10XBNB Review (2026): An Airbnb Operator's Honest Assessment of Shaun Ghavami's Program

Who Shaun Ghavami Is

Shaun Ghavami is the Co-Founder and CEO of 10XBNB. According to the company's own biography page at learn.10xbnb.com/about-shaun-ghavami/, he holds a Finance degree from UBC Sauder School of Business and worked as a banking director at BMO, RBC, Scotiabank, and S&P before transitioning to short-term rental operations. All of that is drawn directly from how the company presents itself. This article does not add to it or subtract from it.

What the Company Claims About His Track Record

10XBNB's biography page for Shaun self-reports the following: a $100 million-plus property portfolio built through co-listing, 24 properties managed under the Iconic Retreats brand, over $5 million in booking fees generated, 1,600-plus students trained, and more than 1,000 five-star reviews as an Airbnb Superhost. Every one of these figures is a company self-claim. This review does not independently verify portfolio size, revenue, or student outcomes. The distinction matters: a company's self-description and a verified measurement of that description are not the same thing.

Who Ari Rahmanian Is

Ari Rahmanian is the second co-founder of 10XBNB. The company page at learn.10xbnb.com/about-10xbnb/ names both Ghavami and Rahmanian as founders, identifies the company as incorporated in 2018 in Vancouver, BC, Canada, and describes the organization as focused on teaching rental arbitrage, co-hosting, and property management. Beyond co-founder status and the company's founding context, the 10XBNB website devotes most of its biographical space to Shaun Ghavami.

Where 10XBNB Sits in the Education Market

10XBNB operates in a crowded field of short-term rental education programs. It is not a franchise, a property management company in the traditional sense, or a fund. It is a training business: students pay for access to curriculum, mentorship, and community, then build their own STR businesses using what they learn. That places it in the same category as Sean Rakidzich's Cracking Superhost program, the BNB Formula, and other coaching programs that teach Airbnb operations without owning or operating listings on the student's behalf.

What 10XBNB Teaches

The 10XBNB curriculum, as described on their own course page at learn.10xbnb.com/airbnb-entrepreneur-course/, covers three primary business models for generating income from Airbnb without necessarily owning property: rental arbitrage, co-hosting, and co-listing. The curriculum description is what the company publishes; this article does not evaluate how well it teaches those things or whether students who complete it achieve the described outcomes.

The Core Curriculum Areas

Based on what is described on the 10XBNB course page, the curriculum covers how to find and pitch property owners on co-listing arrangements, how to build and optimize Airbnb listings for revenue, how to automate operations so one person can manage multiple properties, and how to scale from one to multiple properties without employee overhead. The focus is on the co-listing model, where the student manages an owner's property in exchange for a share of booking revenue, rather than on traditional rental arbitrage, where the student signs a lease and sublets on Airbnb.

The course page describes a free training component for initial access, with the paid program providing mentorship, community access, and the core system. The page does not name a specific module count, session length, or completion timeline.

Delivery Format and Community Access

10XBNB describes its program as combining a "proven system" with mentorship and community access. The format (recorded video, live calls, group coaching, one-on-one sessions, or some combination) is not spelled out on the public course page. Buyers who need to know the exact delivery format before paying should request a written description of it directly from 10XBNB before enrolling. That is not a criticism specific to 10XBNB; it is a standard due-diligence step for any coaching program where the support structure is a key part of the value proposition.

Cost and Transparency

This is where 10XBNB diverges most sharply from what this site considers a buyer-friendly practice. The course page at learn.10xbnb.com/airbnb-entrepreneur-course/ does not disclose a price anywhere visible. The FAQ answer closest to the question of cost states that "10XBNB offers a free training to start, with the full program available for serious entrepreneurs who want mentorship, community access, and a proven system." No dollar amount appears.

What 10XBNB Discloses About Pricing

From the verified pages reviewed in July 2026: the program has a free training entry point. The paid component requires contacting 10XBNB to learn the price. This is a common structure in high-ticket coaching programs, where the price is shared after a qualification call. It is not illegal, but it means a buyer cannot compare total cost across programs without first engaging with a sales process.

