When you're investing in real estate, it's really hard to get started. There's so many options of things that you can invest in. This is why you want to have a BUY BOX.
A buy box is a set of criteria that you're looking at to help you determine if a property is a fit. If you don't have an established buy box, you'll leave yourself analyzing every possible deal at any price point, with any type of investing strategy. Taking this approach will give you "analysis paralysis", and will probably leave you on the sidelines not investing in anything. You want to move forward with the right properties.
What makes up your real estate investing buy box?
1) Type of property: Is this going to be a single-family home? Multi-family home? Mobile home park? Tiny House? Start thinking about the specific types of properties that you want to invest in. You can set up a search through the MLS via a real estate agent, or there are lots of other websites out there where you...
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Short-Term Rentals on AirBnb and VRBO have been all the rage in recent years. You might be wondering if the market is too saturated or if it's too late to get started investing in your own short-term rental. What are the first steps you can take to get your own short-term rental? We discuss how to pick a market that is a great fit for you, how to pick specific areas within your market, what types of properties to focus on and what types of amenities to have in your short-term rental. We also talk about why a short-term rentals might be a better fit for you than a long term rental and why you might love being in the hospitality industry providing a great experience for your guests vs. working with tenants. This is a great opportunity to learn the basics about short-term rentals and decide if it's a good fit for you in your investment portfolio.
In this episode, hosted by Mike Swenson, we discussed: