Behind The Shine | 4/29/2022

    Behind The Shine 4/29/2022

    I’ve shared the initial steps of buying a rental propery- Step 1 Determining Your Criteria, Step 2 Define Your Viewpoint, and Step 3 Meet Weekly. Let’s keep the momentum going and jump into Step 4.

    Let’s continue with Step 4 – Delegate Tasks

    • Delegate tasks either to your partner or yourself. Determine from there, who you will delegate these tasks to.
    • These tasks can range from anything that needs to get done such as checking in with the lender, having your handyman get bids, or analyzing a particular property with your realtor.
    • Follow up on these tasks during the next weekly meeting.

    Once you have your weekly meetings set up, you’ll be ready to move on to step 5!

    Watching travel trends is an important part of investing in short term rentals. First, it’s important when analyzing which markets to invest in. Second, once you own a short term rental you’ll need to keep your pulse on the market to run your investment the best way possible. Check out this article that breaks down upcoming travel predictions and tips for current and future STR investors!

    Anyone that knows me, knows I love a good analogy. I wanted to share a recent experience I had that hopefully will give some perspective on where we’ve been.

    I was recently at my STR in Arizona when I decided to go for a run. I have been mainly lifting weights for my work outs but the weather was surprisingly nice so I went for a run instead. I felt so good that I kept running much further than normal and made it all the way into town.

    I stopped to rehydrate and started feeling so inspired with my run that I was making mental notes about all of the other places I want to go on a run next. In that moment, I felt like all I had to do was go to the desert and suddenly I could crush it as a runner. This reminded me of how I used to make all of these grand plans for how I would build my wealth.

    I started running back to the house when I quickly realized that I had been running downhill the whole way there. I didn’t notice it while it was happening since it wasn’t a major downhill and had been giving myself credit with how amazing I had done. Now that I had to run uphill, my calves were screaming and I was exhausted. I ended up having to walk all the way back in the hot sun and got burned.

    I learned a HUGE LESSON here. So many people in today’s economy have done really well investing in real estate, stocks, crypto, and other investments. Because of that, they start making plans for the empire they’re going to build, thinking that they’re much better than they are. When you zoom out, you see that it’s been much easier to do well with all the money that has been printed and we’ve only been running downhill.

    I feel like I need to share that you want to be extra careful when you’re running downhill with how far you go. You’ll want to be careful not to go too far since you’ll have to climb back uphill eventually.

    I feel like that’s the same environment we’re in right now. You still have to exercise but now’s not the time to invest in things that won’t survive when needing to run back uphill, like with a recession. It’s easy to loose sight of running downhill and give yourself extra credit when you forgot to take into account which way you’re running.

    I’ve been listening to a bunch of podcast episodes from Real Estate Rockstars lately. Every week, top performing real estate agents, brokers, and investors share their stories and advice.

    I’m always learning something new or being challenged to think about something differently with every episode. If you can’t be in the same room as these top performers, the next best thing is to be listening to them. I highly recommend you give this podcast a listen!

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