289: $11,000/Month with One VERY Unique Rental Property w/Garrett Brown

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 24 May 2023

⏱️ 65 minutes

🔗️ Recording | iTunes | RSS

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Summary

A glamping site might sound like a fun real estate investment idea, but how feasible is it? Does it offer enough cash flow potential as a short-term rental property? How do you get a building permit for a unique structure like a geodesic dome!? Today’s guest managed to launch the very first glamping site in his area and make some killer cash flow, but not without jumping a few hurdles along the way. In this edition of the Real Estate Rookie podcast, we pick the brain of award-winning music producer Garrett Brown, who first decided to get into real estate because of the schedule flexibility it offered. After starting out as a realtor and spending time around investors, Garrett’s eyes were quickly opened to the huge earning potential of investing in real estate. Using the capital he generated from a house flip, Garrett was able to get into the short-term rental space—combining his newfound passion for real estate with his background in hospitality. Today, he talks about his most recent acquisition—a three-door glamping site sandwiched between two regional attractions outside Houston, Texas. If you’re looking to buy your first short-term rental property, you won’t want to miss out on all that Garrett, Ashley, and Tony unpack in this episode! They’ll discuss their favorite ways to estimate rehab costs, how to find the perfect market for your short-term rental, and the importance of delivering a first-class guest experience as an Airbnb host! In This Episode We Cover Garrett’s massive cash flow on a unique “dome” vacation rental Several creative ways to estimate rehab costs for a house flip Finding the perfect market for a short-term rental property Important hospitality tips that will make you a top short-term rental host Glamping sites, geodesic domes, and other unique short-term rental ideas! How to underwrite unique properties (and get your county to give you a permit!) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Use the BiggerPockets Calculator to Estimate Your Earning Potential Try Lodgify for Your Short-Term Rental Management Needs Book Mentioned in the Show: The Book on Estimating Rehab Costs by J Scott Connect with Garrett: Garrett's BiggerPockets Garrett's TikTok Garrett's YouTube Garrett's Glamping Operation on Instagram Garrett's Glamping Operation on Tiktok Garret's Glamping Operation on YouTube Check the full show notes here: https://www.biggerpockets.com/blog/rookie-289 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie episode 289.
0:05.6	I like unique things and I'm really good with hospitality.
0:08.4	And as I started running the numbers and crunching everything over like a month or two,
0:12.0	it was a pretty obvious choice for me personally in my own situation.
0:16.0	It does take a lot to run the glamping site and to build it up.
0:18.8	So it took way more time of my own time than I thought, but I was prepared for that.
0:24.0	So I saw that the cash flow and the other benefits of it of what I could do,
0:28.0	building some equity and building unique cash flow places,
0:31.2	was going to just blow just a traditional investment out the water for me.
0:34.4	So that's when I kind of pivoted to go to that route.
0:36.8	And it all made sense and it worked out great.
0:39.0	My name is Ashley Care and I'm here with my co-host, Tony Robinson.
0:42.9	And welcome to the Real Estate Rookie podcast where every week,
0:45.9	twice a week, we're bringing you the inspiration, motivation, and stories you need to hear
0:49.4	to kickstart your investing journey.
0:51.2	And you know what, I love being able to host a podcast like this because we get to hear
0:56.8	so many amazing stories. But every once in a while, there's a guest that comes on
1:00.5	that just like selfishly, I'm so excited to talk to you because they're working on something
1:04.9	that I'm also working on and I kind of get to pick their brain. And that was that was today's
1:08.6	episode for me. And I'm actually kind of upset that I ended the recording because Tony went on
1:14.2	to ask a ton more questions that we should have had, you know, some kind of bonus content.
1:20.4	So maybe that's just going to be our rule until the guest actually completely leaves the show.
	...

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