393: $120K/Year from ONE “Sensory” Rental Property with a “Secret” Amenity w/Chase Charifa

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 15 April 2024

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you want your rental property to succeed, you’ve got to give people a reason to keep coming back. That’s exactly what today’s guest is doing—creating a one-of-one experience that people can’t get anywhere else. It’s what keeps his property booked year-round! Welcome back to the Real Estate Rookie podcast! Just three years ago, Chase Charifa bought his first rental property—a black, mid-century cabin tucked away in Big Bear, California. By engaging each of the guest’s five senses and adding intrigue with a “secret” amenity, Chase and his wife, April, have created an unforgettable guest experience that allows them to stand out in their market. As a result, this short-term rental brings in about $120,000 per year! But that’s not all. Since launching his Airbnb, Chase has taken on another four rentals, three new construction projects, and a parcel of land. How has Chase been able to scale his portfolio in only a few years? In this episode, he shares how he was able to fund several deals using creative financing and smart tax strategies. He also talks about the huge opportunity that exists with real estate development. You’ll learn how to find land, get approved for a construction loan, and build your own development team! In This Episode We Cover: How Chase brings in $120,000 per year from ONE rental property The best way to get FREE real estate marketing for your short-term rental How to create an unforgettable experience for your Airbnb guests Scaling your portfolio with creative financing and tax strategies How to incorporate a creative skill set into your real estate business Getting started in real estate development and building your team How to get approved for a construction loan (in three steps!) 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 Submit Your Real Estate Rookie Question! Protecting Your Future in Short-Term Rentals: It Starts By Providing a Powerful Guest Experience The “Luxury” Rental Property That Brings in $150K/Year of Pure Profit How to Start an Airbnb Business in a Brand New Market $11,000/Month with One VERY Unique Rental Property Connect with Chase Chase's BiggerPockets Profile Chase's Facebook Chase's Instagrams: @lightfootcabin @janchasecharifa Chase's LinkedIn Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-393 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 393.
0:04.8	Financing can be a big obstacle for getting deals done.
0:08.4	But today we will explore how a creative eye and a handle on funding will get you a deal.
0:15.0	My name is Ashley Kerr and I am here with Tony J Robinson.
0:20.0	And welcome to the Real Estate Ricky podcast
0:22.0	where every week, three times a week, we bring you the inspiration, motivation, and stories you need to hear to kick start your investing journey.
0:28.8	And today we are getting into unlocking a properties potential with Chase Chirifa.
0:34.1	Now, how to target and how Chase and his wife targeted the five senses when they incorporate
0:39.4	a secret amenity into their properties, why ground up construction is something rookies may be missing out on, and so much more. So Chase, welcome to the podcast, brothers, super excited to have you here.
0:49.7	Thank you, Ashley, thank you, Tony. I'm so excited to be here. Yeah, I'm excited to share what we've learned and what we're all about.
0:58.4	Funny side story, Chase and I are actually neighbors. Like we literally live in the same subdivision and you know he and my wife
1:03.8	Sarah of like bump into each other out walking the babies and stuff so excited to have
1:07.9	someone from so couch is kind of kind of representing brother so.
1:10.3	Jeez can we start off with you telling us about how creative you got in your real estate journey?
1:16.5	Sure, yeah. So I guess the creativity portion came from our first property.
1:23.4	So we call it the Lightfoot Cabin.
1:26.4	Funny enough the name is not so creative, it's just the street that it's on,
1:31.1	but it essentially created our like brand you know
1:35.8	Lightfoot is kind of synonymous with with all the things that we now do so it was back in the pandemic and everyone was kind of into I guess quote-unquote
1:47.1	van life and my wife and I wanted to get into that but I guess one you you know, car dealership, you know, dealer said, yeah, you could use a second home loan on this.
1:58.2	And I'm like, well, Chase, you're a lender, second home, why am I using it on a depreciating asset?
2:04.6	No hate on the van life people. But I was like, well, why don't we buy a actual vacation home instead?
	...

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