How to Analyze a Rental Property or Airbnb as a Complete Rookie

this is real estate rookie episode 305. before you even think about your Market think about what your goals are as a real estate investor if your goal is to leave your job as fast as humanly possible appreciation itself isn't really going to help you tax benefits per se aren't really going to help you as much right you want cash flow you want profits so I think think about what your goal is but your strategy is and that kind of helps you identify what Market you should be going into what strategy you should be going into my name is Ashley care and I'm here with my co-host Tony Robinson and welcome to the real estate rookie podcast where every week twice a week we bring you the inspiration motivation and stories you need to hear to Kickstart your investing journey and today's episode is a little different because not only are we going to be talking on the real estate Ricky show but we're also going to be talking on the BiggerPockets real estate podcast for an episode that's getting uh I guess I don't know like simultaneously aired on on two podcasts at the same time but it's about a topic that I think is super important both for audiences at the rookie show and the real estate podcast and that's how to analyze deals properly in 2023 and you know Ashley talks a little bit about the long-term rental side let's talk a little bit about the short-term rental side and really just even before that just in general why getting good at analyzing deals is so important yeah so Tony does a breakdown of analyzing a short-term rental and then I do an analysis of a long-term rental that is a single family but zoned as a duplex so we go into the two different analysis as to a single family compared to converting it back into the duplex that it was meant to be and we go through how we find our rents whether that is the daily rate for short-term rental or the monthly rate for a long-term rental we talk about some of the things that maybe we have changed in our deal analysis since we first started and since we've grown and also as the market has changed so we'll talk a brief overview and then we'll actually share our screen so if you are listening to this on your podcast platform and just have it on audio highly recommend you come back and actually watch it on YouTube so you can see a screen share I will use the Bigger Pockets calculator reports I'll use the rental calculator and then also the Burr calculator and then Tony will be using um his short-term rental calculator and we'll share those on the screen so if you decide that you want to watch this and kind of get a visual because you're more of a visual learner makes you go to the real estate rookie YouTube channel and search for episode 305 and you'll be able to find this episode on deal analysis and take a watch of what we actually share so I guess let me just share a quick review uh before we get into Ashley and I's breakdown on on deal analysis here this review actually comes from someone by the username of meow mix131 as I love the username but myamnik says after finishing the BiggerPockets book I became hungry for more information I started listening to this podcast the Ricky podcast and I was blown away by the wealth of information when I started researching more about it there was so much junk I felt like I had to sift through most real estate gurus just seemed super cocky and use inflated wordage and don't actually explain what they're talking about these two really slow things down and help explain the basics they're easy to listen to and have become a part of my morning routine on my commutes Ashley and Tony and their guests have taught me so many things and I've recommended to all of my friends so Meow Mix that is a glowing review we appreciate you taking the time for all of you that are listening if you haven't yet please take a few minutes just leave a honest rating review on Apple podcast Spotify or wherever it is you're listening uh the more reviews we get the more folks we can reach the more folks you reach more folks we can help which is what we're all about here at BiggerPockets okay so Tony let's get into some deal analysis I'm super excited to talk about this because I feel like it's honestly one of the most important things that people need to understand as they're getting into their real estate Journey but it's probably a set that most people don't spend enough time really getting good at so I'm excited to dive into today's content and I think that it can change too so just because you're an expert at analyzing a single family property does not mean that you're also an expert at analyzing a duplex there are so many different um things compared to the property type of what you are analyzing but also Market specific too for example if you're in Florida you may have to account for Hurricane insurance if you're in a flood zone you may have to account for flood insurance uh depending what the city taxes are so for short-term rental you may have to account for some kind of permit to actually operate a short-term rental so there's a lot of different things that are specific to your Market to your property when it comes to analyzing a deal and our best advice I would say to a rookie investor is stick to one market and stick to one property type and get really really good at analyzing that one specific Niche and and then go out and Branch out and analyze other deals in other markets and things like that so as much as we would love to analyze deals for you guys all very specifically and tell you exactly how to analyze the deal in your neighborhood we're going to do some examples of what we are currently investing in uh Tony has a flip property that he's going to talk about how he analyzes it and then I'm going to talk about a single family house and how to analyze it in one of the markets I invest in so first Tony before we actually get into the deals do you want to kind of do like a a breakdown of the process of analyzing a deal yeah absolutely and I think before I even talk about the process Ash I want to I want to share with all of the listeners that you don't necessarily have to be a quote-unquote numbers person to get good at analyzing deals as a real estate investor the the beautiful thing here is that regardless of how uh you know Tech Savvy or Excel Savvy you are if you hated math in high school or whatever it is you can still get good at analyzing properties as a short-term rental as a flip as a Burrs whatever it is because there's a proven set of steps you need to follow so as long as you can follow directions you should be able to to get at least decent at analyzing properties with whatever strategy it is that