Renting a Lakefront Cabin to Your Dad?

My dad is nearing retirement. He has about 230,000 left on the mortgage and the cabin is worth roughly 650,000 in its current state. With talk of retirement eliminating a monthly expense of $2,400, it's becoming very enticing to him. My dream for the property be to take down the short term rental route through Airbnb or VRBO. Do you think this is a realistic scenario and a good idea for something that could help me build my portfolio in the future?

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The 2023 recession is both an opportunity and a danger for real estate investors nationwide. Falling prices, rising mortgage rates, and an uncertain housing market have made buying rental properties riskier than at any other time in the past ten years. But, the flip side of this coin is that a lack of buyers and harsh buying conditions makes it easier than ever to pick up homes in grade-A areas, many of which could help you realize massive returns in the future. So, is now the time to buy?

Welcome back to Seeing Greene, where expert investor, agent, broker, and author, David Greene, answers your recession-based real estate questions on the spot. We take questions from new investors struggling to find cash flow in today’s challenging market and long-term property owners who don’t know what to do with all their equity. We’ll also hit on the touchy subject of when to quit your job, when you have too much debt to invest, and the difference between a property manager and an asset manager (most people get this wrong!).

Want to ask David a question? If so, submit your question here so David can answer it on the next episode of Seeing Greene. Hop on the BiggerPockets forums and ask other investors their take, or follow David on Instagram to see when he’s going live so you can hop on a live Q&A and get your question answered on the spot!

In This Episode We Cover:

Why cash flow is NOT the most important metric when buying in 2023

Using the recession to snag better deals on homes in appreciating areas

Selling vs. renting and what to do with a house that has heaps of equity

When to quit your W2 and whether or not doing so in a recession is too risky

Overleveraging yourself and why you may want to hold off on investing if you have high debt

Lease options and using them to buy properties from on-the-fence sellers

Asset management vs. property management and how these two titles differ

And So Much More!

Links from the Show

Find an Investor-Friendly Real Estate Agent

BiggerPockets Youtube Channel