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 the short-term rental riches podcast here we are another week thanks for joining then once again this way we’re gonna talk about some fundamentals of a city where you may potentially want to purchase a property but we’re gonna focus on one and that is crime how important is that actually to the success of your short term rentals doesn’t make a huge impact or not I want to give you my personal experience in the cities where I have properties but also my experience living and traveling around the world so before we jump into that I want to talk about a new source that you may want to look at to get some of this information and also to get some other information about a potential city or even down to zip codes and that source is called neighborhood scout if you haven’t heard about it before they compile information on different markets they have real estate information in there in fact they have information on several aspects before we get into it I’m not sponsored by neighborhood scout or anything like that it’s just one more resource I want to share with you guys to help you in your property search and help you make better informed decisions so the first thing the neighborhood scout does is gives you an overview of the city if you’re at the city level you can break it down to zip code but the over here view is nice because it gives you a little more information about that city if it’s new it will talk about the most expensive neighborhoods inputs rankings and things like that and they’re so gives a good overview at talks about real estate specifically and it talks about the highest appreciating that neighborhoods no I haven’t looked at all the reports as far as I know they have information across the U. S. but the ones that I was looking at had information on appreciation since. 2000 since year 2000 so that’s a pretty good historical record and remember we had a big crash in 2008 2009 in the U. S. so that’s enough information for us to see how much that city was really affected by appreciation how much did it swing we know that California and the coastal places got hit a lot harder during 2008 2009 crash then maybe a lot of places in the Midwest so take a look at that new for looking and perch seen or invest in new city we would that’s another thing we want to be cognisant of now of course I don’t talk about investing enough for appreciation on this channel we talk about cash flow but Hey it’s not too bad to have a great cash flowing property that’s also appreciating a lot too right that’s that’s a win win right there so in the real estate section of neighborhood scout it’s gonna talk about this you can talk about the number of homes in that area and the average price the average market rent which I think is fantastic to know because as you know if you’ve been listening to podcasts while I like to get properties it also worked as long term rentals so I need to know what that long term rent is going to be it also talks about rent versus own percentages which is great typically in an area that has more renters the rent is probably going to go up a little higher than places where people are primarily only because there’s a bigger renter pool ranked number 3 in the third section talks about demographics and it’ll break it down millennials different age ranges this is important to note to there’s a lot of little intricacies in here and I want to go into those but I just want to provide the source let you guys know that you can get this information real easily at your fingertips it also talks about industries so employment industries and that’s super important to real estate market also right I think personally a really good industry to have in the city is health care. Because we have an aging population the baby boomers are going to need health care and health care is not something you can get remotely right you can’t go to the hospital virtually not yet anyways we’ll see things in our technology just give his comment but at the moment you need to be near health care and for older baby boomer population a lot of them are moving to these areas that have good health care and so that’s that’s a good sector to have in your city the Ford on that talk about is schools so me slightly less important for us and for looking for places to rent short term but if you’re looking for that backup option as a long term rental than being near good schools is helpful for finding longer term tenants. 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 time and 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. Now the big one in the neighborhood scout breaks out is crime and that’s one that I want to break down a little bit more I get asked all the time how important crime is in the area where you have your short term rentals so I want to just break it down first off I want to say I am living in I live about half the year and what was once called the most dangerous city in the world and that is managing Colombia and I’ve lived there for the last 5 years not everything is what the news makes it out to be that’s all I gotta say their the Norco episodes in narcos series on Netflix and stuff of course don’t help the reputation for that city but those stats for back from the nineties so this is a moving thing right like places get better and places can get worse so I really enjoy living a managing it’s one my favorite place in the world but it has a reputation of being super dangerous self compared to what right I mean you gotta compare to something else now I also really like spending a ton of time in Brazil and people are actually lots of Brazilians will say Rio de Janeiro is very dangerous and I’ve heard this myself I know friends of been pick pocketed and things like this which can happen anywhere usually that happens the more touristy places in the U. S. included I love going to Rio and so do hundreds of thousands of tourists every year I don’t know if that’s going to slow down I don’t know if that’s going to stop because people think it’s dangerous course or sayings will want to be cognisant of the 4 in a new area we don’t want to be slash gene you know Rolex is around and hold our cell phones in the air you know the more modest we are with everything unless we have to worry about these things but it’s really he got to relate it to other places and it’s a lot of you know I also have. Properties and Memphis Tennessee actually that’s where most of my properties are and guess what neighborhood scout says in terms of its safety rating well they say it’s in the top one percent of safest neighborhoods in the U. S. that sounds weird that basically if we flip that terminology around it means it’s the top most dangerous place in the U. S. it’s at the first percent for or crime all across US so it’s in last place so I know that my rentals have been very very successful there and it really comes down to your property and your neighborhood so just because a CD might be dangerous or how you know city can have millions of people so we really got a look into this further and not just take a crime rate for what it says and I think the ultimate way might be asking okay will you know this is what the crime rate says this is the ultimate way to determine if your potential property is in a good area for that you would feel comfortable renting out a property in this area is to go stay there find an Airbnb in that same neighborhood and stay there for a day or 2 days and then make that decision do you think it’s dangerous we do have people that comment on our properties and say you know it didn’t feel safe by the way also if someone comments leaves your view and says the neighborhood was not safe you do have the potential have that review removed because your property according to Airbnb rules doesn’t have anything to do with the neighborhood so it’s out of your control so just little quick tips for you there but our guests that stay with us longer if if they’re in a neighborhood that doesn’t feel safe in the beginning right when they show up and then they stay there for one day 2 days 3 days the longer they stay the more safe they feel so if your thinking about a potential property and. It’s an area your insurer of go book a property in that same area you need to know what kind of gas is likely to book in that same area but they make the conclusion do I feel safe here or do I not and if you don’t then I would not make that investment. At least as a short term rental anyways because that is important safety is important so check out neighborhood scout it is free for a lot of information at the city level if you break it down on a zip code level then they will charge you they block certain areas but basically it’s anywhere from like 40 to $100 plus per month it’s on a monthly thing so you can probably get by with you know 3040 Bucks to get a whole bunch of information about a city that you’re thinking about and to me that that’s definitely worth it so check out neighborhood scout and if you see a bad crime rate in the city that you’re thinking about don’t take it for its face value it may be that the neighborhood you’re looking to invest in this fantastic and no 1 has any problems with it but the real way to determine that is to go ahead and stay there so hopefully this gave me a little more insight and until next time thanks for tuning in again and have a wonderful week. I want to get on the fast track to financial freedom for short term rentals what all searching the properties you choir you want to make sure that you acquired the right properties I want to give you my you doctor 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 rest methods.com that’s R. E. S. T. message.com.
 
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