Rookie Reply: The Best Property Types and Amenities for Short-Term Rentals

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 13 September 2024

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Analyzing Airbnbs is tough, especially for a new investor. Which properties make the best vacation rentals? Which amenities should you prioritize? Do you need an exit strategy if things go south? Stay tuned as we show you how to get the best possible return on your short-term rentals! Welcome back to another Rookie Reply! Leveraging home equity is one of the easiest ways to build and scale a real estate portfolio, and in this episode, we’ll share some creative strategies you can use to tap into this money—without selling your property. Next, we’ll dive into one of the biggest hurdles standing between a rookie and their first rental property—money. If you need outside-of-the-box solutions to help finance your first deal, we’ll show you how to use other people’s money through partnerships, borrow against your 401(k) or brokerage account, or work your business into the deal! Looking to invest? Need answers? Ask your question on the BiggerPockets Forums! In This Episode We Cover: The BEST property type and amenities for a short-term rental How to get the highest return on investment from your Airbnb How to pull equity out of a paid-off rental property (without selling it) How to fund your next real estate deal using other people’s money (OPM) Using your 401(k), brokerage account, or business to help finance properties And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Ask Your Question on the BiggerPockets Forums Buy the Book “Real Estate Partnerships” Find Investor-Friendly Lenders See Ashley and Tony at BPCON2024 in Cancun! Real Estate Rookie - Episode 408: Fundamentals of Funding: How to Find the Right Lender for Your Next Rental Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-457 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	Okay, you guys, it's that time of the week. Let's get your questions answered.
0:05.4	I'm Ashley Care and I'm here with Tony J Robinson.
0:08.7	And welcome to the podcast where every week, three times a week, we bring you the inspiration, motivation, and
0:13.8	stories you need to hear to kick start your investing journey. Now today we're
0:17.3	diving back into the bigger pockets forums to get your questions answered.
0:20.7	Now guys the forums are the absolute best place for you to quickly
0:24.8	get all of your real estate investing questions answered by tons of experts and other
0:28.6	rookies alike. So today we're going to discuss short-term rental property types, amenities to have, and what kind of properties
0:35.0	might be passed on.
0:36.6	How to pull equity out of your property and then some best practices for funding your first
0:42.1	duplex. Okay, so let's dive into the bigger. for answers some questions for other rookies, head over to the Bigger Pockets forums.
0:54.1	Okay, so this first question I found here, it says, hi, I have a company that builds unique
1:00.2	European style cabins. We are thinking about building a property for a short-term
1:05.1	rental in the Catskills New York region on a quiet secluded seven-acre plot
1:10.1	but have been wavering between three types of builds. So here's options.
1:15.0	Number one, maxed out bedrooms and amenities for a lot of money, five bedroom, three bath,
1:22.0	with game room, theater, and indoor pool.
1:25.0	Second option is a small 1, 1000 square feet or so 2 bedroom for less money,
1:31.0	maximize the uniqueness and design value.
1:35.0	Third choice is medium sized in a three bed, two bath that is the most suitable to sell as a single-family rental if it doesn't go as well as we planned.
1:46.7	Any thoughts or advice on the matter would be appreciated.
1:50.7	So Tony, as the short-term rental expert, what is the first thing that you would do to make this decision?
	...

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