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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 035 – Best Tools for Automation: Putting Your Business on Autopilot

 

 

SHOW NOTES & LESSONS

Automation

*Schlage

*August

*Lockitron

Some need help, like Kevo, Z-Wave, or a Smart Hub.

Begin with eLocks

Then Dynamic Pricing

Add AirDNA

Make sure your Cleaning Company has Online Scheduling

Automate Your Messaging

Take a Look at Properly

Find a VA at onlinejobs.ph

Think Shark Tank:  Do you want half of $2 million or all of $10,000?

Our Membership Site opens in May!!

WHAT BOOKS, PRODUCTS, SERVICES, OR LINKS WERE MENTIONED...

Please use our Affiliate Links whenever possible and help support the show.  Thank you!

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Recommended Podcast Episode that is paired with this one like a Fine Wine:

Get This Episode's Show Notes in a pdf form...

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Show Transcript

[00:01] 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...

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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 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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