaning personnel and operational staff.

The company’s growth has required more than finding suitable apartments. Furnishing, property preparation, guest communication, cleaning coordination and revenue management have become essential components of its operating model.

Unlike traditional real estate investors, who may benefit from capital appreciation, rental arbitrage operators depend primarily on the difference between accommodation revenue and their ongoing expenses.

That distinction creates a different set of commercial risks, particularly when occupancy fluctuates or operating costs rise.

Turning Operating Experience Into an Education Business

As the founders expanded their Melbourne portfolio, interest in their approach began to extend beyond their immediate network.

BNB Success accepted its first two students in August 2024, eventually developing a structured education and mentorship business.

The company now reports that its members have launched more than 1,500 short-term rental properties since January 2025.

Its programs cover property selection, landlord approvals, furnishing, pricing and day-to-day operations.

The business also provides access to live coaching, mentoring and software designed to support rental operators.

For Pham, the distinction between teaching the model and operating it remains central to the company’s positioning.

Many business education companies sell knowledge independently of the industries they discuss. BNB Success, by contrast, maintains an active accommodation portfolio from which it can draw operational experience.

That does not guarantee equivalent results for students. Property performance depends on local regulations, financing, demand, competition and individual execution.

However, maintaining a substantial operating portfolio gives the founders a practical basis for examining how the business model performs.

Beyond Airbnb Education

BNB Success has also expanded into technology.

Its NightlyIQ platform, introduced to members in June 2026, provides property-specific pricing recommendations based on occupancy, booking activity and comparable listings.

The development reflects a broader strategic shift.

Rather than remaining solely an accommodation operator or education provider, BNB Success is building services around the operational challenges faced by short-term rental businesses.

The company now combines accommodation management, education, property setup assistance and software within its business model.

Whether this combination produces sustainable long-term growth will depend on operating margins, customer outcomes and the ability to adapt to changing accommodation markets.

For now, the company’s expansion from one leased apartment to 83 properties offers a case study in how entrepreneurs are approaching real estate without necessarily acquiring the assets themselves.

For Jordan Pham, the more significant business opportunity may ultimately lie not in the number of apartments BNB Success operates, but in the systems it develops to operate them.

Reporting basis: BNB Success operating disclosures and founder hist