Third-party affiliate and review sites publish price ranges for 10XBNB that this article cannot verify against a primary source. The FTC's guidance under 16 CFR Part 255 (the Endorsement Guides) requires that commercial relationships affecting the credibility of a review be disclosed. Sites that publish 10XBNB price ranges while earning referral income from 10XBNB are operating under that disclosure obligation. This article does not cite them as factual sources for 10XBNB's price.

What Operators Need to Ask Before Paying

Before paying for any high-ticket training program where the price is not publicly listed, ask the seller to put all of the following in writing before you pay: the current total price, the full payment schedule if the program is sold in installments, any recurring charges after the initial payment, what happens to your access if you stop paying a recurring fee, the cancellation and refund terms, how long the program runs, what you get when the program ends, and the format and frequency of coaching or support. If a sales call adds a material promise that is not in the written contract, request it be incorporated before signing. A promise made on a call without a paper trail is not a contractual commitment.

Student Results

The 10XBNB results page at learn.10xbnb.com/10xbnb-reviews/ presents case studies from named students. The observed figures from that page include a student named Chance who earned $15,000 over 46 nights, and a student named Bryan who reached $35,000 by his fourth month. The page states: "Outcomes vary widely by market and effort." That disclaimer is important because it acknowledges what the case studies do not establish on their own.

What the Case Studies Actually Show

A case study shows that one person, in one market, at one point in time, achieved a specific revenue figure. It does not show that a random enrollee would expect the same result. To assess whether a case study is evidence of what you should expect, you need to know: how many students total have completed the program (sample size), how many of those students achieved comparable results (selection rate), what market conditions and starting resources the featured students had, what expenses are excluded from the stated revenue figure (gross revenue is not net income), and whether the students in the case studies have any compensation relationship with 10XBNB (such as free or discounted enrollment in exchange for their story).

10XBNB's case study page does not address these questions. That is typical for the education industry, not unique to 10XBNB. The absence of that context means the case studies should be treated as possibility evidence (it is possible to do this) rather than probability evidence (this is what you should expect to happen). The distinction matters when you are deciding whether to spend a significant sum on a program.

The Trustpilot Link

The 10XBNB about page links to a Trustpilot page for third-party reviews. Trustpilot reviews are submitted by individuals and are not audited for the veracity of the outcomes described. A five-star review on Trustpilot confirms that someone liked their experience with 10XBNB; it does not confirm that the reviewer's financial results were typical. Use it as one signal among many, not as outcome verification.

The Co-Listing Model

10XBNB's core curriculum focuses heavily on co-listing. Shaun Ghavami's own property management company, Iconic Retreats, operates on this model. Understanding what co-listing actually is matters for evaluating whether the program is a fit for your goals.

What Co-Listing Means in Practice

In a co-listing arrangement, a short-term rental operator (the student or co-host) manages a property owner's Airbnb listing. The operator handles everything: photography, listing optimization, pricing, guest communication, cleaning coordination, and maintenance coordination. The property owner retains ownership and provides the property. The operator earns a management fee, typically a percentage of booking revenue ranging from 15% to 30% depending on market and scope of services.

The key difference from rental arbitrage is who holds the lease or deed. In arbitrage, the operator signs a lease, sublets on Airbnb, and captures the spread between rent paid and booking revenue. In co-listing, the operator never signs a lease. The operator's income depends entirely on bookings the underlying property generates. The operator's risk is lower (no lease obligation) but so is their upside per property (a percentage of revenue versus the full spread).

What Makes It Operationally Different

Co-listing scales differently from arbitrage. An operator using co-listing can grow a portfolio without taking on lease obligations, which reduces monthly fixed costs and lowers the barrier to adding properties. The operator is, however, dependent on property owners continuing to work with them. An owner who decides to self-manage or hire a different operator ends the revenue stream for that property immediately.

Shawn Ghavami's self-reported portfolio of 24 properties under Iconic Retreats is built on this co-listing model. The $100 million-plus portfolio figure is framed as "through co-listing," which in context means it refers to the aggregate value of properties managed, not properties owned. The distinction between portfolio under management and personal real estate holdings is worth noting when evaluating any coach's claimed portfolio size.

