Building a real estate business is one of the best ways to unlock financial freedom, but that’s not to say that every strategy is the right fit for you. Today’s guest had to strike out multiple times before arriving at the perfect real estate investing strategy!
Like many new investors, Nicole Rutherford got her start in the rental arbitrage space, where she would bring in at least $1,500 per unit each month. But once landlords decided to raise rents and more competition arrived, her profits evaporated, and her Airbnb bookings took a nosedive. Suddenly, she was hemorrhaging money. With $130,000 in debt, Nicole was forced to cut her losses and start over. Rather than giving up on real estate investing, however, she simply pivoted to another strategy. Just one year later, Nicole is debt-free and runs a thriving Airbnb co-hosting business with fourteen units!
Whether you’re new to the world of real estate or looking to pin down your strategy, there’s plenty of helpful information to glean from this episode. Tune in as Tony and Nicole discuss the differences between arbitrage and co-hosting, the different services that co-hosts provide, and what to include in your co-hosting agreements. You’ll also learn how to leverage your network to find your first clients and how to build trust with property owners!
In This Episode We Cover:
Building a profitable real estate business (and common mistakes to avoid!)
How Nicole climbed out of $130,000 in debt with Airbnb co-hosting
Finding your first clients through your own real estate network
The importance of maintaining transparency with guests and property owners
Key terms and conditions you MUST include in your co-hosting agreement
How to pivot to a new investing strategy when one isn’t working
Why you DON’T need to hit a home run on your first real estate deal
And So Much More!
Links from the Show
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Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
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Submit Your Real Estate Rookie Question!
Apply to Be a Guest on the “Real Estate Rookie” Podcast
Making $140K/Year & Retiring His Wife in 18 Months with “Rental Arbitrage” w/Keron Bryce
How to Start an Airbnb Business in a Brand New Market
Rookie Reply: How to Choose Your Real Estate Investment Strategy
Connect with Nicole:
Nicole's BiggerPockets Profile
Nicole's Instagram: @_nicolerutherford_
Nicole's LinkedIn
Check out more resources from this show on https://www.biggerpockets.com/blog/rookie-373
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235: Investing in 100-Year-Old Homes Straight Out of College and the "PRR" Method w/Amy Wright and Mitch Mathern
234: Rookie Reply: You DON'T Need Experience to Invest in Real Estate w/InvestorGirlBritt
233: $1.1M in Real Estate at 21 WITHOUT a W2, Tax Return, or Degree! w/Logan Kohn
232: Double Your Cash Flow Overnight (In ANY Market) with Medium-Term Rentals w/Sarah Weaver and Zeona McIntyre
231: Semi-Retired at 30 Thanks to One Year’s Worth of Real Estate Investing w/Jessie Dillion
230: Rookie Reply: The 1% Rule, Turnkey Rentals, and Escrow Accounts Explained w/Zach Lemaster
229: Cashing In On Overlooked Off-Market Deals & Overcoming Analysis Paralysis w/Ryan John
228: Rookie Reply: How to Beat Cash Buyers, Tenant Brawls, and Appraisal Tips
227: The Vice-Principal Who Built a 9-Unit Rental Portfolio on The Weekends w/Mackenzie Grate
226: Rookie Reply: Financing Your First Rental, Leases, and High Interest Rates
225: Tiny Homes, Huge Profits: $6,000 a Month from 1 Property! w/Josiah Hein
224: It’s Not All About Cash Flow: 4 Ways Real Estate Makes You Rich w/Dave Meyer and J Scott
223: Play the Game or Get Played: Using Paternal Instincts to Close on 17 Units w/Nick Troutman
222: Rookie Reply: The One Mistake That Almost Got My House Foreclosed
221: From Corporate Cog to 10-Unit Landlord in Just 2 Years! w/Brandon Rush
220: Rookie Reply: How to Buy Rentals Once You’ve Run Out of Cash
219: 3 Rentals Right Out of College as a Young Dad and First-Time Landlord w/Hunter Lewis
218: The One Move That Helped Me 2x My Rental Property Portfolio
217: 16 Units in 3 States as a BiggerPockets Power Couple Working Full-Time w/Evan and Katie Miller
216: What Makes Rookies Into Millionaires? Quitting What You Hate! w/Pat Hiban and Tim Rhode
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