We bought a property that we are intending to Airbnb but it needs a lot of work and I could use some advice. We are debating if we should flip it to get something else or turn it into an Airbnb. The location is great but it would require more work to make it an Airbnb than to flip it. I know how to alot of the work but would like some input on what you would do
@@boblovesabr I would evaluate the cash on cash return rehabbing it and turning it into an Airbnb vs the profit from flipping and then investing in another property and what the cash on cash return potential is at another place. Go with the higher ROI
Are there somewhat different criteria for property selection and strategy if my model is to rent to -say traveling nurses, professionals on extended work detail (3, 6, 9 months) rather than the typical Air BnB/vacation traveler model (a couple of days, 1 or 2 weeks stay)??
Yes for travel nurses I'd recommend researching how big the hospital systems are and how many open nurse contracts they are looking to fill or fill on average per year.
@@melefante6 I'm in the DC,Maryland, Virginia (DMV) metropolitan area so the hospital system is expansive but, not sure how to get to the information concerning open nurse contracts --would a job search on nurses be a way or do you know of something?
Your video was very informative especially finding out data on Airbnb I was trying to do that but didn’t realize the things you suggested to do like how booked the properties are and if they have a lot of reservation and there was a couple more things I have to watch it back thanks was very helpful and informative
Are there specific realtors to find that are experts in finding properties that would be ideal for Airbnb? I’m looking for a one stop shop, somebody to help me find the perfect property, connect me to Airbnb property manager, Cleaners etc.
Dude when you have *blue* eyes that are expressive they are a dead giveaway to what you mean when you say it lol. That aside, I'll subscribe because you are very *informal* for someone who's probably *NEVER* lived in a city.
Great video! This inspired me to want to buy a property to start doing airbnb rentals, do you recommend buying local for my first place or can it be out of state? I work full time and only have weekends available
Since you started investing in real estate, what are some of the biggest lessons you have learned? What tips can you recommend to new investors to avoid making common mistakes?
That is a terrific question! I should do a video because I can talk about a lot of mistakes! I think for me one of the toughest things was to learn all the different loan options and the rules around them. Different creative financing options are available and how to get started with little or no money. I think I would have gotten started much sooner if I knew all those options. I should have reached out to more lenders and other investors to ask better questions too. I think advice for myself a year ago (and for new investors) - is take the emotion out of it, trust your gut when you should walk away from a deal. You will really love some properties, but ultimately won't line up with your numbers. At the end of the day, if the numbers makes sense, the deal makes sense. Also, networking is huge. With other investors in the area, RE agents, lenders, wholesalers, FB groups, etc. Most people in RE investing world are pretty open books and willing to share knowledge. When possible, I think it's really powerful to learn from other people's mistakes before learning from your own, when possible.
Are there any unspoken rules, like not opening a new rental property in the same street in a small town as another (especially when it will be a visible rental property with a sign)?
@@melefante6 Thank so much for the reply! You got yourself a new subscriber! So they won't like hate you if you come in to some country or mountain town with few places, for like stealing their business? Maybe just my anxiety talking! Ya zoning is super confusing and complicated - especially for me, as I want to set up / build my own cabins on vacant land.
How did you get financing for these investment properties? Is there a specific type of loan I should be researching? What if the property needs fixed up prior to renting?
We used conventional loans. One secondary home loan and the others investment loans. Can also use commercial loans! For rehab we came out of pocket but I know people who have done hard money loans to finance rehab Airbnb’s and private loans for furniture (somewhat of an infinite banking strategy) and then refinance the home when it’s complete and pull equity out to pay off hard money and private money
Just found you on social media. Your videos are great help and get a guy jacked up about real-estate. When buying a property is it better to purchase a property that’s ready to list on Air bnb or do you try and save money buy purchasing a fixer upper
Completely depends.. which option will provide the higher cash on cash and total return on investment? Also with today’s market being so crazy and prices so high I have found better luck buying properties that need some work. It helps build an additional layer of equity and less competition from other investors looking for turn key properties.
As long as you set up systems to automate the day to day you can manage from anywhere. Definitely need great cleaners that communicate well. You can sync calendars so they know when to clean. Then use YourPorter or Smartbnb to automate guest communication, etc. and use PriceLabs to automate pricing based on demand. Have a local handyman that can be on call for minor issues. Use keyless entry and a security camera out front
@@melefante6 Thanks. Could have totally found that myself 😂 guess my scrolling game wasnt strong on this one. Great work!!! I definitely want to expand my airbnb network. But competition is hard in central Florida.
