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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 047 – Lessons from the California Exodus

 

 

SHOW NOTES & LESSONS

OVER 5 MILLION PEOPLE HAVE LEFT CALIFORNIA NOW DUBBED "THE CALIFORNIA EXODUS"

Although people are moving into the state while others are moving out, Cali has still lost more than 1 million people and the population continues to shrink.

 

Who's moving in?

Those making $200,000 plus per year with higher education from tax-burdened states like New Jersey, New York, and Illinois (also seeing massive Exoduses).

 

Who's moving out?

Those making $55,000 and below with no college education.

 

Where are they moving to?

States with much more affordable housing like Texas, Arizona, Nevada, and Oregon.

 

CALIFORNIA HAS 5 OF THE TOP 10 MOST EXPENSIVE RENTAL MARKETS

 

What a One Bedroom Rents for in:

Los Angeles $2249 month

San Francisco $3400 month

Las Vegas $925 month

Phoenix $945 month

 

What a Two Bedroom Rents for in:

Los Angeles $3200 month

San Francisco $4500 month

Las Vegas $1122 month

Phoenix $1137 month

...

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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 028 - How Legal Is My Short Term Rental?

 

 

SHOW NOTES & LESSONS

You want to diversify and invest in many things, like stocks & bonds, gold & silver, and real estate.  However, Specialize in one area of Real Estate Investing - like Short Term Rentals, for instance!

Attorneys specialize. Doctors specialize.  You should, too.

Each state has a variety of rules and regulations when it comes to Short Term Rentals. 

You can go to Airbnb's Page about Legal & Regulatory Issues. Read what they have to say, then google your city and state with search phrases like, "do I need a permit or license for my short term rental in Tucson, Arizona?"  Then just start reading.

 

  • Find out all you need to know for your state government's page and from your city's official government website.

 

  • Ask your Real Estate Agent if the property is Short Term Rental friendly but still, ask for a copy of the HOA's CC&Rs.

 

Remember, the government provides tax cuts and incentives as a...

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Episode 009 - The One Thing That Can Rain on Your STR Parade the Hardest

cc&rs due diligence hoa Oct 12, 2018
 

Here are the books Michelle referenced in today's podcast.  Note, these are Affiliate Links.

[00:00] Over the last two centuries, nearly 90 percent of the world's millionaires have created their wealth through real estate here to tell you how you can ride this wave with less risk and less capital long. Creating greater income is your host best selling author and Speaker Michelle Russell.

[00:22] Hi, this is Michelle, the master of money mindset and I'm here with this episode of the short term rental revenue podcast. And in today's episode we're going to talk about the people who rain on your parade. We're going to talk about the Hoa and the people who set up all these cc and rs and all the codes and compliance as city ordinances that will rain on your parade when you are a short term rental owner. Another thing I don't like HOA's and I'm gonna cover that, but HOA's have been like this for a long time. I don't know if any of you, because we didn't have a choice when I was...

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