So I’ve been traveling around quite a bit the last few weeks I went to 3 different states a handful of cities went from Brazil the U. S. and I’m back down here in Columbia and most of that time was spent looking for new properties which is always really exciting but it can be a little challenging so I want to break down exactly how I went about the process we’re not talking about the big bird’s eye view here we’re talking about the on the ground research and what I look for and kind of just a few steps that I take so without further ado let’s jump right in to this week’s episode of the short-term rental riches podcast.

Welcome to short-term rental riches will discuss investing in real estate with a specific focus on short term rentals quick action items to wire. Scale your portfolio I’m your host Tum Hubbard.

Welcome back to the short-term rental riches podcast happy you guys are here again as always another week and another fun topic about real estate and invest in real estate and finding properties is the topic of this week which is a really important one right it’s the foundation for our investment if we don’t find the right properties then we’re not going to have good returns we’re not going to have good short term rentals the whole thing is just not gonna work so I’ve been traveling around quite a lot I was in 3 different states in the U. S. Tennessee Florida and Texas and I was a handful of cities in those states and so I want to talk about that process because I was looking for new properties and we talked about this in the past first of all we got a narrow down these big broad markets that we want to go to you first right that’s we can do that from anywhere we can do that with research on the computer we’ve talked about that before in the past but this week I want to really break it down like when you get to these areas that are interesting to you where you’re looking for new properties how do you go about actually finding a specific property amongst thousands and thousands of properties sensually or you know bunch of different neighborhoods so let’s just jump right into a well I mean after we’ve got those fundamentals figured out then we can narrow down on some neighborhoods and in the past you know I’ve talked about really liking these neighborhoods that are between the suburbs so really far out in between the real dense urban areas these mid town areas because I think they’re really well set up for short term rentals you know they’re near or a lot of entertainment there near restaurants and. Cafes but they’re not too too dense where the prices might not work out or maybe you have harsher restrictions if you’re in really dense area so I was kind of hone in on these mid town areas and before I even got there I knew a prices I was looking at I knew the unit mix I was looking for my cases were you know smaller multi family properties up to like 12 units I knew that going in I had some research I contacted brokers in the area that I was going to check out and so all of that stuff we can do before we even get to market we can do that remotely but I like to actually go to the market and really get a good feel for the neighborhood and that’s what these trips were all about so the server the first when I went to Florida if you are a US citizen you probably know that Florida has been booming that’s been building for a long long time for a lot of reasons that’s a lot of the good fundamentals that we look for as real estate investors and has great population growth and has low cost of living and has landlord friendliness it has diverse employment and growing employment so these things are common in the 3 states I was in Florida Texas Tennessee they all have that so I was able to narrow that down course before going to the small neighborhoods now Memphis and Tennessee if you guys known to Millicent podcast for awhile that’s right I have a lot of properties dozens of properties already so I’m already familiar with that one kind of leave that out for this episode and talk about Florida and Texas which were new to me I’ve been about those states several times but I hadn’t really been there actively looking for properties so the both have good fundamentals in Florida was the contaminants Saint Petersburg to different cities with 2 different sets of rental regulations for short terminals so that’s a. Big thing right that’s a big piece that we need to consider when we are looking to invest in short term rentals because we can’t do in there well it doesn’t work out right so it’s Saint Petersburg actually has really strict short term rental regulations I really like the market I wasn’t necessarily looking for multi family properties and I was going to do 0 percent short term rentals I was looking at potentially just keeping some long term models but that’s one thing that deterred me from Saint Petersburg Tampa is a little looser with the regulations I would say but again this is like a neighborhood to neighborhood things were really need to find out which neighborhoods were interested in first and then check the regulations to make sure that we can actually rent these properties as short term rentals so I checked out a couple properties in Florida as with everywhere right now prices are kind of crazy right and we just printed trillions of dollars here in the U. S. and a lot of that money’s going into asset prices and so things are competitive things are competitive right now so I really liked Florida I’m still looking in their eyes at least this trip gave me a better understanding of where I am actually looking in specific areas I contacted broker some on some lists now and I can I have my eyes out so that was a really good experience also have some friends so it’s always fun to catch up with with friends and then I headed to Texas San Antonio specifically Washoe dos and also but to meet up with friends and then San Antonio was looking for properties in San Antonio it’s kind of been on my list for a while Texas again just like Florida and Tennessee has really good fundamentals it’s been growing really really quickly a lot of people moving there a lot of employment growth and San Antonio is a good size city I like to invest in cities that are like over 500000 people you know set the pretty diverse in a little more spread out a little more going on that. Also means that there’s going to be more people traveling there right I mean if you’re in a tiny little town of you know 1000 people well then you’re for sure going to have less business travel I know business travel is maybe a gray area now because everyone’s working virtually but not everyone’s working virtually we we still have people staying in and my properties all the time for work people are staying longer because they’re able to work virtually