GET INTO THE MINDSET: You’ll need to start thinking and acting like a successful and profitable Rentalpreneur. As in any success story…success takes time to build and nurture… and when we are talking about building a real estate empire or saving one for that matter, the one thing we do know for sure, is that real estate takes time. So, for most of us, we will need to project out a little bit more time to achieve our goals. That doesn’t mean we cannot see the fruits of our labor coming back at us quickly. It just means to say that we can be realistic about the pace of reality. Movies give us a distorted sped up version of reality. In real life, things take a slower pace until we gain momentum.
CONNECT WITH OTHER MINDS: You’ll need supportive like-minded people around you doing what you are doing as well as a team of vetted third-party experts at hand for hire, to assist with home improvements, Airbnb automation and listing management.
MAP IT OUT: Start with a solid blueprint and be prepared to create a solid game plan and goals. The brain can comprehend small tasks very well (like go get gas, or go to bank) so consider having small goals that lead up to your big ones.
MARKET: Know the market you are investing and how to analyze your Airbnb deals and ROI’s. Scrutinize your prospective market. Check out google, yelp, craigslist, hotpad and Realtor.com to understand the area you are scouting.
MORE IS MORE: Take advantage of proven strategies, tools and systems that real estate investors use to create Airbnb Investing success. We aren’t re-creating the wheel here, not even with Airbnb. We are just using systems that have been proven and tested to come through for us in the end, so stick with these and go from there. Once the foundation is in place, then seek more.
GET READY TO MAKE MOOLA: You will start cash flowing soon, so make smart decisions when investing and re-investing your Airbnb dollars. Set up a separate bank account so that you remember to pay yourself first and deposit those funds into this account immediately. This is typically 20-30%. 10% towards your income, 10% for your savings, 10% for charity. Remember to allocate a tax fund as well. When you start making money as a self employed entrepreneur, the government will want to see your taxes head of time quarterly because they anticipate you doing the same amount next year and they wanna make sure you PAY. Its really a good idea, however it may set you back and feel really uncomfortable the first year.
Are you an Investor, Landlord, Host, or Home Buyer looking for a solution to your real estate property? If so, Consider joining my Airbnb House Hacking Tribe FREE. Find out my Airbnb House Hacks HERE.
Do you have an Airbnb Hack that you have used? Tell us about it!! Email: info @ rentalpreneur . com
About the Author:
Rachel Prince is a licensed real estate broker living in Indianapolis, Indiana. Rachel works as an Associate Broker for F.C. Tucker & Company at the downtown Mass. Ave. office located in the heart of downtown Indianapolis. She helps her clients make smart Airbnb Home investment decisions. She can be reached for consults here.
F.C. Tucker Company
Indianapolis, IN 46204