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rethinktheratrace

You wonโ€™t get to the green if you arenโ€™t takin You wonโ€™t get to the green if you arenโ€™t taking swings ๐ŸŒ๏ธโ€โ™‚๏ธ

We definitely arenโ€™t golfers, but we are willing to try anything! ๐Ÿ˜…

Were we good? Absolutely not. ๐Ÿ˜‚

Did we have fun? Yes. ๐Ÿ‘๐Ÿผ

Will we get better? Only if we work at it. ๐Ÿ’ช๐Ÿผ

We could say the same thing about when we got started in real estate investing. ๐Ÿ’ฐ

Was our first property good? Not really, but it got us started. ๐Ÿš๏ธ

Did we have fun? Yes. ๐Ÿคช

Did we get better? Absolutely! Because we focused on learning and worked on getting better! ๐Ÿ“š

Now? Weโ€™re getting paid while hanging out with our friends ๐Ÿ˜

๐Ÿ‘‰๐Ÿผ Follow @rethinktheratrace for more tips on financial freedom with real estate! ๐Ÿ‘ˆ๐Ÿผ
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#rethinktheratrace #airbnb #airbnbhost #airbnbsuperhost #shorttermrental #shorttermrentals #vacationrental #vrbo #realestate #realestateinvestor #realestateinvestment #realestateinvesting #propertymanager #propertymanagement #landlord #investmentproperty #investment #passiveincome #financialfreedom #financialindependence #biggerpockets
Are you having trouble finding cash flowing deals? Are you having trouble finding cash flowing deals? ๐Ÿ’ธ

One of the easiest things to do is value-add on your existing properties ๐Ÿ“ˆ

By renovating a bathroom, a kitchen, or updating a place, you can boost your yearly rents for years to come ๐Ÿ›

Many times, you can do this value add for a fraction of what it costs to get a new property. It might not add as much total cash flow, but the cash-on-cash return is hard to beat! ๐Ÿ‘๐Ÿผ

We once spent $1,200 to boost our rents by $200/month. Thatโ€™s an insane ROI! ๐Ÿคฏ

๐Ÿ‘‰๐Ÿผ Follow @rethinktheratrace for more tips on financial freedom with real estate! ๐Ÿ‘ˆ๐Ÿผ
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#rethinktheratrace #airbnb #airbnbhost #airbnbsuperhost #shorttermrental #shorttermrentals #vacationrental #vrbo #realestate #realestateinvestor #realestateinvestment #realestateinvesting #propertymanager #propertymanagement #landlord #investmentproperty #investment #passiveincome #financialfreedom #financialindependence #biggerpockets
What do money nerds talk about at conferences? ๐Ÿค”

We got the opportunity to go to @economecon this weekend and canโ€™t put into words how great this experience was!๐Ÿซถ

We got to learn from others on this journey, reconnect with old friends, and make new ones.๐Ÿ‘๐Ÿผ

What do money nerds talk about? Sometimes money, but by talking about such a taboo topic, people open up about other things theyโ€™re truly interested in.๐Ÿ’ฐ

We spoke about goals, dreams, plans, families, health, travel, loss, and shortcomings. And even Trump NFTs ๐Ÿคช

Most people at these events have figured out that money is just a tool, and not the only tool, to get what you want. ๐ŸŽ

Be sure to go to an EconoMe conference in the future, or a CampFI event (@campfi.togetherwefi) itโ€™s genuinely the best thing we spend money & time on every year. ๐Ÿ’ต

๐Ÿ‘‰๐Ÿผ Follow @rethinktheratrace for more tips on financial freedom with real estate! ๐Ÿ‘ˆ๐Ÿผ
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#rethinktheratrace #airbnb #airbnbhost #airbnbsuperhost #shorttermrental #shorttermrentals #vacationrental #vrbo #realestate #realestateinvestor #realestateinvestment #realestateinvesting #propertymanager #propertymanagement #landlord #investmentproperty #investment #passiveincome #financialfreedom #financialindependence #biggerpockets
Is your property guest proofed? ๐Ÿš๏ธ Here are Is your property guest proofed? ๐Ÿš๏ธ

Here are our 5 tips with a breakdown on the reasons why:
-LVP Flooring
-Towel Hooks
-Lockbox
-Bathroom Fan
-Durable Blinds

LVP flooring is great! It looks good. Itโ€™s durable. Itโ€™s cheap. It doesnโ€™t have to be perfectly flat subflooring. And itโ€™s waterproof so itโ€™s good for kitchens and bathrooms. Itโ€™s also incredibly easy to install. Unlike laminate that canโ€™t handle water and has to be perfectly flat, or carpets that hold smells and stains. ๐Ÿซ—

Towel hooks are much better than towel rods. You can hold more towels in less space. Theyโ€™re cheap and fit in smaller places. And they arenโ€™t something that someone can easily grab and pull out of the wall. ๐Ÿช

