I'm Just Starting Out and Found a Dream First Investment for 2M

New to Real Estate · Member since 2022 · 3 posts · 0 votes

So I've been studying Real Estate off and on for my entire adult life, and am really wanting to dive in.

I found an amazing property with a Cashflowing AirBnB - and I want to use OPM.

What would be the first steps to getting the funding to make an offer on this property? My wife and I would run the business and also live there. Looking forward to any advice or what the best first steps would be.

The property is 2 Million - but with the water rights and Zoning we can do a lot with it...

Thanks for any insights or guidance.

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Jeremy Horton

Rental Property Investor · Somewhere over the Rainbow · Member since 2021 · 1k+ posts · 1k+ votes

This was left really open ended

What's the revenue of the AirBnB? What is it? House? Multi Unit? Location?

First step is funding - house hack maybe since you intend to live in the property? Come up with the 500k downpayment...partner or take some type of loan

Seems like a high risk and big 1st purchase for your experience level - that's just my personal opinion

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Jeremy Horton
Rental Property Investor · Somewhere over the Rainbow · Member since 2021 · 1k+ posts · 1k+ votes
4y
This was left really open ended
What's the revenue of the AirBnB? What is it? House? Multi Unit? Location?
First step is funding - house hack maybe since you intend to live in the property? Come up with the 500k downpayment...partner or take some type of loan
Seems like a high risk and big 1st purchase for your experience level - that's just my personal opinion
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JD MartinBusiness Member
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Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
4y
Quote from @Tyler Hoff:

So I've been studying Real Estate off and on for my entire adult life, and am really wanting to dive in.
I found an amazing property with a Cashflowing AirBnB - and I want to use OPM.

What would be the first steps to getting the funding to make an offer on this property? My wife and I would run the business and also live there. Looking forward to any advice or what the best first steps would be.
The property is 2 Million - but with the water rights and Zoning we can do a lot with it...
Thanks for any insights or guidance.

This sounds like one of those stories where extradition officials are looking for you in Belize or Costa Rica a couple of years from now 😂

Don't believe all the hype about "Go big or go home". If you have no idea what you are doing - and, believe me, until you've done some deals and worked in this investing field, you have no idea what you're doing regardless of reading books or studying - this is a good way of losing a lot of other people's money. No serious investor or bank is going to fund you, with no track record, for such an endeavor.

So I would say: find something that you can reasonably afford and have some skin in the game yourself. Prove you can run that enterprise, expand it a little bit, then if you're still game try for bigger fish.
By the way, how long is "your entire adult life?" If it's 20 years, the obvious question is why haven't you done something in the past 20 years, and if it's 2 years then it's not a very impressive figure :)

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Account Closed
Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
4y
Quote from @JD Martin:

Quote from @Tyler Hoff:

So I've been studying Real Estate off and on for my entire adult life, and am really wanting to dive in.
I found an amazing property with a Cashflowing AirBnB - and I want to use OPM.

What would be the first steps to getting the funding to make an offer on this property? My wife and I would run the business and also live there. Looking forward to any advice or what the best first steps would be.
The property is 2 Million - but with the water rights and Zoning we can do a lot with it...
Thanks for any insights or guidance.

This sounds like one of those stories where extradition officials are looking for you in Belize or Costa Rica a couple of years from now 😂

Don't believe all the hype about "Go big or go home". If you have no idea what you are doing - and, believe me, until you've done some deals and worked in this investing field, you have no idea what you're doing regardless of reading books or studying - this is a good way of losing a lot of other people's money. No serious investor or bank is going to fund you, with no track record, for such an endeavor.

So I would say: find something that you can reasonably afford and have some skin in the game yourself. Prove you can run that enterprise, expand it a little bit, then if you're still game try for bigger fish.
By the way, how long is "your entire adult life?" If it's 20 years, the obvious question is why haven't you done something in the past 20 years, and if it's 2 years then it's not a very impressive figure :)

Lol Great line: "This sounds like one of those stories where extradition officials are looking for you in Belize or Costa Rica a couple of years from now 😂

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Tyler Hoff
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New to Real Estate · Member since 2022 · 3 posts · 0 votes
4y
Thank you for the commentary and support. My adult life is about 18 years... I've put my time, love and energy into building my businesses and investing in things other than Real Estate such as healthy and education. I'm not happy about delaying my choice to really get into REI. The reason I bring it up, is because I have a baseline knowledge of the nomenclature of Real Estate Investing, I've read real estate books, gone to a handful of Real Estate Investing live events and listened to Robert Kiyosaki over the years, among other investing experts over the years. I'm willing to learn and grow and evolve as quickly as I can as this is very important to me.
I am waiting to learn more about this property, the property I'm wanting to invest in has two AirBnB units on it in New Mexico... that are going for about $150 - $160 a night.

My wife and I have had previous experience with managing AirBnB's so we would also live on the property to manage that. The property has a hot spring on it and can be used for other creative and educational events to generate more revenue streams as well. Anyway, in asking the question I was just getting a sense for this community forum and doing my best to dive into this with a little more guidance.
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Nathan GesnerBusiness Member
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
4y
Quote from @Tyler Hoff:

Two rentals going for "about $150 - $160 a night" doesn't pencil out.
$150 x 2 = $300. If you had 300 days of occupancy, that's only $90,000 income. Even with $500,000 down, the income wouldn't cover the mortgage.
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Tyler Hoff
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New to Real Estate · Member since 2022 · 3 posts · 0 votes
4y
Quote from @Nathan Gesner:

Quote from @Tyler Hoff:

Two rentals going for "about $150 - $160 a night" doesn't pencil out.
$150 x 2 = $300. If you had 300 days of occupancy, that's only $90,000 income. Even with $500,000 down, the income wouldn't cover the mortgage.

Thank you!
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