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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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.
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.
Remember, the government provides tax cuts and incentives as a...
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
*Put out Yellow Signs (Bandit Signs)
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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