sell by being in a bigger city you’re still in really capture some of that business travel jar so you’ll be able to capture tourism people visiting family are people going on vacations exploring a new city and if you’re in one of these markets where people are moving to well that a lot of people are checking out the city before they actually moved there to. Good news everyone travel is coming back and so I’m super excited to announce our next upcoming live event takes place in Memphis Tennessee it’s going to be July 30 to August 1 an incredibly jam packed weekend packed with them so and all the tools and all the resources and all the procedures that my team and I have put in place to manage over 15000 gas as you guys know I’ve acquired a multi $0 portfolio across several cities across several countries and I’m really excited to share everything with you guys everything I’ve been doing to acquire these properties to set him up like a pro and to operate them as passively as possible it’s going to be a ton of fun you’re gonna learn a ton and I really hope to see there all be flying back from Colombia and you can find out more information by heading to rest methods.com to save your spot there is limited space because we’re gonna be going through this on my actual properties the last one sold out so I really hope you guys can make this one a look forward to seeing you in Memphis. So I really like San Antonio I thought I had a lot going for it the regulations are a little easier their short term rentals again you want to check neighborhood by neighborhood but I really like that and you know what’s a good way to kind of check your Airbnb competition well it’s a stay in Airbnb is in the neighborhoods where you are looking and that’s what I did so I have a little area on the map drawn out that met what I was looking for you know close to these cafes that millennials like to go to and why everyone likes to go to you know just just kind and the action in these mid town years but not to to dance so I stated one I got to say I was impressed with the Airbnb I stayed in and was also high price and there was hardly any available that’s a good sign right but by staying in the property you really get a feel for the competition you’re gonna have around that area so I checked out some properties I’ve got a specific spot drawn out on the map now which I can give to brokers I can give the real estate agents say Hey if anything pops up in this area definitely interested if it’s between this price it’s in this condition so long as we know exactly what we want it’s going to really help the search but by being there on the ground we get to really fill out these neighborhoods because you know a lot of cities you might have a great street you cross the street has also good over there you can check that out on Google maps but if you’re really at the point where you’re getting ready to pull the trigger and invest some money then it’s nice to be in the actual neighborhood you’re looking to invest in so once we make it to these neighborhoods how do we get around well you know I was driving around getting a good feel for the CD you get a feel for kind of the surroundings where I’m at but once I kinda narrowed in the actual neighborhoods you know I was driving around in a keep stop and because I’m checking out properties and I’m on my phone you know looking at loop net and looking at some of the listings. Size for we can see properties that are available and then I see the scooter you know one of those like have forget I don’t know the scooters are called exactly but you know it’s kind of like were you put your credit card and whatever and I jumped on one of those bad boys and I got to say that that was a really good way to get around the neighborhood and really know get a feel for the neighborhood it was also fun to so I did that for several hours I drove around all day I grab lunch with some friends that are in real state in the market already that obviously helps if you have some contacts already in the market I thought that overall was really good I’m excited I’ve I’ve kind of got some things narrow down and that’s really how I do mine on the ground search you know I’ve already cut out most all of the cities in the US I guess you could say like the majority of them narrow down the state’s narrow down the cities and then I’m looking in these specific neighborhoods and once I get there just get a good feel for so it’s fun of course you know these are tax write offs 2 if you’re investing check with your CPA I’m not a professional tax adviser but you know you can have a good time doing this and it’s it’s it definitely gives you an idea and I would say it makes you more comfortable about pulling the trigger in a new market so just want to share that with you guys that was recent I think there’s still a lot of good opportunities out there we just got to kind of move quickly and the most most important thing after all this is that once we find these properties just run the numbers for the long term rentals and make sure that they still work with your financing so that if whatever happens a short term rentals or you know regulation change or whatever that you still have a good investment for the long haul. So I hope that helps give you a little idea just kind of how I go about the process hope everyone’s doing awesome out there and I will catch you next time. There’s so much money to be made the short term rentals but it all starts by having the right property if you guys haven’t yet seen my free ebook on our website rest methods.com head over there and get a copy it’s going to break down what I look for in a property in some great short cuts so that you don’t have to spend hours and hours researching at over rest methods.com and you can grab your free copy there if you want a crash course in everything I’ve really learned to short term rentals in over 5 years managing over 15000 Gasol recorded on our last live event I am happy to say we broke it down really nicely into a bunch of different modules that you can watch at your own pace it takes you from start to finish finding a property we talk about analyzing the property but then also some of the more important pieces how to find your team and how to set up everything so that you can run your operation is passively as possible and free up your time you can find that it rests methods.com forward slash virtual.

RELATED PODCAST EPISODES

• Episode 79: A New International Acquisition (Takeaways)
• Episode 66: Buying International Property? Beginner Tips You Need To Know
• Episode 59: 6 Steps to Get Started as a New Investor‬
• Episode 48: How to Determine if You Will Do Well in a NEW Market‬
• Episode 47: What Keeps Us From Purchasing Investment Properties Remotely? (F**R‪)