Components of Budgeting for a Property Purchase

This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform.

• Real estate investing checklist. 0:00
• Identify your market and buyer persona to craft an effective offer.
• Define goals before purchasing a property, says Kenny Bedwell.
• Investment goals and strategies. 5:46
• Kenny emphasizes the importance of understanding personal preferences when investing in STRS, including proximity, seasonality, and lifestyle assets.
• Kenny also highlights the logical side of investing, including ROI and regulation, which are influenced by personal preferences.
• Market selection and personal preferences in real estate investing. 9:38
• Kenny emphasizes the importance of defining investment goals before selecting a market, as it can lead to fruitless and irresponsible investment decisions.
• IPhone 13 Pro Max (3): Focus on markets that align with your interests and offer clear advantages, such as better restaurants and wine drinking spots.
• Kenny: Provides a step-by-step process for choosing markets through education, rather than relying on influencers or chasing trends.
• Market selection and regulation in short-term rental investing. 13:35
• Kenny emphasizes the importance of regulation in market selection, citing examples like Hot Springs, Arkansas, where short-term rentals are limited due to local regulations.
• iPhone 13 Pro Max (3) agrees, highlighting the need to research regulations before investing in a market, using Asheville as an example of a neighborhood with strict rules against short-term rentals.
• Creating a successful short-term rental property. 18:12
• Kenny emphasizes the importance of understanding the buyer persona before selecting a short-term rental property, as it will impact marketing and positioning efforts.
• iPhone 13 Pro Max advises against glossing over the steps involved in defining the buyer persona, as it takes hours to complete and is crucial for successful marketing and sales.
• Real estate investing with a focus on budgeting and property selection. 21:08
• Kenny emphasizes the importance of understanding acquisition costs, post-close costs, and carry costs when buying a property.
• Kenny advises investors to factor in all three costs - acquisition, post-close, and carry - when creating their budget, and to have a minimum of $25,000 set aside for carry costs.
• Real estate investing strategies and property selection. 25:56
• Kenny recommends starting with 10-15 markets and narrowing down the list through research and due diligence.
• iPhone 13 Pro Max (3) spent 500-700 hours researching before finding the best property in their portfolio.
• Crafting offers in real estate investing. 30:29
• Kenny and iPhone 13 Pro Max (3) discuss crafting offers in real estate, with a focus on getting help to buy points down and putting various components into the offer.
• Kenny emphasizes the importance of factoring in additional costs, such as amenities, when making an offer on a property.
• Kenny provides a 5-point checklist for crafting a compelling offer, including defining goals, market selection, and budgeting.

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