A thriving real estate business without rental properties?! It might sound like an easy way to “invest,” but make no mistake—you’re going to need to sharpen your management, interior design, and problem-solving skills for it to work. Fortunately, today’s guest can bring you up to speed on this low-cost strategy!
Welcome back to the Real Estate Rookie podcast! In this episode, Veronica Garreton returns to the show to offer more nuggets of wisdom for new investors. In our most recent episode with Veronica, she shared how she pocketed $150,000 in profit from just ONE luxury rental property. But today, she is going to take a deep dive into the investing strategy that allows her to grow her real estate business without buying more properties—co-hosting!
Of course, co-hosting, like any other strategy, is susceptible to the occasional horror story. Tune in as Veronica shares how ONE troublesome guest caused $11,000 in rental damage and how her decisiveness helped her save the day. What is co-hosting and how does it differ from property management? Why are medium-term rentals taking over short-term rentals in certain markets? How do you prevent bad reviews on Airbnb? Stick around for all of the answers!
In This Episode We Cover:
How Veronica grows her real estate business without buying more properties
The co-hosting strategy and how it differs from property management
How to earn five-star Airbnb reviews by working at the “speed of luxury”
Why investors are moving from short-term rentals to medium-term rentals
Why you NEED an exit strategy when investing in a major metro market
The “emergency” clause you MUST include in your co-hosting agreements
How to furnish your short-term rental (tips from a professional interior designer!)
And So Much More!
Links from the Show
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Ashley's BiggerPockets Profile
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Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
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Submit Your Real Estate Rookie Question!
The “Luxury” Rental Property That Brings in $150K/Year of Pure Profit w/Veronica Garreton
Wiping Out $130K of Debt in ONE Year With THIS “Steady” Real Estate Business
The Overlooked Aspect of Short-Term Rentals: Furnishing—Here’s What You Should Do
Medium-Term Rentals: How to Get BIG Cash Flow Out of Small Properties
Connect with Veronica:
Veronica's BiggerPockets Profile
Veronica's Instagram
Veronica's Portfolio
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-391
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169: From Flight Nurse to Financially Fruitful Landlord with 7 Units (in 2 Years!) w/Stacey Stegenga
168: Rookie Reply: How Much Cash Flow Do You Need to Quit Your W2? w/Daryl Clinch
167: 7 Doors in 11 Months While Investing Out-of-State w/ Hashim Ismail
166: Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard
165: A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1)
164: Rookie Reply: How Do I Escape My 9-5 with Real Estate Investing?
163: Using Short-Term Rentals & House Hacks to Become Financially Free in 2 Years w/ Andrew Bresee
162: Rookie Reply: Permitting Problems and Finding Hard Money Lenders
161: Using Calculated Risk to Acquire 17 Doors In Under a Year (at Age 24!) w/ Grace Gudenkauf
160: Rookie Reply: How to Borrow Money for Down Payments (and Pay it Back!)
159: Building an Out-of-State Empire by Using the Right Type of Real Estate Agent w/ Sarah Weaver
158: Rookie Reply: The Best Career Moves for an Aspiring Real Estate Investor
157: The 4 Keys to Perfect Property Management & Live in Flipping as an Army Man w/ Adam Widder
156: Rookie Reply: What’s The BEST Vacation Rental Loan?
155: Progress Over Perfection: Building Wealth w/o Any "Home Run" Properties w/ Ali Garced
154: Rookie Reply: Is Investing with Family Members a Mistake?
153: 20 Deals in a Year as a Professional Basketball Player w/ Terry Harris
152: Rookie Reply: How to Fund Real Estate Deals (and Scale Bigger!)
151: 28 Units as a Full-Time Surgeon and Escaping the “Golden Handcuffs” w/ Daniel Shin
150: Rookie Reply: Which Rent Numbers Can You Trust When Analyzing a Deal?
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