Why I Think Meet Kevin Could Do Even Better

Meet Kevin provides great real estate tips, but the number one thing that's missing is short term rental. Here's how you can benefit. Enjoy! 🔥 Personal Finance Course & Investing Programs (Coming Soon) https://www.michael-curran.com/finance/join🚨 FREE: Use Coupon Code 🤠MICHAEL🤠 🚨🔥 🔥🚨 These are educational courses; past performance does not guarantee future results.

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00:00 Intro

01:10 Kevin's Strategy
Although obvious, "just start" encouraged me and I hope it encourages you if you're on the fence. You can start with less than you think with a low down-payment on a property you'll live in. If you're a veteran (VA loan) or in agriculture (USDA loan) you can start with 0 down. Otherwise, you can put 3% down to start. This is a low barrier to entry. Focus on cosmetic fixer upper properties where you can buy cheaper than move-in-ready show homes, then increase the value of the house with clever renovations. This increase in your net wealth is non-taxable as you're not selling: instead, you can reappraise your property to get rid of Private Mortgage Insurance and apply for a Home Equity Line of Credit to use on your next investment (taking money out without paying tax). It gets better: after living there for a year, you can rent it out. There is also less competition in the single family home market than in the multifamily (multiple apartment buildings), so profitable opportunities exist.

08:39 Short Term Rental Strategy
Short term rentals do NOT have to be jobs. You can automate by hiring contract workers (cleaners, maintenance, virtual assistants, property managers) and using tech. Short-term rentals don't need to be fully occupied unlike long-term rentals to yield the same per month. It's often easier to fill in small gaps rather than finding longer-term tenants. With long-term term tenants, you are locking in a low rent relative to the higher short-term potential possible opportunities; you're exposing yourself to a different set of legal issues and the tenants could be there for years (good and bad). Both can be active or passive depending on how you set everything up. Neither is clearly superior. You're just swapping one set of issues and benefits with long-term rentals for a different set of issues and benefits with short-term rentals.

16:45 Benefit: "Superhero" Mix of Strategies
My hybrid strategy combines and innovates on @MeetKevin (buy fixer upper deals, rehab, reappraise [remove PMI and take out a HELOC for my next investment], and rent long-term) with someone like @SeanRakidzich (short-term) in a similar hybrid fashion as someone like @SeanRay . I went from rental arbitrage (not owning, but just renting out at high short-term rates while only paying low long-term rent) to buying short-term rental units with massive upside, and eventually buying long-term rental units to diversify. It's important when researching properties to use conservative numbers as if you're doing long-term rentals. But at the same time you should research whether the property could make sense as a short-term rental too, e.g., near public transport or a remote vacation spot. Solutions will be different like the way you filter short-term guests as opposed to long-term tenants. Fall in love with the upside risk (higher than expected revenue from short-term rent).

Good luck!

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