How to Make a Short-Term Rental Work for Your First Portfolio

The property was first listed for 865,000 by the sellers. It was a side-by-side duplex and it had a full unfinished basement. The 1% rule is that a property that is listed for $500,000, ideally we want it to rent for $5,000 a month. So I have learned as a real estate investor to be more solutions oriented.

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Huge cash flow after selling most of your real estate portfolio!? Many rookies assume that having more doors equates to more profit, but that’s not always the case. The truth is, if you start identifying the best investing strategy for your property, you can make more cash flow while owning fewer units. Today’s guest has had small and large portfolios alike and has succeeded with both!

In this 300th episode of the Real Estate Rookie podcast, we catch up with past BiggerPockets guest, full-time real estate investor, and two-time best-selling author Rachel “Money Honey” Richards. After 2022 threw her several curveballs, Rachel made the tough decision to sell her thirty-eight-door real estate portfolio and start over. A nomad at heart, Rachel turned her attention to house hacking—a strategy that gives her a place to live while allowing her the freedom to travel six months each year.

Whether you have one door or one-hundred doors, you won’t want to miss out on the important lessons Rachel shares in this episode! She talks about beating analysis paralysis, using a solutions-oriented approach when looking for deals, and when it makes sense to use multiple rental strategies at once. But that’s not all, we’ll also get into creative financing, choosing a real estate niche, finding the best contractors for rehab projects, and more!

In This Episode We Cover

How to build (or rebuild!) your real estate portfolio from square one

Beating analysis paralysis by finding your real estate niche

How to apply a solutions-oriented approach to analyzing deals

Using multiple rental strategies to maximize your cash flow

Networking to find the best lenders and contractors for your properties

Leveraging creative financing to help fund your real estate deals

And So Much More!

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