Question: Is it good to have multiple strategies if what you’re doing already works???
Background: I have an opportunity to snag a house on an close by island but giving myself a mental road block. I’ve only dealt with rentals and flips and would like to use this opportunity for air bnb. House is across from the water but does have dock access. It’s only $80k and would cash flow as a regular single family rental. ☀️Need some advice please. When starting a new strategy how do you wash away the second guesses? Is it good to have multiple strategies if what you’re doing already works???
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Jim Ingersoll: Start by checking if Airbnb is legal in that area, then check airbnb for that area to check demand. Congrats on deal flow!
Lori Eubanks: Ive checked with county and can do airbnb however only 4 houses listed on it. I’m a newbie to that site and trying to figure out how to view how often they are rented out. The island is only 2 miles wide and Not sure what’s holding me back on this deal except the idea of a new strategy. How many strategies do you pursue or is it best to let the deal create your portfolio? I’m a deal junkie for sure
Jim Ingersoll: Al Williamson help here?
Leah Coleman: Is this Eastern Shore by chance?
Leah Coleman: Or Gwynn ‘s Island?
Lori Eubanks: It’s on Gwynn’s island. You’re so good Leah!!
Mary Hart: Definitely need to check for deed restrictions and zoning ordinances first. Have multiple exit strategies in case vacation rental does not work or gets regulated away.
Lori Eubanks: Thank you Mary! Im exploring it 👍
Rich Lennon: Go for it!! I would check insurance prices though. I bet insurance on a small island strategy is kinda steep
Lori Eubanks: Thanks Rich. Yes insurance is $3k annually due to flood coverage. Wish me luck!
Jim Ingersoll: Lori Michelle Airbnb is different insurance also, so it could be quite a bit higher yet 🙁
Lori Eubanks: Oh I didn’t know that. Yes I’ll make sure I ask. Yall are so helpful!
Cindy Crane: Let us know what you find out about ins Lori. I’m excited for you!!
Mary Hart: Insurance for vacation rentals is definitely more expensive but is a must-have.