Welcome to short-term rental riches will discuss investing in real estate but with a specific focus on short-term rentals quick actionable items to acquire manage and scale in your portfolio I’m your host Tim Hubbard.

Welcome back to short-term rental richest podcast super happy you’re here thanks again for joining us from wherever you are it’s really cool to see our listener count grow our viewer account grow I think for like over 80 countries now so that’s really cool thanks again for joining in I was in the U. S. recently and I was looking for properties so I went to multiple states and one of the states I went to was Texas if you’ve been in real estate for a while or if you’ve just had your ears open you probably know their real estate taxes been bony one of the best opportunities for real estate I would stay in the U. S. there’s a lot of a lot of people moving to Texas of course it depends on what area you’re in I was looking in San Antonio and I happen to think San Antonio is a great little city it’s really close to Austin in fact I drove from Austin I was visiting a friend there was only about an hour and this city between Austin and San Antonio it’s almost like it just didn’t even disappear so I think San Antonio has got a lot going for it great value there and I was going there to view an apartment building apartment building that I found myself there was listed on the open market I had my alarm set up and things like that where when a listing met my criteria I got a notification and so I inquired about it right away within like an hour now I am wired about it with any age and that I was referred to I had called before on some other larger apartment buildings and because this one was a little smaller that agent referred me to someone else now it turned out long story short that statement wasn’t very familiar with apartment buildings they were I’m sure a specialist with single family homes but they are dead. France so I’ll get into that but before I do I just wanna remind everyone I guess if you haven’t heard all the pockets I used to be a broker so I used to sell apartment buildings and we sold shopping centers and all kinds of commercial property and we only work with. Marshall real estate masters so only investors we weren’t doing residential sales or anything like that and it is different it is very different so I can speak from my own personal experience but I want to break down this recent property tour a little more to get you guys thinking about if you’re working with the right broker with the right real estate agent because it is super super important so first walk how do we find the right real estate agent or if we’re talking about commercial properties are part of buildings 5 units or more the market usually just call some brokers even though it’s it’s kind of the same thing right so how do we find the right agent or the right broker actually great place to start any time you’re trying to meet someone is through referrals happen to know someone in the area where you’re looking family friend another fellow investor whoever it is you can get referrals that’s usually a great place to start right now but if we don’t have referrals we got to make some phone calls we got to send some emails and once we find someone and then you can find these contacts right on open listings a good way to find someone that works with investment properties is the call the listing agents that are on those actual properties for sale so that’s a 4 plex for sale you can call the listing agent directly and they’re likely going to have a little more experience with investment properties because it’s a 4 plex but not necessarily so we want to interview them basically I mean you don’t want to make it a super formal thing or anything like that but just some casual questions to make sure that they know the area well the true looking man and they’re familiar with investment properties and then they’re going to have your best interests at hand and we’re gonna build a help you out so make sure that you do a little vetting this would have gone a long way have I done this before I showed up in San Antonio to the your property or someone. I really didn’t know anything about it so just asking questions now is it really possible to build a relationship with someone if you’re looking somewhere remotely it’s gonna be more challenging but I can guarantee you is definitely possible I work with all of my agents and brokers remotely and the longer we work together the better relationship becomes so you definitely can but a few things are going to help right if you know the lingo in the real estate world exactly what you’re looking for and you have your criteria down those things are all going to help there no one wants their time wasted right so if a professional agent or broker that you’re talking to feels that you’re not serious or that you don’t know exactly what you’re looking for or that you’re a complete newbie well then they might not be inclined to work with you so it does get easier the more we work with agents the more properties we close on the better it will be if you do already have a property in the area that’s really good information to give to a broker your plan on working with a new one so we just gotta put our feelers out there ask the right questions knowing exactly what we’re looking for and hopefully for looking investment properties we know a little bit about the lingo. I’m gonna stop right here for one quick second and ask you have you been enjoying the podcast well I hope so and if you haven’t already left this review I’d really appreciate if you could head over to iTunes or Spotify reverie been listening just leaves a real quick one did you know you can find a ton of resources for free all of our prior episodes in our videos on our website S. T. R. riches.com he didn’t know head over there and check it out one last thing if you find a lot of value in any episode in particular take a screenshot of it sentence one of your friends or send it to one of your family members we’ve talked to about short term rentals it’s going to help them it’s going to help you continue your journey that’s going to help us to continue growing our channel and getting good content back to yourself I want to thank you so much for listening and without further ado let’s jump back in. So back to my example I’m sure the agent that I met with was a really good engine but not for the 8 unit apartment building and I was looking at that actually turned out to be a 10 unit apartment I was one of the questions I had so I saw in one of the listing photos that there were 10 meters electric meters on the property but is only listed as an 8 unit so that seems like a good value add their right of someone’s selling an 8 unit property but actually has 10 well then there’s something going on there right why are they not offering those other 2 units because that would surely raise the value so we actually showed up at the property that was one of the first things I want to find out it turned out there were 2 separate structures behind the 8 unit apartment building now they weren’t in good shape and I’m sure that’s why the listing agent didn’t list them but I would have been awesome information to know before I got there when I showed up this property I was only in San Antonio for 2 days one night so I didn’t have a lot of time and I knew more about this property and the age and I was working with it so it was quite a bummer I mean going through the unit Sir there is easy tall tale signs that she didn’t quite know what was going on the right were walking through one of the units looking at potential renovations and I simply ask how much you think this property can rent for in this sort of state you know a renovated state I can tell she didn’t have a clear answer so she works with residential it’s different than multi family that was my bad I should’ve done more due diligence on the agent or the broker I was working with before I showed up in the city and travel all that way so lesson learned there. Now I do it hands down think working with the broker working with an agent is super super valuable we just gotta make sure with the right person Mr mean we aren’t they can help us with so many things of course they can help with the negotiation if they happen to be double in in that where their listing that answer element well then the negotiation power might not be as well there but if if you have a an agent representing you on the blind side or the selling side and they’re negotiating on your behalf that really really helps if you’re looking at a new market and you found someone to work with that’s an expert they can help you with all kinds of little things that maybe you wouldn’t have known is the soil in that particular area known for settling for example isn’t in a flood zone is there crazy when that’s gonna raise your insurance costs a lot so just little things that an agent or broker knows from being an expert in the market those things can go a long way and save you tons and tons of money so it’s super valuable to have a good relationship with all right broker the right agent in the area where you’re looking if you’re looking at a new area where you’ve never been to before well then you gotta start doing your homework and you got to make those connections but in the long run having someone you’re working with goes a long long way so it’s worth putting in the time and in the end if you’re an investor they know that and they know that you’re going to keep coming back to buy more properties so it’s easier for them to so if you don’t already have a great relationship with someone working with already start working on that connection and hopefully can build a really long long term relationship it gets you a lot of good deals saves a lot of money also the negotiation and helps you uncover things about that area that maybe you didn’t know so until next time I hope you’re doing really well out there and catch you next time John. Want to get on the fast track to financial freedom for short term rentals what all searching the properties you acquire you want to make sure that you acquire the right properties I want to give you my E. book that will show you how to do just that there is no charge to my gift to you for being one of our subscribers just go to restmethods.com that’s R E S T methods.com.

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