Putting It on Rent After Failed Sale

In this episode, Travis shares a personal story about his experience with a challenging out-of-state real estate flip that resulted in a significant loss initially, but also valuable lessons for long-term investing and property management. He discusses the complexities of managing properties from afar, unexpected costs like property taxes, and the emotional factors that influence buying and selling decisions. The episode also covers practical advice for navigating real estate investments, including the importance of local market knowledge and having trustworthy property managers.

On this episode we talk about:

• The risks of out-of-state real estate investing and the need for trusted local support.​

• Unexpected expenses like property tax increases after ownership transfer.​

• How market timing can be unpredictable and the value of long-term holding.​

• Strategies for managing rental properties, including using mother-in-law suites and Airbnb for supplemental income.​

• Emotional aspects of real estate decisions versus logical financial planning.​

• Practical tips for those new to real estate investing, especially regarding boots-on-the-ground knowledge.​

Top 3 Takeaways

1.  Out-of-state real estate investing demands extensive local market knowledge and trustworthy management to mitigate risks.​
2.  Unexpected costs, such as increased property taxes, can drastically affect profitability.​
3.  Long-term holding of properties often outperforms attempts to time the market, especially with a reliable tenant paying the mortgage.​

Notable Quotes

•   "Better research could have avoided a lot of this loss—I didn’t know what I didn’t know at the time."​

•   "You can’t time the market; buy real estate and wait—it will be worth more in the future."​

•   "If you can afford it, holding properties even without a tenant can be like putting money into a savings account that grows."​

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