30 questions and answers about investing/rentals

Thanks everyone for sending in questions, and for your patience with my lack of computer/not uploading for a while! I have really missed this. :-) This is part 1 of MANY questions, and I look forward to posting the next one. As promised, time stamps below:
0:00 Intro
0:32 Do you still Airbnb
1:16 How to find a good deal
2:57 Shared spaces advice
5:23 Netflix and streaming services at an Airbnb
7:08 Furnished house and tying into mortgage
7:41 Skepticism of someone selling their STR
9:39 Working through inaction
10:15 Mentorship and coaching
11:28 The only exceptions for coaching/consulting
13:11 Market metrics
14:15 Minimum night requirements
14:38 Experiential elements to add
16:38 Advice to my beginner self
19:13 Furnishing budget
19:34 Cleaner management
20:06 HOAs
20:52 Partnership structure
24:06 Property management company
24:50 Task list or project management system
25:31 Are cleaners worth it
27:35 How to hire cleaners
28:45 Regulations - what is reasonably strict?
29:00 HELOC
30:28 Business banking
31:09 More discussion on mentors
31:33 Tax deductions
31:54 Midterm rentals
31:58 Rehab costs
32:10 Creative financing
34:34 AI in real estate
35:22 Controlling emotions and staying calm/patient
36:27 Consuming real estate social media
39:38 Advice on real estate instagram page
LINKS:
Airbnb with me and my husband as your ambassadors - www.airbnb.com/r/mpatel207
Short term rental calculator (free): lydiapatel.ck.page/calculator
Setup guide downloadable (free): lydiapatel.ck.page/372ad21eac
So sorry- my Trello board is not able to accept further additions! Sign up here to be notified when my templates/checklist vault is ready (Q3 2024?): lydiapatel.ck.page/vault
SOFTWARES/SERVICES:
AirDNA: airdna.grsm.io/l9vq3854x0eh
Novo: novo.pxf.io/6ePnmE
Baselane $150 signup bonus with link: baselaneaffiliateprogram.pxf....
Stessa: stessa.sjv.io/6eGQxb
Amex BBP (15K bonus on just $3000 spend) americanexpress.com/en-us/ref...
Chase business ink: www.referyourchasecard.com/21...
Insurance: lydiapatel.steadilypartner.com
Lodgify: www.lodgify.com/?afmc=1nq&utm...
Northwest Agent discounted rate at $39 per LLC with link: shrsl.com/4869z
BluDot: my bookcase behind me, and every sleek modern thing I own - bludot.pxf.io/c/4245172/18597...
Business inquiries: [e-mail]
IG: ‪@lydiapatelll‬
Disclaimer: Above links contain affiliates, which means I receive a small commission at no cost to you. Affiliate income is how I get to keep all the resources free for a greater number of people, instead of selling them as ebooks and paid content. :-) All of the products I recommend have been fully tested by me, and I seek out affiliate links only after I’ve verified I would recommend these to you. Thank you everyone for your generous support!

[@lydiapatelll]

A couple things! 1. If there is enough interest, I can redo my trello board for operations and share. 2. Leave me additional questions because I still have a bunch left and plan to do another Q&A. Lastly, I was blown away how polite/kind/thoughtful you all are in your emails. It felt way too big headed to read those out loud, so forgive me for cutting off part of your message on screen ❤ your encouraging words are so so so appreciated!

[@kristennegrotti7354]

I loved all the info in this, but especially the last point. I have four short term rentals and am under contract on a motel, but I don't want to be constantly comparing myself to the people who make half their money from selling the idea of real estate, I don't want to take huge and scary risks, and I don't want to see people's homes solely as a vehicle to grow my personal wealth! Love the level headed and relatable content here!

[@lydiapatelll]

Yay so happy to have you here with me!!

[@iTuber012]

This video randomly popped up on my recommendations. Perhaps the algorithm is beginning to favor you as I am not the target audience for this topic

[@photoaddiktt7633]

I just cant believe i finished a 41 min video in a single stretch 😲🙌💯 This was immensly helpful Lydia & thanks a ton 🙏 At many junctures in the video, i was floored by the genuinity by which you conveyed the down to earth apprach you adopt rather than boasting flimsy or unreal things like many airbnb experts do 👏 Immensly boosted day by day in my airbnb journey & will keep you updated on this 👍 once again, i am so happy to land in your channel 😇😇😇 stay blessed 🙏

[@lydiapatelll]

Thanks 🥰🥰🥰🥰 yes best of luck with your journey!

[@JakubKosik]

Hi, great Q&A video. I would like to see your Trello board

[@colorbubble]

thank you so much for answering my question :)

[@Valketa]

Hey Lydia, recently found your channel and my wife and I just started our bnb journey using a lot of the information from your videos. One question from this video i have is if you have a video out i may have missed showing your arcade/game room. Interested in possibly adding an arcade to our airbnb!! Ty so much keep up the great work!

[@lydiapatelll]

We have bits of it shown in the beach house tour video!

[@JaxonHayesPlays]

Hi missus Lydia it’s me Jaxon and my dad says hi too he is seans lawns if you remember and I am happy about seeing your channel

[@lydiapatelll]

Thanks, Jaxon!

[@jeepstacybales5802]

Question: we did the research found a great market . Now building a home for our short term rental. Market was overpriced and we picked up 2 lots for the price of one. My estimate is about 80% occupancy once we get established. Making only about $1000 a month as original mortgage is higher rate. Your thoughts ?

[@lydiapatelll]

How much is your initial upfront cost? If all-in invested $80,000 then your $12,000 annual profit would be 15% cash on cash return. Not bad depending on your goals! But if your upfront investment was $240,000 then the 5% return is less impressive.

[@Finalaproach]

There are many things in this video that I disagree with, but ill hit the main one. There are many STR that are for sale in Eastern Tennessee and Nashville that are being sold despite being of profitable in nature. Sellers can have various reasons to sell their STR, lack of profitability is not always the underlying cause or reason. As a matter of fact I just bought an STR condo that the owner is selling as he just doesn't have time to manage and I gain massive tax break from it. So, NO, it is not always a red flag,.

[@lydiapatelll]

I agree it’s not a red flag. There can be so many valid reasons. I’d be curious of what the reasons are, but wouldn’t rule out that it’s profitable ☺️ what are your other thoughts? I am certainly limited to my personal experience and would love to hear more perspectives.