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Real Estate Rookie

211: Turning Their Basement Into a $4,500/Month Money Making Machine w/Simon Murillo & Kristina Vaio

Real Estate Rookie

BiggerPockets

Entrepreneurship, Education, Investing, Business, How To

4.71.8K Ratings

🗓️ 24 August 2022

⏱️ 71 minutes

🧾️ Download transcript

Summary

While constantly hearing success stories can be encouraging, it can also start to seem unattainable when you don’t know where to start. How did all these successful investors get to where they wanted to be? And if they can do it, why can’t you? Today’s guests, Simon Murillo and Kristina Vaio adjusted their mindset from “why them?” to “why not us?,” which resulted in some serious short-term rental success.  It took a while for Simon and Kristina to become cohesive in their real estate partnership. Simon has been interested in house hacking since 2018, but Kristina couldn’t envision sharing her home with strangers. For his first investment, Simon wanted to invest long-distance in his hometown, but Kristina had reservations about investing in a property she couldn’t physically manage. Despite their opposing views on what their first investment would look like, through a lot of communication, education, trust, and compromise, they found an investment they agreed on—their basement. With the help of a rockstar real estate agent, they were able to close on a house in December of 2021. It took a few months of blood, sweat, and tears to set up their basement rental, but within just thirty minutes of posting their short-term rental listing, they got their first booking! Now, they’re averaging about $4,500 each month and are looking for their next home to house hack. They plan on doing this at least two or three times until they’re financially free in their forever home—and you can do it too! In This Episode We Cover Convincing a skeptical partner and how to find compromise through mutual goals How to ease into investing through small steps and self-education Building a team that can help you with your vision—from investor-friendly real estate agents to reliable contractors The benefits of going to investor meetups and being surrounded by similar people with similar goals Managing your short-term rental while balancing your full-time W-2 Increasing the value of your property through unique upgrades and renovations And So Much More! Links from the Show Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Podcast BiggerPockets Forums Alpha Geek Capital Real Estate Rookie Bootcamp Airbnb Sarah Robinson's Instagram Redfin Zillow Facebook Groups Nextdoor MLS BiggerPockets Agents Finder Hospitable Real Estate Rookie Facebook Group Connect with Simon and Kristina: Simon's Instagram Simon's BiggerPockets Profile Kristina's Instagram Check out the full show notes here: https://biggerpockets.com/blog/rookie-211 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

This is Real Estate Rookie episode 211.

0:05.0

Really putting your head down and figuring out what you're going to do and start doing.

0:10.0

And it's not going to be easy at first.

0:12.0

Nothing's ever easy at first.

0:14.0

We just got to dedicate time, dedicate time.

0:17.0

And even if that means like, hey, you know I'm not in a position to buy it right now.

0:20.0

That's okay.

0:21.0

Most people might not be.

0:23.0

But if you start taking step one and step two and step three.

0:26.0

Next thing you know is 2023 and now you have money saved up.

0:29.0

Then you can start putting things into motion, right?

0:31.0

Like for us, I think the important thing is it didn't happen overnight.

0:34.0

And success doesn't happen overnight.

0:36.0

It took a lot of dedication, a lot of reading, a lot of just researching.

0:41.0

And ultimately just lining the ducts up for what we wanted to accomplish.

0:45.0

My name is Ashley Care and I'm here with my co-host Tony Robinson.

0:50.0

And welcome to the Real Estate Rookie Podcast where every week, twice a week,

0:54.0

we bring you the inspiration, information, education, motivation you need to kickstart

0:58.0

your Real Estate Investing Journey.

1:00.0

And I'd usually like to start the show by highlighting some folks from our Real Estate Rookie community

1:04.0

who have lots of reviews for us on Apple and Spotify.

1:07.0

So today's review comes from...

...

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