Birmingham Alabama · Member since 2020 · 3 posts · 2 votes
Hello everyone,
After extensively researching about vacation rentals, (VRs) I've decided this is the niche I want to stick with. I would like to start off with rental arbitrage then later transition to owning my own properties. The only problem is my lack of funds to start a business. I have been pumped about this idea and just want to take action after studying about this niche and my market for so long. Any ideas on how to get started soon?
Walnut Creek, CA · Member since 2020 · 285 posts · 318 votes
5y
@Alejandro Garica-Martinez if you want to take action but don't have the funds to do it yourself, see if you can find friends/family who would want to pool together resources to make your dream a reality. Good luck!
New to Real Estate · Phoenix · Member since 2020 · 27 posts · 11 votes
5y
Hey Alejandro, good for you wanting to start your own business. More people should try it out, it's a great feeling. A few options:
- Cut your personal expenses (going out, buying unnecessary stuff, vacation, gifts, etc.) and get a second job. Save as much, as quickly as possible.
- Find a local vacation rental company, work for them gaining experience in where to host airbnb's and how to keep them rented. Then take that knowledge and present your business model to people you know with money (family, friends, dentist, attorney, Dr., etc.). If you don't have experience negotiating/getting people to give you money check out the books "Money People Deal" and "Ten Commandments" by Stefan Aarnio. They give some practical advice on how he approached people to ask for real estate investments.
- You can start off by renting out your car using a platform like Turo. Less money to start off and it will use the same principles as renting an airbnb. Knowing where people rent, what they want in the car, customer service, etc.
Finding money isn't the hard part of building a business. It's being able to push through the exhaustion and tedium that will be majority of the work you'll do until you can pay someone to do the **** work.