Successful Real Estate Investing-New or Experienced

How Widening Your Network and Experience Will Grow Your Portfolio and Success

Is your real estate investing a minor income contributor or in the initial stages of your dream? Have you purchased multiple properties and now seeking to parlay your experience into ever more successful results? Whatever best describes you also serves to grow your portfolio to your desired level.

My quest in this blog is to share the exponential and ever increasing nature of my investing activities in hopes that one or more ideas will spur a related concept that you too can implement in your real estate investing efforts.

After recently closing on a multi-family property in Lubbock, Texas, my partner and I have embraced both the renovation and property management activities. We are using the inspection report with all contractors who are bidding the renovation project as the checklist for all proposed work. This insures all items and the respective improvements are each addressed, instead of only traditional areas such as paint, flooring and related cosmetic areas. Conditions of the HVAC, electrical, plumbing, wiring, floor/wall structure. grading, drainage, roof structure, etc. are all standard inspection items that provide in-depth analysis of the property’s condition.

Property management will ultimately be done by a third party. Initially, we are testing multiple strategies. One is the traditional monthly rent-paying tenants. Another is utilizing Airbnb for clients seeking shorter term stays. The property is within walking distance of Texas Tech University, so we are offering weekend stays, recognizing that the hotels frequently fill up at this time for the famous Red Raider football games. Our Airbnb ads have also attracted executives seeking short term lodging.One example is an executive moving to Lubbock who will stay for one month while getting to know the area and seeking a home to buy. The Airbnb ads are producing quick and successful results. Income from the short term lodging and cleaning fees are far exceeding the monthly rent from longer term tenants. This diversified approach will be carefully evaluated for the best overall business model.

Kathy Stewart
stewartinvesting.com