All Forum Posts by: Clarence Jones

If you know you want to get into STRs, find properties in your market or market of interest that are managed by Vacasa and Evolve that are underperforming and have guest feedback indicating the the customer service from the host was poor (as it usually is with the big national STR PMs), look up the owner's name on the county or city tax records, and cold call or text them. Say you are getting started co-hosting and will do it for free for the for 3-6 months. Do that until you get someone to bite.

It's going to take a lot of calls or texts to get a customer, but you'll get one eventually. And the second customer will be easier with the credibility and experience of having another. Work the W2, run a STR co-hosting business on the side, pile up money, buy a house hack, rinse and repeat.

Your biggest obstacle is that you are young and have no experience. Don't hide from that. Acknowledge it from the beginning of the conversation if you get an owner on the phone. You'll have to compensate for that with low prices and convincing them that you are young, hungry, and will not be outworked. 

Two parting thoughts - your real estate and finance degrees are not going to help you. Don't call a property owner and tout that you have a degree and it qualifies you to manage their property. A person successful enough to have purchased multiple homes is not going to be impressed by your degree. They will, however, be impressed by the fact that you took the initiative to find an underperforming listing, looked up the tax records, and cold called them. Old rich guys love seeing young hungry, ambitious kids being gritty and scrappy. That's your unfair advantage here.

The second is that I don't love your tone toward the "boring 9-5" job. Get one that you are good at doing, don't hate, and have the correct perspective and attitude. You're going to have it longer than you think...even if everything breaks your way, it's a long game. Slow and steady still wins the race.

That was long. Sorry about that...feel free to reach out if you think that I can be a resource. I have nothing to sell and would be happy to help.

Hi Clarence, It's fantastic that you're already planning your real estate investing journey while still in college! Here's some advice on how you can approach starting fresh out of college:

1. Gain Experience and Save Money: Consider starting your career in a related field such as real estate brokerage, property management, finance, or construction. Working in one of these fields will provide you with valuable industry knowledge, experience, and networking opportunities. Additionally, it can help you save money to invest in your first property.
2. House Hacking: House hacking is an excellent strategy for new investors, especially those just starting out. By purchasing a multifamily property and living in one unit while renting out the others, you can significantly reduce or eliminate your housing expenses. This allows you to save money on rent or mortgage payments while building equity and generating rental income.
3. Investing in Short-Term Rentals: While you may not have the funds to invest in short-term rentals immediately after college, you can work towards that goal by saving money and building your credit. Consider starting with a traditional rental property or house hacking first to build up your investment capital. As you gain experience and financial stability, you can transition into investing in short-term rentals.
4. Continue Learning and Networking: Take advantage of your time in college to continue learning about real estate investing and finance. Network with professors, industry professionals, and fellow students who share your interests. Attend real estate seminars, workshops, and networking events to expand your knowledge and connections in the industry.
5. Set Goals and Create a Plan: Define your short-term and long-term goals as a real estate investor and create a plan to achieve them. Determine how much money you need to save, what type of properties you want to invest in, and the timeline for reaching your goals. Having a clear plan will help you stay focused and motivated as you work towards building your real estate portfolio.
6. Be Patient and Persistent: Real estate investing is a long-term game, and success doesn't happen overnight. Be patient and persistent in your efforts, and don't be discouraged by setbacks or challenges along the way. Stay committed to your goals and continue taking steps towards achieving them, one day at a time.

Hope it helps!