Short Term Rental Riches 59. 6 Steps to Get Started as a New Investor
Dec 29, 2020
Navigating the world of real estate investing can be daunting, especially for newcomers. The podcast breaks down six essential steps to get started, focusing on the financial aspects and identifying what you really want. It emphasizes the importance of picking the right market and area to invest in. Additionally, it covers assembling a reliable team to support your journey and the value of due diligence. Insights from recent virtual events provide tips on maximizing revenue and enhancing occupancy for short-term rentals.
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Assess Your Investment Budget
- Determine the total money available for your investment including personal funds and possible partnerships.
- Consult with lenders to explore financing options and understand different down payment requirements.
Define Property Preferences and Time
- Clarify what type of short-term rental property you want and how much time you can allocate to it.
- Decide if you prefer turnkey properties or if you can invest time in renovations.
Explore Broad Markets Beyond Local
- Avoid limiting your search to familiar local neighborhoods; consider broader markets with better potential.
- Use online tools and reports to identify the best markets beyond your immediate area.