BiggerPockets Real Estate Podcast - 5 Pitfalls When Pursuing These “Income-Replacing” Rentals

Avery Carl is the go-to contact for short-term rentals. Her business, The Short Term Shop and The Mortgage Shop not only helps find properties and secure loans for prospective short-term rental investors but also helps guide investors through their first vacation property purchase. While this type of property can be a cash flow king, it also takes more management and a bit more time upfront to get the system oiled and operating smoothly. Since we last talked to Avery, she’s quadrupled her portfolio from twenty-something short-term units to ninety-six units, sixty-one of which are large multifamily properties. Avery gives an in-depth analysis on why short-term rentals should hold a place in every investor's asset collection, and the common pitfalls investors go through when purchasing their first short-term rental. ~~~~ Join BiggerPockets for FREE: https://www.biggerpockets.com/signup ~~~~ Hear Avery’s Past Episodes on The BiggerPockets Podcast: 364: https://www.biggerpockets.com/blog/biggerpockets-podcast-364-avery-carl 375: https://www.biggerpockets.com/blog/biggerpockets-podcast-375live-coronavirus-qaresourcestacticsmindset-shifts-todays-real-estate-investor ~~~~ Grab Your Copy of “Short-Term Rental, Long-Term Wealth”: https://store.biggerpockets.com/products/short-term-rental-long-term-wealth ~~~~ The Short Term Shop and The Mortgage Shop: Buying: https://theshorttermshop.com/ Funding: https://mortgageshop.co/ ~~~~ Data for Your Next STR Purchase: AirDNA: https://www.airdna.co/ PriceLabs: https://hello.pricelabs.co/ ~~~~ Follow David and Avery on Instagram: @davidgreene24 or https://www.instagram.com/davidgreene24/ @theshorttermshop or https://www.instagram.com/theshorttermshop/ Episode #517 Show notes at: https://www.biggerpockets.com/show517 0:00 Intro 1:53 Quick Tip 3:51 Adding 70+ Doors to Her Portfolio! 7:05 Why Start Diversifying? 13:15 Don't Assume Rents Won't Go Up 21:35 Short-Term Rental, Long-Term Wealth 23:55 5 Pitfalls of Short-Term Rentals 30:14 Not Making Aggressive Offers 39:08 Trying to Find THE BEST Market 47:42 Not Knowing How to Analyze STRs 55:39 Avery Carl - Bear Attack Expert 57:16 Making Mistakes When Building Your Listing 59:52 Don't Be Afraid to Ask for Help 1:04:29 What to Expect in Avery's New Book 1:06:06 Famous Four