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+--- Thread: How to start a Real Estate Empire under $3000 (/showthread.php?tid=5745457)
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How to start a Real Estate Empire under $3000 - Who Soup - Oct 30, 2017
Here' s a good method if you want to make money in the real estate industry.
Basically we will be renting out houses and putting them on Airbnb as vacation rentals and collecting a profit.
SWOT:
Strengths: Cheep way to get into real estate, Medium to medium low risk, fairly "hands off" depending on how you run it, fast money
Weakness: People will start to do this more and more, dealing with guests, Possibly have to clean units/fix things or hire people
Opportunity: Lots of room for quick expansion if done right, very quick money; you can withdraw quick, creates cash flow putting your risk lower with the more you have
Threats: Some states/countries may require permits, so this is a gray hat method if you choose to operate with out a permit, People could damage the home, Laws are being made to try and stop this method
Steps:
Step 1)
Create an Airbnb account.
Step 2)
Go on Zillow and find a place to rent, make sure it's near places of interests that tourists may visit. I would suggest a property in your area, preferably a single family home.
Step 3)
Compare vacation rental prices either on Airbnb or hotel websites such as Expedia and try to undercut them as much as possible while still getting a profit.
Useful Calculations:
Example:
Cost of rent (monthly): $2500
Air BNB Daily price: $150 (which on average in the US is pretty low)
Potential profit:
(Daily profit) * (# of days a month) = Potential Profit
$150 x 30 = $4500 that can potentially be made
ROI (Return On Investment)
(monthly expense)/(Daily profit) = ROI
$2500 /$150 = 16 days to make back money
Now all you have to do is rent it out and make a profit. Try to work with customers as much as possible and be friendly. Regarding fixing/cleaning you can either do it yourself or charge a small fee to hire someone to do it for you. If you decide to do this and have any questions feel free to PM me or post below and I'll help as much as possible. 🤝
Disclosure:
This guide is indented to be interpreted as a business concept. Please be sure to check your local laws before attempting to create the above business. Who Soup claims no liability and does not endorse any illegal or dishonest practice.
RE: How to start a Real Estate Empire under $3000 - SIM-1567847 - Oct 30, 2017
Smart method.
Another great contribution.
RE: How to start a Real Estate Empire under $3000 - Meowth - Oct 30, 2017
Definitely a high risk, high reward type situation. Nonetheless, awesome share. Not often do you see a unique share for free.
RE: How to start a Real Estate Empire under $3000 - Who Soup - Oct 31, 2017
(Oct 30, 2017 09:21 PM)Borderlands Wrote: Definitely a high risk, high reward type situation. Nonetheless, awesome share. Not often do you see a unique share for free.
I do have another real estate method that's free with high gains. I may be releasing this soon 🤝
RE: How to start a Real Estate Empire under $3000 - Narrate - Oct 31, 2017
This is actually pretty cool.
I've always wanted to get into flipping houses, but never had the time nor the capital.
RE: How to start a Real Estate Empire under $3000 - Dеceived - Oct 31, 2017
Very nice share op only problem for me would be no one wants to come stay where I live :(
RE: How to start a Real Estate Empire under $3000 - SIM-1589588 - Oct 31, 2017
Definitely a nice share OP. Rated it 5 star.
RE: How to start a Real Estate Empire under $3000 - Who Soup - Oct 31, 2017
(Oct 31, 2017 01:15 PM)Dеceived Wrote: Very nice share op only problem for me would be no one wants to come stay where I live :(
You could always hire a property manager or do it all remotely.
RE: How to start a Real Estate Empire under $3000 - Mon£y - Oct 31, 2017
Really great idea, but you'd need some good money behind you to do it, anything could happen.
Just a tip: If it's some younger people renting from you, be friendly but intimidating. Make sure they know you're the boss and if they break anything there will be severe consequences along with a big bill.
Do you do this yourself?
RE: How to start a Real Estate Empire under $3000 - 'Ryan - Nov 1, 2017
I do the same with leasing cars and the app Turo.
RE: How to start a Real Estate Empire under $3000 - Who Soup - Nov 1, 2017
(Nov 1, 2017 05:33 AM)Ryan pid= Wrote:I do the same with leasing cars and the app Turo.
I’m probably going to be making a thread about this too; turbo/Uber/lift/etc.
RE: How to start a Real Estate Empire under $3000 - Cagey - Nov 2, 2017
Basically a sublet, not all places allow it though and high risk.
RE: How to start a Real Estate Empire under $3000 - Homero - Nov 3, 2017
(Oct 30, 2017 03:46 PM)Who Soup Wrote: Here' s a good method if you want to make money in the real estate industry.Do you ask your landlord for permission? Most landlords won't let you sublet.
Basically we will be renting out houses and putting them on Airbnb as vacation rentals and collecting a profit.
SWOT:
Strengths: Cheep way to get into real estate, Medium to medium low risk, fairly "hands off" depending on how you run it, fast money
Weakness: People will start to do this more and more, dealing with guests, Possibly have to clean units/fix things or hire people
Opportunity: Lots of room for quick expansion if done right, very quick money; you can withdraw quick, creates cash flow putting your risk lower with the more you have
Threats: Some states/countries may require permits, so this is a gray hat method if you choose to operate with out a permit, People could damage the home, Laws are being made to try and stop this method
Steps:
Step 1)
Create an Airbnb account.
Step 2)
Go on Zillow and find a place to rent, make sure it's near places of interests that tourists may visit. I would suggest a property in your area, preferably a single family home.
Step 3)
Compare vacation rental prices either on Airbnb or hotel websites such as Expedia and try to undercut them as much as possible while still getting a profit.
Useful Calculations:
Example:
Cost of rent (monthly): $2500
Air BNB Daily price: $150 (which on average in the US is pretty low)
Potential profit:
(Daily profit) * (# of days a month) = Potential Profit
$150 x 30 = $4500 that can potentially be made
ROI (Return On Investment)
(monthly expense)/(Daily profit) = ROI
$2500 /$150 = 16 days to make back money
Now all you have to do is rent it out and make a profit. Try to work with customers as much as possible and be friendly. Regarding fixing/cleaning you can either do it yourself or charge a small fee to hire someone to do it for you. If you decide to do this and have any questions feel free to PM me or post below and I'll help as much as possible. 🤝
RE: How to start a Real Estate Empire under $3000 - Who Soup - Nov 3, 2017
(Nov 3, 2017 10:41 AM)Homero Wrote: Do you ask your landlord for permission? Most landlords won't let you sublet.
I've seen it done with both the landlord permission and without.
RE: How to start a Real Estate Empire under $3000 - ReelDeal - Nov 5, 2017
Pretty nice method, pretty risky, but for sure smart