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Investing in Out-of-State Real Estate

Investing in Out-of-State Real Estate

 

Buying real estate rarely goes smoothly, and buying property out-of-state has even more potential challenges. If you are planning on renting property out-of-state, there are similar challenges involved.  However, either are entirely manageable if the potential trouble areas are planned for and addressed.  Many people rent and own property out-of-state, and you can too. 

 

Also, whether you decide to buy a property or rent it, let’s just call it what it is: Controlling the Property.  Whether you rent or own, you are “controlling” the property in order to run a Short-Term Rental Business out of it and you must be able to “control” the use of that property within the eyes of the law.

 

Reasons for Buying Out-of-State Real Estate

 

There are several reasons why you might consider owning or renting a property in another state. Maybe local real estate prices are simply too high...

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Episode 046 - Why You Shouldn't Treat Your Short Term Rental Like a Long Term Rental

 

  

SHOW NOTES & LESSONS

COMPARE INCOMES FROM A SHORT TERM RENTAL TO A LONG TERM RENTAL

2 Bed/1 Bath

Long Term Rental

1 Year Lease

$1200 month

 

2 Bed/1 Bath

Short Term Rental

Daily Rate

$87 per night

82% occupancy

$2140.20 month

 

2 Bed/1 Bath

Short Term Rental

Airbnb's Weekly

10% Discount

$609 for 7 days

-$60.90 discount

$548.10 per week

rent out 3 times

$1644.30 per month

A Loss of $495.90 mo

or $5950.80 per year

 

2 Bed/1 Bath

Short Term Rental

Airbnb's Monthly 

28% Discount

$2610 for 30 days

-$730.80 discount

$1879.20 per mo

 100% occupancy for

$1879.20 per month

A Loss of $261.00 mo

or $3132 per year

 

Use Vacancy Instead

Short Term Rental

Our Monthly 

18% Discount

$2610 for 30 days

-$469.80 discount

$2140.20 per mo

Same as your original Single Day!

 

WHERE DO I FIND MY PER DAY RATE AND OCCUPANCY RATE?

If you've been a host more than a year, use last year's numbers.

If you haven't been a host for a year yet, then use...

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Episode 027 - No Cash? No Problem! How to Get Started on a Dime

 

SHOW NOTES & LESSONS

LIES WE ARE TOLD & HOLD AS LIMITING BELIEFS... It takes money to make money. NOT TRUE! You just have to work harder.

Co-hosting is to Short Term Rentals what Wholesaling is to Real Estate Investing.

The Key to Any Type of RE Investing is Marketing! Consistent Marketing is best but you have to FIND the properties. Actively go looking for the type of homes you need.

What type of property do I look for? You are looking for a home that no one lives in but is furnished. It could even be a staged house for sale. Just non-owner occupied, no one living there, but furnished.

Where and how do I find these properties?

*Buy a list on Listability.com

*Craigslist

*Zillow

*Put out Yellow Signs (Bandit Signs)

*Realtors

*Attorneys

You are looking for homeowners who are open to allowing you to host guests in their already furnished home.

What is my job as Co-host? You will run the STR business. You will get the property BNB ready. Clean & Stage,...

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