Failure Decoded
Failure Decoded
Buying real estate for Airbnb, how to keep a level head and anticipating problems
Rachel shares her experience buying a rental property for Airbnb. She talks about all the things that went wrong and the mindset needed to keep a level head when things aren't going your way.
Show Notes:
0:35 - Rachel talks about buying an investment property for Airbnb with her husband
1:35 - How and why they picked the Hilton Head market
3:20 - First hiccup - they fly to Hilton Head to tour properties but their original realtor ghosted them
5:42 - Second hiccup - making their first offer and finding out the property had structural issues
7:28 - The importance of being budget conscious and financial modelling to be cash flow positive
8:38 - Third hiccup - financing fell through 2 days before closing!
11:42 - Third times a charm - they find a new lender and finally get a place
13:15 - They start renovating the unit and only have 6 days to complete it
17:00 - Managing your emotions, find out what's trigging you and walk away when necessary
17:55 - The stressful sprint to finish everything before needing to leave for the airport
19:00 - Having a debrief with your partner - discuss what could be done better for next time
20:55 - Planning for unforeseen problems - buffer time and budget for that (broken light, bathroom leak)
22:03 - They run out of time and almost miss their flight
23:30 - Accepting the situation and moving forward by problem solving
24:34 - If you're buying real estate in a new place check out the area and get a sense of it
27:46 - You can only pre-plan for so much, things will go wrong so you need to learn to problem solve and pivot in the moment
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Links:
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Rachel's AirBnb
Your Hosts:
Shamsiya
Rachel