Thanks so much for your videos! I’m currently searching for my first location and you mentioned finding up and coming spots, is there a good way to search for these or find them? I imagine airdna is a good source? Or is more just a word of mouth kinda thing?
All of the above! :) AirDNA is a great starting point. Researching top tourism locations in each state and monthly tourism numbers, year over year growth in tourism if possible to find that data is very useful
As always so many great insights! How much do you trust airdna data? For example in one market I’m looking at I see a market grade of B+, with an investability score of 40. How does that compare to the markets you’re in?
AirDNA is a GREAT starting point - but not the end all be all. You really need to purchase the market minder subscription in order to see all the data and use filters to help solidify your forecasting
I’m looking for a mentor, use me as someone you can market to prove how valuable your information is by showing that I made it, and teach me how to get to where you are
THANK YOU. I HAVE A 2 BEDROOM , ON THE STRIP IN LAS VEGAS, WEEK OF NOVEMBER 14---19TH. FORMULA 1 WEEK.👀
This was SUPER helpful man! 1st time to the channel and definitely subbing! 💯
Thanks!
This is the best Airbnb tip video I’ve ever seen. This needs more views and more subs on the channel
Thank you for the support!
Drop your questions below!
We bought a property that we are intending to Airbnb but it needs a lot of work and I could use some advice. We are debating if we should flip it to get something else or turn it into an Airbnb. The location is great but it would require more work to make it an Airbnb than to flip it. I know how to alot of the work but would like some input on what you would do
@@boblovesabr I would evaluate the cash on cash return rehabbing it and turning it into an Airbnb vs the profit from flipping and then investing in another property and what the cash on cash return potential is at another place. Go with the higher ROI
Great video Mike!
Great info. Thank you!
What are your thoughts on Henderson, NV area?
I haven't looked into that area personally. I would suggest checking AirDNA
Perfect video for starting out wow
Thanks!
Thank you!
You are talking about buying a property here. What about renting, or did I misunderstand?
Are there somewhat different criteria for property selection and strategy if my model is to rent to -say traveling nurses, professionals on extended work detail (3, 6, 9 months) rather than the typical Air BnB/vacation traveler model (a couple of days, 1 or 2 weeks stay)??
Yes for travel nurses I'd recommend researching how big the hospital systems are and how many open nurse contracts they are looking to fill or fill on average per year.
@@melefante6 I'm in the DC,Maryland, Virginia (DMV) metropolitan area so the hospital system is expansive but, not sure how to get to the information concerning open nurse contracts --would a job search on nurses be a way or do you know of something?
i like the workflow here
thanks!
Your video was very informative especially finding out data on Airbnb I was trying to do that but didn’t realize the things you suggested to do like how booked the properties are and if they have a lot of reservation and there was a couple more things I have to watch it back thanks was very helpful and informative
For sure thanks for the comments!!
This is great content
Thank you!
Dig the bison mount on the wall!
Thanks! My wife’s pick :)
Are there specific realtors to find that are experts in finding properties that would be ideal for Airbnb? I’m looking for a one stop shop, somebody to help me find the perfect property, connect me to Airbnb property manager, Cleaners etc.
Dude when you have *blue* eyes that are expressive they are a dead giveaway to what you mean when you say it lol. That aside, I'll subscribe because you are very *informal* for someone who's probably *NEVER* lived in a city.
When purchasing these properties, are you doing it under your business name or personal as a second home?
Great question! It is under our personal name. It becomes difficult to obtain a loan as a business vs doing so as an individual.
Great video! This inspired me to want to buy a property to start doing airbnb rentals, do you recommend buying local for my first place or can it be out of state? I work full time and only have weekends available
Having it local can be convenient - but not necessary. I would go with the place that would provide the higher rate of return
your videos are better than all this fake guru's courses
Since you started investing in real estate, what are some of the biggest lessons you have learned? What tips can you recommend to new investors to avoid making common mistakes?
