How to Take Advantage of Arbitrage, AirBNB and Manage Short-Term/Mid-Term Rentals

Stephanie Figueros was a nurse by trade, but why did she move into real estate? Her reason–real estate became what she believed was the “life of her design.”

She proved that she has the grit and dedication to getting the life she wanted by taking the first step and getting her real estate license.

So she quit her nursing job in 2020, and by the beginning of 2021, she and her partner already had 4 rentals. Now a successful real estate agent and rental manager, Stephanie shares her humble beginnings in the industry.

This episode focuses on building networks, arbitraging, and creating huge opportunities for yourself.

Don’t forget to reach out to Stephanie Figueros
Instagram: https://www.instagram.com/stephaniefigueros/?hl=en
Facebook: https://www.facebook.com/profile.php?id=100067024651962
Email: stephaniefiguerosrealty@gmail.com

Quotes
I don’t go to markets where there is not an already existing infrastructure that will support short-term rentals or Airbnb, and part of that is because of regulations which is a big fear amongst many right now.

I look for neighbors actually before I look for vendors because the best way to pick somebody is through referrals.

I wanted to be able to create my life by my design and not clock in eight times a day.

One of the big things was I received so much satisfaction when patients would go home, and they’d be happy, so for me, I get that same feeling and satisfaction from guests when I know they had an amazing stay.

Every problem has a solution, and every question has an answer. Let's find out how we solve that and even if it's not the best solution, most of the time, people are satisfied because of the effort that you put behind it to make it happen

The big thing is identifying what your skill set is, and what your strengths are, and I did this for myself.

To be able to identify and know your strengths and weaknesses, but your strengths and then to be able to find an opportunity to where you can implement those strengths with either somebody that doesn't have them.

One mistake I sometimes see is they will go ahead and just buy a house, but they need to research if there are cleaners, handymen, and the infrastructure to support the operations.

People want to work with you for you and not so much as what you do, so getting to know people as people is a good start for one with the co-hosting space.

Concepts
Finding local vendors for your rentals is very important so that you can attend to concerns and issues in your rentals faster.
Facebook groups can be very helpful when looking for local vendors and seeing how good the community is before buying the property.
Getting a realtor's license can be very helpful, especially for people who are new to real estate as the terms and concepts are taught there.
Arbitrage is either buying a property and selling it for a higher price or renting the property to rent it out to another party via subletting
A turnkey property is a fully renovated home or apartment building that an investor can purchase and immediately rent out.
Co-hosting is like a property manager but is not the owner of the property they are managing.
Identifying your strengths and what you can offer is a key part of creating opportunities for yourself.
The advantage of Airbnb over hotels is that Airbnb provides a different experience than staying in hotels where you can expect what you get.
With the short-term rentals regulations coming, it is very important to have a backup plan, like converting it into mid-term/long-term rentals if needed.
Knowing your vendors and how they work is very important. To see if how they work will fit your expectations.
Having a reserve is very important, especially on seasonal markets like a beach house, to help you get through when the property is “out of season.”
Always study and research new trends to stay on top and avoid stagnating.

Time Stamps
0:00 Introduction
4:14 How do you cover issues in your rentals when you’re away?
7:25 Building networks with local vendors for your rentals
9:10 Moving away from nursing and into real estate
15:30 Getting kicked out of a 55+ community
16:30 Breaking down the numbers on your real estate journey
20:50 What do you love about co-hosting management?
23:05 Some lessons of being a nurse that can be applied to real estate
25:20 Creating Opportunities
28:25 The next step in your journey
33:45 How do you manage your properties all across the country?
33:50 Top three mistakes in short-term rentals
36:40 Three tips for short-term rentals
40:35 What are you looking forward to in the future?
42:15 If you had 10 billion dollars, what would you do?

👍 Keep up with The Freedom Chasers:
Subscribe to our YouTube: https://www.youtube.com/channel/UC4_Wkdt-M2rKLmfucReIneg?sub_confirmation=1
Follow us on Instagram: https://www.instagram.com/podcast_tfc/
Follow us on Twitter: @tfcp_podcast
https://www.facebook.com/groups/freedomchaserspodcast