Lockboxes are key ๐Ÿคช. If thereโ€™s ever a possibility for someone to lock themselves out, trust that theyโ€™ll find a way to. Having a lockbox with a backup key solves problems like batteries dying, the wifi going down, or any other technical difficulties. ๐Ÿ”‘

Bathroom fans are an essential part of mold mitigation. You donโ€™t want to have guests leaving the fan off while showering and creating a large amount of steam and moisture. By wiring the lights and the fan to come on at the same time, youโ€™re ensuring that the fan keeps the moisture levels down & lowers your risk of mold in the bathroom ๐Ÿคฎ

Durable blinds are something a lot of people skip on. Guests always seem to be peeking out your windows and if you have plastic vinyl blinds, the ends break easily and arenโ€™t very durable. This means they have to be replaced regularly or they look trashy. Use faux wood blinds to eliminate this issue. Theyโ€™re durable, they look good, and they arenโ€™t too expensive ๐ŸชŸ

๐Ÿ‘‰๐Ÿผ Follow @rethinktheratrace for more tips on financial freedom with real estate! ๐Ÿ‘ˆ๐Ÿผ
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#rethinktheratrace #airbnb #airbnbhost #airbnbsuperhost #shorttermrental #shorttermrentals #vacationrental #vrbo #realestate #realestateinvestor #realestateinvestment #realestateinvesting #propertymanager #propertymanagement #landlord #investmentproperty #investment #passiveincome #financialfreedom #financialindependence #biggerpockets
How much money did our newest Airbnb make last mon How much money did our newest Airbnb make last month? ๐Ÿค”

We had 8 bookings and 1 cancellation ๐Ÿ™

Remember that nightmare guest we had a few weeks ago who had a fight with his girlfriend & ran around naked outside until the cops were called? ๐Ÿซฃ

Well, since that Airbnb is part of a duplex, it affected the guests that were on the other side ๐Ÿ˜ฉ 

They were actually the ones who notified us of the fight happening, so were thankful to them for notifying us! ๐Ÿ™๐Ÿป

They ended up leaving for the night. We gave them a full refund and would have allowed them to come back and finish their stay, but we never heard back from them ๐Ÿคท๐Ÿผโ€โ™€๏ธ๐Ÿคท๐Ÿปโ€โ™‚๏ธ

Anyways, here are the numbers to the nearest cent! 

Total Income (after the refund): $1,708.17
Expenses: $915.65
 ๐Ÿงน cleanings: $540
 ๐Ÿ’ป internet: $35.70
 ๐Ÿ”Œ utilities: $106.71
 ๐Ÿ‘ฉ๐Ÿผโ€โš–๏ธ mortgage: $183.38
 ๐Ÿœ maintenance: $20.50
 ๐Ÿงป supplies: $29.36
Net profit: $792.53 ๐Ÿ’ฐ

This number may seem low for a few reasons. February was a short month, and a few extra cleanings from a booking at the end of January and an additional cleaning without the income from the cancellation ๐Ÿงผ

Next month will be even worse, but youโ€™ll have to wait to see why ๐Ÿซฃ

๐Ÿ‘‰๐Ÿผ Follow @rethinktheratrace for more tips on financial freedom with real estate! ๐Ÿ‘ˆ๐Ÿผ
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#rethinktheratrace #airbnb #airbnbhost #airbnbsuperhost #shorttermrental #shorttermrentals #vacationrental #vrbo #realestate #realestateinvestor #realestateinvestment #realestateinvesting #propertymanager #propertymanagement #landlord #investmentproperty #investment #passiveincome #financialfreedom #financialindependence #biggerpockets
One of the biggest perks to short-term rentals is One of the biggest perks to short-term rentals is using it for yourself ๐Ÿ’…

After spending over 3 months in Florida, we decided to come visit friends & family for a few weeks ๐Ÿ‘ฏโ€โ™€๏ธ

So, all we have to do is block the calendar for the days we want to stay ๐Ÿ“†

We decided to leave the calendar open for this weekend since weโ€™re going to @economecon ๐ŸŽค

We ended up getting 3 nights booked while weโ€™re going to be out of town & that is going to cover our mortgage for the month ๐Ÿ’ฐ

When we get back, we can settle back into our spot with one less bill to worry about ๐Ÿ™Œ๐Ÿผ

๐Ÿ‘‰๐Ÿผ Follow @rethinktheratrace for more tips on financial freedom with real estate! ๐Ÿ‘ˆ๐Ÿผ
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#rethinktheratrace #airbnb #airbnbhost #airbnbsuperhost #shorttermrental #shorttermrentals #vacationrental #vrbo #realestate #realestateinvestor #realestateinvestment #realestateinvesting #propertymanager #propertymanagement #landlord #investmentproperty #investment #passiveincome #financialfreedom #financialindependence #biggerpockets
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