That is a terrific question! I should do a video because I can talk about a lot of mistakes! I think for me one of the toughest things was to learn all the different loan options and the rules around them. Different creative financing options are available and how to get started with little or no money. I think I would have gotten started much sooner if I knew all those options. I should have reached out to more lenders and other investors to ask better questions too.
I think advice for myself a year ago (and for new investors) - is take the emotion out of it, trust your gut when you should walk away from a deal. You will really love some properties, but ultimately won't line up with your numbers. At the end of the day, if the numbers makes sense, the deal makes sense.
Also, networking is huge. With other investors in the area, RE agents, lenders, wholesalers, FB groups, etc. Most people in RE investing world are pretty open books and willing to share knowledge. When possible, I think it's really powerful to learn from other people's mistakes before learning from your own, when possible.
@@melefante6 💯👌🏾🔥🔥🔥
Are there any unspoken rules, like not opening a new rental property in the same street in a small town as another (especially when it will be a visible rental property with a sign)?
No just be aware of local zoning laws for short term rental permit
@@melefante6 Thank so much for the reply! You got yourself a new subscriber! So they won't like hate you if you come in to some country or mountain town with few places, for like stealing their business? Maybe just my anxiety talking! Ya zoning is super confusing and complicated - especially for me, as I want to set up / build my own cabins on vacant land.
How did you get financing for these investment properties? Is there a specific type of loan I should be researching? What if the property needs fixed up prior to renting?
We used conventional loans. One secondary home loan and the others investment loans. Can also use commercial loans! For rehab we came out of pocket but I know people who have done hard money loans to finance rehab Airbnb’s and private loans for furniture (somewhat of an infinite banking strategy) and then refinance the home when it’s complete and pull equity out to pay off hard money and private money
Just found you on social media. Your videos are great help and get a guy jacked up about real-estate. When buying a property is it better to purchase a property that’s ready to list on Air bnb or do you try and save money buy purchasing a fixer upper
Completely depends.. which option will provide the higher cash on cash and total return on investment? Also with today’s market being so crazy and prices so high I have found better luck buying properties that need some work. It helps build an additional layer of equity and less competition from other investors looking for turn key properties.
@@melefante6 thanks Michael! Love your transparency
@@melefante6 For fix uppers that are located out of state, how did you manage the construction work before they are ready for Airbnb rentals?
@@carolhuang5002 need to hire a local contractor to do the work.
I’m in the process of buying my first place in Panama City beach, FL. Would LOVE to pay you for a 15 minute call ASAP!
So how do you manage properties that are not close to you? Or do you not recommend that?
As long as you set up systems to automate the day to day you can manage from anywhere. Definitely need great cleaners that communicate well. You can sync calendars so they know when to clean. Then use YourPorter or Smartbnb to automate guest communication, etc. and use PriceLabs to automate pricing based on demand. Have a local handyman that can be on call for minor issues. Use keyless entry and a security camera out front
Sub and a like just for putting the summary of this video in the description MVP move bro 😀
🙌🏻
Do you have any links to your Airbnb properties?
See link here and at the bottom:
stanwith.me/melefante6
@@melefante6 Thanks. Could have totally found that myself 😂 guess my scrolling game wasnt strong on this one. Great work!!! I definitely want to expand my airbnb network. But competition is hard in central Florida.
Thanks so much for your videos! I’m currently searching for my first location and you mentioned finding up and coming spots, is there a good way to search for these or find them? I imagine airdna is a good source? Or is more just a word of mouth kinda thing?
All of the above! :) AirDNA is a great starting point. Researching top tourism locations in each state and monthly tourism numbers, year over year growth in tourism if possible to find that data is very useful
@@melefante6 Got it! Thank you so much :) Keep up the great work, I'm super grateful for it!
Will you invest outside your state?
Yes, I would. As long as the numbers make sense.
As always so many great insights!
How much do you trust airdna data? For example in one market I’m looking at I see a market grade of B+, with an investability score of 40. How does that compare to the markets you’re in?
AirDNA is a GREAT starting point - but not the end all be all. You really need to purchase the market minder subscription in order to see all the data and use filters to help solidify your forecasting
I’m looking for a mentor, use me as someone you can market to prove how valuable your information is by showing that I made it, and teach me how to get to where you are
I already have 57K on tik tok @wsammyc
Don’t take these videos of TH-cam please. I’m going to need them down the line lol.
They'll be here!
:D
:)