33) Predicting the 2024 Market & Where to Buy a Vacation Rental

Real Estate Investing with House Money

House Money Weekly

In this week’s House Money Weekly segment, Lauren and Alan get together with their special guest, Jasmine from Jasmine Mortgage Team, where they discuss blog 131, the 4 market niches of vacation rentals. This blog was written with the help of Lauren’s experience in Short-Term Rentals. Alan and Lauren always teach that if you’re going to invest, you must create a niche for yourself which becomes your buy box. A lot of new investors want to diversify and they want to invest in different property types or different markets all at once and this method doesn’t allow the investor to create systems and processes like you can in your niche. The 1st market niche of vacation rentals are big cities, like Atlanta. Both Jasmine and Alan have STRs in Atlanta. The 2nd market niche of vacation rentals are national tourism hot spots, like Orlando. There is a lot of competition in these markets. Although there’s high competition in this area, they can be very profitable. The 3rd market niche of vacation rentals are the regional tourism hot spots which is where host Lauren focuses. These are properties that are about two hours away from the big hot spots. The last market niche of vacation rentals is “other/rural.” Pros of this niche is it is much cheaper to get in, and you can self-manage (you may not even have available property managers). We recommend picking one and focusing on it. Which will you pick?

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Mortgage Minute: Jasmine answers the question: Who are Fannie Mae and Freddie Mac?

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Real Estate Is Easy Interview

Lauren interviews Bob Thompson, a full-time real estate agent since 2007. He was a chemist for 9 years and switched jobs during the recession. He got into short sales in 2008. Lauren asks Bob why he became a real estate agent during the great financial crisis and his answer is because when he was a chemist, he was miserable, so he started to look into different things to do and then he got into real estate. Bob made his first real estate mistake (according to him) by attempting to manage his own properties. A short sale is where the bank accepts less money for the property than what is owed on it and in return, the seller doesn’t have to pay for the net difference on that particular property and will typically walk away free and clear and will be able to purchase their own home again. A short sale is like an alternative to foreclosure and it’s better for the clients and the bank. Short sales happen for two reasons, either job loss or divorce which happens 9 out of 10 times. Going through foreclosure to become a real estate owned property takes time. In some states, it can last for 6 months to 1 year. Bob encourages investors to look for short sales. Bob has multiple clients that have short sold a property, and then come back several years later and were able to purchase again. The number of short sales relate to market cycles because the more foreclosures, the more short sales. When the pandemic hit, everybody that was in a foreclosure situation saw their values go up on their prices, and the banks had a mandate to refinance those people. Now, when it comes to short sales, they easier to navigate and work now because foreclosures aren’t backed up. Lauren is curious if you have to pay cash to buy a short sale, and you certainly don’t need to. Bob doesn’t have to make real estate easy because real estate already is easy. Alan and Jasmine both react to this, and they both seem to agree.

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Vyzer Wealth Building Break: Litan answers the question: Why don’t wealthy people manage their own rental properties?

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Guest Host's Segment

Guest Host Jasmine brings up an article she found that talks about the five trends that will reshape the real estate market in 2024. One of the primary concerns heading into 2024 is the Affordability issue. Alan has noticed people thinking they want to live in Atlanta, then ending up in the suburbs because you can afford more. Of course, folks are moving to the south from other areas chasing affordability. Another trend is factoring rent payments into their credit histories, which should help people be able to experience home ownership.

Article: https://www.housingwire.com/articles/5-trends-that-will-reshape-the-real-estate-market-in-2024/

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