Short-Term & Vacation Rental Discussions

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Dylan Spain
  • New to Real Estate
  • Phoenix, AZ
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What is the Best Advice?

Dylan Spain
  • New to Real Estate
  • Phoenix, AZ
Posted Nov 20 2022, 11:27

Hey BP community,

What is one key piece of advice you'd give to someone that has helped you tremendously? 

*Anything about rentals, managing, buying, etc.

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Michael Baum#1 Short-Term & Vacation Rental Discussions Contributor
  • Olympia, WA
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Michael Baum#1 Short-Term & Vacation Rental Discussions Contributor
  • Olympia, WA
Replied Nov 21 2022, 16:13
Quote from @John Underwood:
Quote from @Michael Baum:

Don't worry about the wild turkeys that hang out on your deck in the fall and winter. :)


 I just saw 12 wild turkeys in the front yard of our PF cabin this week.


Hah! Yeah there were 5 on the deck last week. Just hanging out. And a big covey of quail below on the driveway.

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Dylan Spain
  • New to Real Estate
  • Phoenix, AZ
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Dylan Spain
  • New to Real Estate
  • Phoenix, AZ
Replied Nov 21 2022, 17:00
Quote from @Nate Sanow:

Balance taking action and learning.  So many fields have required “continuing education” and I think it’s the same as an entrepreneur / investor…there is no arrival, the journey is the destination.  


 I have heard this quite a few times. From my standpoint, I have 24 hours in a day to learn, but when it comes to taking action I can't do much more than I am capable for. I am 19 and still in school, I do not have enough money to go out and buy a property yet but plan on shortly. I have a job with a property management company and try to work 40 hour weeks, with learning after. 

What are some other routes I can take to take more action?

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Bruce Woodruff#4 All Forums Contributor
  • Contractor
  • Arizona
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Bruce Woodruff#4 All Forums Contributor
  • Contractor
  • Arizona
Replied Nov 21 2022, 17:53
Quote from @Dylan Spain:
Quote from @Nate Sanow:

Balance taking action and learning.  So many fields have required “continuing education” and I think it’s the same as an entrepreneur / investor…there is no arrival, the journey is the destination.  


 I have heard this quite a few times. From my standpoint, I have 24 hours in a day to learn, but when it comes to taking action I can't do much more than I am capable for. I am 19 and still in school, I do not have enough money to go out and buy a property yet but plan on shortly. I have a job with a property management company and try to work 40 hour weeks, with learning after. 

What are some other routes I can take to take more action?


Just be patient, save money, build connections and learn. Not much else you can do right now. No rush.

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Nate Sanow
  • I​nvestor & Agent
  • Tulsa, OK
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Nate Sanow
  • I​nvestor & Agent
  • Tulsa, OK
Replied Nov 21 2022, 18:01
Quote from @Dylan Spain:
Quote from @Nate Sanow:

Balance taking action and learning.  So many fields have required “continuing education” and I think it’s the same as an entrepreneur / investor…there is no arrival, the journey is the destination.  


 I have heard this quite a few times. From my standpoint, I have 24 hours in a day to learn, but when it comes to taking action I can't do much more than I am capable for. I am 19 and still in school, I do not have enough money to go out and buy a property yet but plan on shortly. I have a job with a property management company and try to work 40 hour weeks, with learning after. 

 What are some other routes I can take to take more action?

 @Dylan Spain well in that case….walk as many fixer upper deals as you possibly can. Get on every wholesalers list in your market. Go to every open house of every legit flip you can. Begin to KNOW your market. Analyze 100 houses per month for net cash flow as a rental AND net profit as a flip. Begin to estimate rehab costs and if you don’t know how learn - price per foot averages should be available for example my market $5per foot can get laminate / vinyl floors installed all day. Do this over, and over and over again. Month after month. 

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Kerry Noble Jr
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Kerry Noble Jr
  • Investor
  • Indianapolis, IN
Replied Nov 22 2022, 05:56

"find private money"

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Drew Sygit#5 All Forums Contributor
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Drew Sygit#5 All Forums Contributor
  • Property Manager
  • Birmingham, MI
Replied Nov 23 2022, 13:15

@Dylan Spain make offers so low that they embarrass you

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Bruce Woodruff#4 All Forums Contributor
  • Contractor
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Bruce Woodruff#4 All Forums Contributor
  • Contractor
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Replied Nov 23 2022, 15:36
Quote from @Drew Sygit:

@Dylan Spain make offers so low that they embarrass you


 This^^ I had trouble doing that at first....go low or go home....

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David Lund
  • Columbia, MO
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David Lund
  • Columbia, MO
Replied Nov 23 2022, 15:43

Success comes from learning from failures 

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JD Martin
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JD Martin
  • Rock Star Extraordinaire
  • Northeast, TN
ModeratorReplied Nov 23 2022, 20:05

Frank told me "Don't eat the yellow snow". That's served me pretty well in life 😜

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Bruce Woodruff#4 All Forums Contributor
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Bruce Woodruff#4 All Forums Contributor
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Replied Nov 24 2022, 07:57
Quote from @JD Martin:

Frank told me "Don't eat the yellow snow". That's served me pretty well in life 😜


That's an important one for sure. Saw him in Pittsburgh back in the day with his full orchestra....mind blowing...!

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Dylan Spain
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Dylan Spain
  • New to Real Estate
  • Phoenix, AZ
Replied Nov 24 2022, 09:26
Quote from @Drew Sygit:

@Dylan Spain make offers so low that they embarrass you


 A great home buy on an eye-wakening low offer always seems like the narrative when it comes to successful businessmen. I always am so curious on how these buyers buy properties so cheap and refinance for so much. I think it is exactly what you said; someone is going to accept the offer. It's like fishing. 

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Replied Nov 24 2022, 10:48

If they don't say something nice about your property when they inquire they probably won't be a good guest.  This sounded a bit hoaky when I heard it but it has proven to be true.

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Blaise P.
  • pennsylvania
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Blaise P.
  • pennsylvania
Replied Nov 25 2022, 07:16
Quote from @JD Martin:

Frank told me "Don't eat the yellow snow". That's served me pretty well in life 😜


 …and don’t rent to Dinah Moe Humm…

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JD Martin
  • Rock Star Extraordinaire
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JD Martin
  • Rock Star Extraordinaire
  • Northeast, TN
ModeratorReplied Nov 25 2022, 12:58
Quote from @Blaise P.:
Quote from @JD Martin:

Frank told me "Don't eat the yellow snow". That's served me pretty well in life 😜


 …and don’t rent to Dinah Moe Humm…


 Bada-bump-da-bump 🥁

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Dale Bertrand
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Dale Bertrand
Replied Nov 26 2022, 05:16

Don't forget that relationships are the key to any business. So always seek to build new relationships and nurture old ones -- with a long term perspective so you treat people right. You will meet again someday.

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Dale Bertrand
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Dale Bertrand
Replied Nov 26 2022, 05:32
Quote from @Jim Hudelson:

If they don't say something nice about your property when they inquire they probably won't be a good guest.  This sounded a bit hoaky when I heard it but it has proven to be true.


 Thanks for this. So true, but I hadn't realized it!