YouTube SummarySee all summaries
Watch on YouTube
Publisher thumbnail
Real Estate Rookie
40:3111/27/24
Real Estate

Reviewing Our 2024 Real Estate Deals (& What We’re Doing in 2025)

11/28/24
Summaries by topic
English

The podcast reviews 2024 real estate deals, highlighting both successes and challenges faced by the hosts. They discuss lessons learned, including the importance of building internal operations before outsourcing, reinvesting in existing properties, and the importance of due diligence in various aspects of real estate. The hosts conclude by outlining their plans for 2025, which include acquiring additional commercial and residential properties, potentially building a short-term rental, and emphasizing the importance of building a strong real estate investing community.

2024 Goals & Outcomes

00:00:52 Ashley achieved her 2024 goal of purchasing a lake house, despite facing unexpected challenges during the process. Tony aimed to stabilize the motel he acquired in late 2023 and successfully launched it, but encountered difficulties finding and retaining qualified onsite managers. Both experienced various investment outcomes, including a successful flip house and the decision to close unprofitable Airbnb arbitrages.

Business Growth Lessons

00:02:48 Tony and Ashley discussed the importance of building internal operations from the ground up, rather than outsourcing immediately, particularly for smaller businesses with limited resources. This approach allows for better support and training of personnel, leading to a more successful business. The hosts emphasized that building in-house knowledge through firsthand experience is valuable and essential for creating a well-functioning business.

Reinvesting in Existing Assets

00:08:22 Tony and Ashley explored the idea of reinvesting profits and resources into improving existing properties to enhance performance and maximize revenue. They discussed how making smaller investments to reduce expenses and increase revenue can generate better returns than deploying capital elsewhere. They used an example of a short-term rental renovation that yielded a high return on investment.

Property Management & Operations

00:10:03 Both hosts discussed the challenges of managing properties and the decision to focus on properties with the greatest potential for growth and enhanced guest experience. This led to the closure of some underperforming Airbnb properties. The hosts highlighted the benefits of improving existing properties with efficient amenities and features that attract tenants and boost rental rates.

Due Diligence & Local Regulations

00:22:33 Ashley described a challenging experience with a flip house deal in a new market, where she encountered a previously unknown local regulation requiring a sump pump inspection. This situation highlighted the importance of conducting thorough due diligence and understanding local building codes and regulations before purchasing a property. The importance of an experienced agent and contractor with local expertise became evident in this instance.