51) Backup Plan for Airbnbs & Is this market bottom?

Real Estate Investing with House Money

House Money Weekly

In this week’s House Money Weekly segment, Lauren and Alan get together with their special guest Matthew Teifke. They discuss blog 147, the five most important things about your short-term rental business. Alan wrote this blog with Lauren’s help, obviously. One important thing to remember is that short-term rentals are more than just real estate investing. You are a host - not just a property manager. You have guests - not tenants. You must provide an experience for your guests. Lauren shares that she spends 20 minutes a day for her 9 short-term rentals. Matthew’s opinion is to never buy real estate that has only one strategy that works. The 2nd important thing to remember is the systems are good for both the host and the guest. If everything is systematized (rules, check in procedures, check out procedures, communication, house rules) then every guest has the exact same experience then the reviews will reflect that which is an excellent way to make the short-term rental investing successful. For Lauren, if you're not systematizing and automating, you're going to end up in a lot of difficult one-off situations. The 3rd important thing is to never stop analyzing your market. Look at the average daily rate of the neighborhood and the average length of stay because it changes from pre-purchasing to the quarter after buying and then the year after buying. Lauren analyzes her markets approximately monthly and she looks at which amenities other people add while still keeping the amenities she offers very limited. The 4th important thing is to treat your extended team very well even if it means overpaying them because it will go much further in the long run. And the 5th important thing is that reviews trump everything. Remember, you're running an online review business and not just a real estate investing business because reviews will either make or break you.

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Mortgage Minute: Jasmine answers the question: Why does a good credit score matter?

Sponsored by: Jasmine Mortgage Team https://www.jasminemortgageteam.com/

Real Estate Is Easy Segment

Lauren interviews Danielle Fountain, the founder of The One Realty in Austin. They focus on taking a data driven all in one approach to real estate. She was in the military for 10 years. Then, she realized that she has a passion for numbers and for people and that’s where The One Realty was born. Lauren asks Danielle about the Austin real estate market and it has been in the news even pre-pandemic because it went way up and appreciated on average by about 65% from May 2022 until November of 2023 and then it dropped around 21%. One thing Danielle does is she posts daily on what is happening in Austin's real estate and she looks at data numbers every day. Danielle also shares what she saw in the real estate market of Austin and what are the probable causes of the price increase and drop. Danielle’s advice to the people who are scared of the idea that if they buy a property then suddenly price goes down is that real estate is not day trading. You have to look at real estate as a long-term plan. Lauren asks Danielle a controversial question "is your primary home an investment?" Danielle’s answer is that it’s an investment if the cash out is utilized. If you're not using any value from it and you're just living in it, then it's not. Danielle looks at her primary as a long-term investment because eventually she’ll rent it out and it will no longer be her primary. She will keep it and she will buy her next one. And lastly, Danielle makes real estate easy by being data driven. Matthew, Lauren, and Alan react and agree with Danielle.

Contact our Guest:

https://theonerealty.com/

https://www.linkedin.com/in/daniellemarieatx

Guest Host Segment

Guest Host Matthew discusses the market right now. Matthew sees that there are crazy deals out there, but you just have to do singles and doubles deals and then you will find home runs along the way but don't just wait for it and just be on the sideline the whole time. Matthew believes we’re at the bottom, so get off the sideline. Alan shares his experience of investing in his first property when the market was at its lowest and how markets improve which turns into a double or triple. Alan is a fan of thinking of each property as a lottery ticket. Matthew thinks one deal can charge your life, but you need to be in the game to get it! Lauren says that you can't recognize home run pitches if you aren't looking at a lot of other pitches first. The hosts close by encouraging you to analyze deals and make offers TODAY.

Note that both Alan and Matthew will be on the show Real Estate King on Apple TV in June!

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https://www.teifkerealestate.com/

https://www.instagram.com/matthewteifke/

https://www.instagram.com/teifkerealestate/

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Lauren:

https://twitter.com/AdultingIsEasy

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