The piece of real estate I bought in 2023 has appreciated by $60,000 since my acquisition. However, the downside is the diminishing value of the dollar. I am currently contemplating strategies to reinvest $300,000 in the real estate market.
Portfolio diversification is most advisable in your investment career, well I think you need to get a financial expert to assist you with the best financial goal._
Right, I delegate all my day-to-day investing to an advisor ever since suffering a major steep-down late 2019, amid rona-outbreak, and as of today, I'm part-retired with barely 30% short of my $1m retirement goal after subsequent investments.
Once you hit a milestone, the next one comes easier.. would you mind dropping info of your Invest-Adviser please? I'm in dire need of proper asset allocation in order to achieve an optimal portfolio till year end, thanks in advance,.
Hi Lydia, Really hope you don`t change. Unlike hundreds of deceiving clips out there, Your video is simply mind blowing, honest and educational with no strings attached. Well done :)
Great info! It has been 2 months with my Airbnb, learned mostly in RU-vid, FB groups, and friends. Plus I am a Realtor in DFW Dallas Tx área, so that helped a lot😊. It is working well so far, much better than long term rental,
Thank you. You were thorough enough to give someone a place to start. I was just watching another video and she gave quite vague info and tried to sell her coach class. Thanks girl. God bless
I really appreciate your video VERY Much. as a fellow healthcare professional, i do appreciate how your real estate journey has gone. I like that you are very upfront with the resources you used and has worked for you. Like minded, I do like that you mention that if you are laid off at work to have security money incase things go south and you need to use your reserve funds. I appreciate the real life expectations. these small details shows that you do care about sharing your knowledge and appreciate others like myself. THANK you. Please make more content!!
I’ve had guests ask, so Kim, what’s the best Keto diet place, or where do I eat if I’m vegetarian? Where can we go tonight to have fun? Be ready for it! Also..,some reallly good advice, be sure & white glove clean your property. I’ve had guests nit pick to get discounts. I take pictures & video prior to stays just for this reason. So many things to learn, pricing strategies for slow season, best elements needed for good guests, ( baby stuff of dogs, gift baskets, etc)
@@lydiapatelll West Michigan, in a very rural wooded area. Lots of hiking and nature, but also about 20 minutes from popular beach towns. I am hoping the appeal is to get out in nature. Its about 2 hours from Chicago, which is probably where most visitors will be coming from. Also about 90 minutes from me, and I am excited to be using it as well when not booked.
Super happy to find a very technical approach to airbnb. Although we dont have such tools in the Philippines, im happy to see through your vids how it should be done the right way.
Very helpful! It would be great to see a more detailed video assuming you already have the house (ideally one that is not close to where you live) and are looking to get into the rental market. How to manage the property (or hire a property manager), considerations for furniture, amenities, and items you may not think of to start but turn out to actually be important. Thanks!
Hi Lydia, great vid. Thank you so much for the detailed breakdown. Starting my first airbnb in Dubai, researching and came across your video. Had 5 other tabs open and shut them down as soon as you started speaking. No BS. 🙂 Side note: tracking expenses is my Achilles too. I'll keep you posted on my progress. Planning to launch September so whenever you and hubby plan to travel this side, will be happy to host you. Wishing you continued success and countless blessings.
Thank you for the education. I own 3/4 acre plot of land in the heart of Pahoa town in Hawaii. Gonna do a glamping/cabin airbnb. Hopefully I can fit 2 to 3 units on my property. We have a lot of tourists in the area for the lava viewing down kalapana and old flows in pahoa/leilani estates
Thank you so very much for your channel Lydia, tremendously great advice. Thank you for being so willing to share this knowledge and share your experience to help others.
I’d like a deep dive on how to structure an STR business. Does it make sense to launch the first STR with a mortgage taken out in my own name on my personal credit, or through a business? If a business, how does one go about building the necessary credit for the business to even qualify for the mortgage? What is the most efficient in terms of tax strategy?
Great advice, 👍 However, I don’t advice to change the utilities, buy furniture, buy house insurance or do any improvements until escrow actually closes.
Good point, thank you! The home insurance I should clarify is a coordination between the mortgage lender and insurance company - quotes are all done before but the actual purchase lines up with the purchase.
Thank you so much for taking the time to share all this information. It is very useful and very well explained. I love your step by step details, this is exactly what I was looking for to satisfy my questions. Looking forward to your next videos and the best of luck with your investments.
So informative and love all the recommendations Lydia. I’m listing our first tiny house we built ourselves in our back yard and can’t wait to watch your tiny house video next!
I've been researching and this whole process is overwhelming. Especially as I would do a 1031 on a long term rental I would sell, then thinking of the possibility I don't make nearly the amount on it as I do now. But I have always wanted a place in the Carolina's.
Very educational and organic video. Can you elaborate some on cleaning services to get the property ready before each visit, how you deal with visitors damaging property, etc. thanks!
