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Episode 080 - Are You Over-Improving Your STR? Why You Must Know Your ROI

 
 

SHOW NOTES & LESSONS

We are looking at a 2 bedroom/2 bath in Mesa close to everything. 

Now, purchase the Airdna Data for your property and let's figure out the ROI for a Short-Term Rental.

 

Wait... 40% ROI sounds a little too good to be true.  What did we miss?

So, the ROI on this property for a Long Term Renter is 22% and a Short Term Renter is 24%.  That's a LOT of work for only 2% more on your investment.  Figure out if it's worth it!

 

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Airdna.co

Recommended Article or Blog Post Related to This Week's Podcast:

What Is After Repair Value (ARV) in Real Estate?  How to Calculate ARV—The Equation and What It Means to Your Profits

 

 

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

 

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Show Transcript

[00:01] Over the last two...

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Episode 076 - Why You Must Know Your Marketing & Who You Serve

 

 

 

SHOW NOTES & LESSONS

What are some things that you can do in order to amp up your marketing and build your revenue in a hot market?

01-02) Check the basics, like your photos.  Are they professionally done and is the best one your thumbnail?  Does your headline boast your best feature?  Does it grab your attention and hold it?

03) Floorplans - you can get one on the cheap at fiverr.com and place it in your listings.

04) You want to snap a pic of a Google map and the minutes from your place to the hottest destination near you.  "We're 4 minutes to the university" highlights your location wonderfully!

05) Uh, speaking of location and any other information inside your listing - BE HONEST!  Don't highlight a location where you are NOT or boast amenities that you don't have.  You will only create angry guests that way!

06-07) Hire an interior designer and cover your place with art.  Art on the walls is a must.  Bare walls...

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Episode 065 - Interview with Napa Valley Chris (Young) on His $6k Airbnb Settlement - Part One

 
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Episode 063 - Why Now is the Best Time to Think About Retirement

 

SHOW NOTES & LESSONS

 

 

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

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

 

Recommended Article or Blog Post Related to This Week's Podcast:

The 2020 Wealth Building Summit - three full days of premier self-directed IRA education! At the Summit, you’ll hear from investors around the country who are using their self-directed IRAs to build wealth, secure their financial futures, and create a legacy for future generations. Three full days of education, networking, and inspiration!

 

https://www.eventbrite.com/e/2020-wealth-building-summit-cleveland-oh-registration-68835768637

 

https://www.daveramsey.com/blog/teach-your-kids-how-to-save-for-retirement

 

 

 

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

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

PICTURE OF PDF

Go To Our Download...

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Episode 058 - You're Doing It Wrong: The Biggest Mistake You May Be Making

 

SHOW NOTES & LESSONS

 

it can't be personal (ie. emotional) if it's business...

 

Do yourself and your business a favor and stop renting out your

personal space as soon as you possibly are financially able to.

 

Always pay yourself and even your kids for jobs that you perform. This is an expense for your business, which lowers the income, which lowers your business' tax burden. As long as your kids make under a certain amount, $12,200 in most cases, they do not have to pay taxes on it.

 

Get your mindset away from your old thinking. Employees and Self-Employed people think incorrectly about money - which usually is one of the main reasons they're stuck on the E and S side of the Quadrant!

 

THINK AND ACT like a business owner. Pay yourself! Hire the right professionals to get the job done! Don't step over dollars to save cents!

 

Stop Thinking Like an Employee

and

Start Thinking Like a Business Owner!

 

...

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Episode 056 – Part Two of You Can’t Fix Noise & Other Things to Avoid When Property Shopping

 

SHOW NOTES & LESSONS

What you want to look for when acquiring properties for you STRs or your Portfolio:

Look for a Neighborhood that Looks & Feels Good.

Check it out at all times of the Day and Night.

#1 Thing - as always - Location, Location, Location!

How's the Parking?  At night?  I look for Designated Parking!

What to Avoid:

Noise! - Whether it's being backed-up to a busy street or barking dogs, noise is one of your worst enemies when it comes to renting out a property.

Bathrooms - Optimally, one bathroom for each bedroom.  At the very least, no bathrooms that force you to walk through bedrooms.  No good!  Masters need their own bathrooms, always!

No converted rooms or quirky floorplans.  A house has to have flow & it has to be re-sellable.  You have to be able to sell fast and quirky floorplans and converted rooms JUST DON'T SELL WELL.

Stairs should be wide and clear, and everything should be standard.  Steps' risers...

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Episode 055 – Part One of You Can’t Fix Noise & Other Things to Avoid When Property Shopping

 

SHOW NOTES & LESSONS

What to do when the neighbor's dog won't stop barking...

First, knock on your neighbor's door and try to talk to them.

If they aren't home, leave a note. Give them time to fix it.

Check your HOA or city ordinances. Follow their guidelines, which usually asks you to contact the police or a local authority, make written notices, keep a (video) log, and follow up.

Reminder: Do your due diligence before signing on the line!

That airport didn't just go up overnight and that dog has most likely been there the entire time. Make certain you do your due diligence BEFORE you rent or buy a property. Know your neighbors. Knock on their door. Ask questions like, "is there anything you wish you were aware of before you bought your home? Is there anything you think I should know?

Michelle has an entire list of what type of house not to buy!

We split this episode into two parts because Michelle began going into the Types of Things She Avoids when Purchasing or Renting a...

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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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