In the 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 Tim Hubbard.

Welcome back everyone to the short-term rental riches podcast another week hope you’re doing well out there wherever you are in the world and this week I’ve got another topic for you something relevant to every real estate investor actually relevant to every person in the world it’s something that keeps us from doing something maybe we want to and that’s fear yeah I might get a little push back from this but fear is the main reason that a lot of people do not go outside of the neighborhood or the market they’re familiar with and invest in other markets for maybe they make a little more sense now you could say it’s because I I don’t have the money or because I don’t know that in that area I don’t know anyone in that city or I’ve never done it before but really there’s 2 things here motivation but then fear and I think fear is a huge one if you don’t have the money you can find the money you just have to take action and taking action is how we alleviate our fears how we eliminate our fears there’s a book I’m reading right now the magic of thinking big by David shorts great book timeless advice from the fifties still as relevant as it’s ever been and he breaks it down into 2 steps that I want to share with you guys this week we’re gonna relate this back to real estate of course and going outside of our market but first I want to just go over these 2 simple rules for alleviating fear first that we have to isolate the fear so are we scared of getting a battery turn are we scared of working with someone we’ve never worked with before or getting into an investment that requires too much mate. And sore maybe requires too much money all of these things are a little fears that if we take action we can eliminate or alleviate the first we have to isolate those. M. pin them down determine exactly what it is that’s keeping us from look into markets for maybe the numbers make more sense you got to think that the market that you live in is one of maybe you know if you’re here in the U. S. 400 MSAs the calm metropolitan statistical areas the cities or places where they actually have enough people to tracking data on together think if if you’re in one of those or maybe you’re even outside one of those do you think that really is the best market for you to be invested in maybe but maybe not likely it’s not right we want to isolate our for our fears its maybe keeping us from exploring these other markets that’s the first step and the second step is taking action if we think we found a good market on the other side of the U. S. for the other side of the country wherever we are well we can alleviate some of our fears investing there by doing research by doing research on the potential returns the population growth the prices of properties now prices obviously huge thing and the potential returns and that’s a whole nother segment on its own actually we talked about that a lot in episode 13 so if you haven’t go back and check that out we’ll talk about rent to value ratios which is one way to compare one property no matter where it is to another property no matter where it is so that’s the first step before we go out of the market we’re in we want to find a broad market that makes sense based on fundamentals and based on the financials but after we do that. A lot of the little fear kicks in and believe me it’s kicked in for me too and it’s still this every time I buy any property of mine you know I get those little butterflies in my stomach and I think oh no you know what if I ran this wrong what if Iran that wrong but the reality is if we do enough due diligence into our research the numbers tell us what to do and we can alleviate all those other little fears by talking and learning about the market they were going into. So let’s say you found this broad market the numbers already makes sense and you found a property but you were scared of the condition it’s in and again we’re we’re we’re trying to do this remotely right in the beginning without visiting all these different markets to start out with first we figure out which ones make sense and then we can find some properties in there it’s only after we run the due diligence on the financials and inspections we don’t really need to visit that property until we know that it makes sense with financials so let’s say your nervous about the property condition won’t there’s ways to alleviate that by taking action and talking with local real estate agents or brokers gettin historical info on the property capital expenditures of the last 2 years you know utility conoce most of things that the seller will typically provide but then also getting your inspection so there’s a a company I think it’s called we go look you can have them go out remotely it’s very inexpensive they can give you a good snapshot video of it before investing a bunch of time out there and determine its about property of course a professional inspection if you make it that far down the road so property condition is a big fear of mine you know but that’s alleviated by the inspections and alternately I like to go in person and see the property when they’re doing inspections I haven’t done that on every property but I have had someone that I really trust at the property if I was unable to be there so maintenance and the financials both things which we can do remotely for the most part and it’s scary I don’t know if that’ll ever really go away that kinda and the heebie jeebies the the computer flies you get before pulled. The trigger on a on a new deal but you know if you over analyze everything which lots and lots of people do you know is now the right time the market and that turns into analysis paralysis if you’ve heard that and then people never take action so action is the real key to eliminating fears and fear is probably one of the biggest pieces why we’re not investing out of our markets that were familiar with were comfortable with so keep that in mind when you’re looking in a new market that you have the resources at your fingertips online through brokers and and websites and reports and inspections and all these things it’d terminate for properties good now this is a short term rental riches of podcast right so there’s more to just finding a property that makes sense for short term rental and a big piece is evaluating those financials what the short term rental could potentially do we’re gonna talk about that next week how we can get legitimate information and forecast the numbers for short term rentals after we found a property in a market whether it’s in your neighborhood or in a different neighborhood forecasting can help alleviate that fear to sell keep that mind when when you get that fear for anything just isolate what it is and take action and you alleviate that it’s only by taking action that we can continue scaling our portfolios so until next time hope that helps you and I want to get on the fast track to financial freedom through short term rentals what all searching the properties you. You want to make sure that you acquired the right. To give you my. Yes there is no charge to you for being one of our subscribers just the rest methods. R. E. S. T. methods.com.

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