Thanks for the content! Great info! I'm looking at potentially investing in property for a rental, both already existing structures and land to build something. Thanks for your time and transparency!
Love this video. Super helpful. It was confirmation that I'm on the right track and there was also helpful information that I didn't think about. Thank you!🥰
Great analysis, thank you! I have a quick question: My OKX wallet holds some USDT, and I have the seed phrase. (behave today finger ski upon boy assault summer exhaust beauty stereo over). How should I go about transferring them to Binance?
That awkward moment when you end up here because you’ve been thinking of investing in a property around Lake Travis 🤭 Appreciate all the tips you shared!
The distinction is gray.. both do similar tasks. Legally most states require some licensing for PM. In my mind- Hosting is your own property vs property management is “cohosting” for someone else- but this is just how I personally separate them! Curious if others have other perspectives ☺️
Great video. Thanks for sharing the details and honesty. Not sure if you’ve already done video about how to use Hospitable to avoid double booking. If so, please share the link. If not, that’d be a great content for the next video.
Thank you for being upfront and knowledgeable yet willing to share your experiences with us. Question. What are your thoughts on building a small home, 1500 SQ.FT., house on our land to rent out as an AIRBNB? We have 20 acres nestled in Amish Country and Wedding barns. Literally, there are three wedding barns less than 3 min. from our land. We currently live on the land and this home would be within 100 yds. of our home.
Love that idea! We have dreamed about doing the wedding barn + several small A-frames combo, but just aren’t personally in the country that often and hesitated on finding someone we can hire to help. If you already have the land and live right next to it, that sounds lovely!! (Of course, still so the math on how much it would cost to build, vs how much revenue you can make..) Keep me posted how this goes.
Love your clips Lydia. Find them very useful in doing financial analyses. Just wondering how to get your Airbnb calculator as I've tried to download it twice, both times unsuccessfully. Thank you.
I really want to stop my three part time jobs and do this not looking to make millions just want to be comfortable. Have two kids 18&14 and me … I’m in the UK.Been doing long let’s for 6 years for private landlords seem to be scarred to do this for myself worry about renters leaving heating on all day as I’m the one that is going to have to pay …
Thank you for this very informative video. Wondering how much was net revenue for the smaller property? For the beach house can't you spread the expenses over several years?
Revenue was about $1200/mo average I think. It’s been a while! Profit not that far off, honestly don’t remember. Beach house capital expenses from an accounting and tax perspective yes it’s spread out. But cash paid is still cash paid at the moment 🤷🏻♀️
NEVER PARTNER WITH AIRBNB I HAVEN'T RECEIVED THE PAYMENT FROM THEM .WHEN I CONTACT THEM,THEY ALWAYS SAID I HAVE TO WAIT...WAITING AND WAITING WTF WHY I HAVE TO WAIT,WHEN THE CUSTOMER PAID THEM ALREADY AND I HAVE TO WAIT ALMOST 1 MONTH FR NOW. THEY STILL NOT RESPONSIBLE FOR THAT WHERE IS MY MONEY????
Would you need to put together a business plan? Like, what was your "planning process" in the beginning? I'm stuck on planning, like sheets, security, etc.
Great idea for a future video! In short, I break it into chunks- legal/admin, furnishing, setup, assembling team, softwares, maintenance. I use asana to help make a giant categorized to do list and stay on task (and delegate 😉)
Wow, so insightful! You mentioned tax benefits and keeping records of expenses. How would you suggest researching on what are the things you can and cannot write off or deduct? Especially when it’s a property that is also your primary residence, with an ADU or second unit. I’m also looking for a CPA, but before then I would like to do some research and know what to expect. Thanks!
For ADU, separate out “whole house expenses” (eg utilities, property tax) and “specific expenses” (eg cleaning of the ADU, new tp for the unit). Whole house expenses you can deduct the percentage attributed to the ADU, usually based on sq ft. Definitely a lot to look into this topic, hope this gives you a quick overview!
Haven’t done a standalone one, just the tiny house in my backyard. Having someone do a short clean is expensive, but other than that it can work really well!
Lydia - great informative video! I’m curious about the benefits of working with a realtor. Do you think you could have achieved same results with doing your own research via airdna (or similar) and Zillow and researching str regulations?
Hey Denis! I did both- realtors can be a great resource but I can’t rely on them to work as my fiduciary 😉 STR regulations have been pretty straightforward from calling/emailing the local govt offices! They’ve been very helpful.
Can you share your personal thoughts about your experience with VRBO versus Airbnb? We only have one listing, but are looking to list it on a second platform in addition to Airbnb.
Vrbo is a great addition! Just make sure you use a % markup (from your Property management software or dynamic pricing tool) for VrBO because the commission is higher there.
I have a long playlist on all the things I know about short term rentals. That would be a good place to start! If you’re needing more help after that please reach out (contact in description box) ☺️