Who 10XBNB Fits

Based on what 10XBNB's own pages say about the curriculum and its target student, the program appears oriented toward people who are starting their first STR business and want a structured system for acquiring properties to manage without owning them. The co-listing and arbitrage focus is distinct from an operator-optimization track, which would be better suited to someone who already has properties and wants to improve performance.

Operators Who May Benefit

The 10XBNB model has a reasonable fit for: a person in a market with a significant number of owner-occupied vacation or investment properties whose owners might welcome professional management, someone who wants to enter STR without a lease commitment, a person starting from zero with limited capital (co-listing requires less upfront than signing leases and furnishing units), and someone who values a community of peers going through the same process.

Operators Who Should Look Elsewhere

10XBNB is probably not the right fit for: an operator who already has multiple properties and wants to improve pricing, listing optimization, or revenue management, a person in a market with strict short-term rental regulations that already limit arbitrage and co-listing opportunities, someone who wants an operator-to-operator peer review of their existing business rather than a system for building a new one, or a buyer for whom price transparency is a prerequisite before engaging with a sales process. If you need to know the total cost before talking to a salesperson, 10XBNB's current model is not designed for you.

How Sean Rakidzich's Approach Compares

Sean Rakidzich manages 155 Airbnb properties directly, not through co-listing. His portfolio is built on rental arbitrage and direct leasing. His curriculum focuses on revenue management, pricing strategy, listing optimization, and operational systems for that arbitrage and direct-management model. This produces a different fit for a different kind of student.

Portfolio Scale and Verification

Sean's student result data includes 10 documented case studies on video, available publicly at rakidzich.com/success-stories, with a top outcome of $350,000 per month. Like all case studies, these represent selected outcomes, not average outcomes. The difference in presentation is that Sean's results are on video, which adds a layer of verification the text-format testimonials on 10XBNB's site do not. Neither format independently confirms what a typical student should expect.

The Pricing vs Systems Distinction

The most substantive operational difference between the two programs is where the emphasis falls. 10XBNB's curriculum is centered on property acquisition (getting properties to manage) and business setup (the co-listing system). Sean's curriculum is centered on revenue optimization of properties an operator already controls: pricing frameworks, the Overcharge Strategy, ADR ruleset construction, and occupancy management. These are not competing approaches so much as approaches to different phases of building a STR business. A student who completes 10XBNB's program might then find Sean's pricing curriculum useful for maximizing the revenue of the properties they have built their portfolio around.

Questions to Ask Before Buying

Whether you are evaluating 10XBNB, Sean Rakidzich's Cracking Superhost, or any other high-investment STR coaching program, the same set of questions applies. These are not gotcha questions. They are the minimum commercial due diligence that protects you from making a significant financial commitment based on incomplete information.

Commercial Terms Checklist

Outcome Context Questions

For every case study or testimonial the seller shows you, ask: what market was this student in, what were their starting resources, how long did the described result take to reach, what costs are excluded from the revenue figure, and does this person have any compensation or promotional relationship with the seller. A seller who cannot answer these questions about their own featured results should be given less weight than one who can. The absence of that context is not proof the program does not work; it is proof you do not have enough information yet to decide.

Final Assessment

10XBNB is a real company with identifiable founders, a documented curriculum focus on co-listing and arbitrage, and a base of students who describe positive experiences on the company's own results page and on Trustpilot. Nothing in the verified evidence from their first-party pages suggests the company is fraudulent or that Shaun Ghavami's claimed background is fabricated.

The areas that require more information before a buyer should commit are also clearly defined. The program's price is not publicly disclosed. Refund terms are not publicly disclosed. The delivery format for coaching is not precisely described on the public course page. The case studies on the results page lack the sample size, selection methodology, and cost disclosure that would make them meaningful as outcome probability evidence rather than outcome possibility evidence.

The right buyer action is: watch the free training, identify whether the business model (co-listing, arbitrage) fits your market and goals, then request all commercial terms in writing before paying. Compare those terms with equivalent written terms from any other program you are evaluating. Make the decision based on the verified terms you hold, not the case studies you have seen.

This review is published by a competing STR educator. That fact must be weighed. The analysis above is built on what 10XBNB's own pages say about themselves. It does not make claims about 10XBNB that go beyond what those pages support.

Common Questions About 10XBNB