you're using and even if you don't like using Excel right that's a totally free tool but Bigger Pockets obviously has a bunch of calculators that you can use to help automate this process as well so as long as you can punch numbers on your keypad on your keyboard then you should be able to analyze deals as well um so I just want to start with that first like that's that's the important thing I want you guys to understand that regardless of you know whether you're a freak in the spreadsheets or or maybe uh maybe not you can still get still get good at this um so I lost some train I thought what the heck did you ask me to do before I went off on to that Tanger I didn't ask you to do anything so that was perfect Tony but I wanted to talk about um what are some of the steps in analyzing a deal like some of the things you should think about before actually getting into the numbers so the first thing is where are you going to invest in and doing the market analysis of figuring out if this is actually an area that's going to benefit your why for investing in real estate so if you're somebody who's maybe looking for long-term play you don't really need cash flow right now you love your job you want to stay in your W-2 but you don't have any retirement maybe set up and so you want properties that are going to appreciate so you're going to tap into that Equity down the road and you can pull that out for your retirement so and then that scenario maybe a market with minimal cash flow but High chance of appreciation is going to be a better play for you than somebody was like I want to get out of my job now so I need cash flow right now I need High cash flow I don't care that much about appreciation because I want money now um and then there's people who care about both they want both of those things so definitely picking your Market um is one of the the first steps in really focusing in and honing on that because markets are so different that it will make you lose focus if you are trying to analyze deals in five different markets across the country so as a new investor or even as an experienced investor don't try and go to 10 different markets at once get really good at one market for whatever strategy you're doing then Branch out and use your skill set to continuously to analyze markets and then go into those points yeah I think even uh like I love what you just said I think it's a super important point but I think even taking one step back and this kind of ties into what you said initially but before you even think about your Market think about what your goals are as a real estate investor because that's going gonna play a big factor in how you make some of those subsequent decisions have you talked to Ash about like you know are you focused on cash flow today are you focused on on tax benefit if your goal is to leave your job as fast as humanly possible then appreciation itself isn't really going to help you today appreciation is a long-term play um if your goal is to uh you know quit your job today tax benefits per se aren't really going to help you as much right you you want cash flow you want profits so I think think about what your goal is what your strategy is and that that kind of helps you identify what Market you should be going into what strategy you should be going into because you got to identify which one supports your goal because I you know I I we we are in a very fortunate position actually we get to talk to people from all different walks of life different stages in a real estate investing career and I hear some folks who say Tony you know actually we're in Denver just a couple weeks ago and we were sitting with neb who's a doctor never actually we met at bpcon last year and he won this raffle to hang out with National four day at Bigger Pockets headquarters and uh Net's a doctor and you know obviously doctors have you know High incomes and a big goal for net was okay how do I offset my W-2 income with the passive losses that real estate can provide so a lot of his real estate investing strategy was focused on that piece so as he's looking for properties he's not going to necessarily be able to look in in markets where price points and land value and property value are super low uh because that doesn't support his goal of getting the the cost benefits he's going to have to go into markets where the the property values are a little bit higher and he can get the benefit of like a cost segregation study whereas you know say someone who said I want to quit my job tomorrow they've got to go out and focus okay where can I get maybe some good bird deals where can I get good cash flow with minimal cash outlay so I think a lot of that kind of ties into it but Ash once you once you've kind of decided on a market and I think I think both of you and I are unique in this approach because we kind of had different approaches to this but when you kind of start to narrow down on your Market are there any indicators you're looking for inside of that market to say okay yes this is a good place for me to start analyzing deals yeah so I started out just close to home because this was the market I knew because I grew up there and I also worked for another investor and I knew the market uh there's been two times that I've kind of went out of my comfort zone into the city not the rural areas and those were both on a real estate agent's recommendation and actually the same one and so I would listen to everything that she said about those neighborhoods and then I went and did my own research to kind of verify that so some of the tools I use for that are neighborhood Scouts and then also bright and faster so those are two pieces of software where you can pull up so much Market data that I used to go to like citydata.org and all these different websites to find everything that I wanted you know a crime website but now there's so many programs uh that have it all tied together that save you so much time and have all the information you need so bright investor is a newer one but you can go on there and just like pull all of the data that you need to analyze a market they basically do all the work for you and that is where I'm looking at okay what is the job growth as to what has been in the last couple years and what is the potential uh then I'm also looking at the population growth are people moving there are they moving away from there I'm also looking at what are the demographics as far as age and if you see you know there's a lot of kids like it's more of a a family neighborhood where if I'm looking at a five-bedroom house I may not want to go into an area that has a lot of single people that are unmarried you know maybe 30 to 40s where maybe they're out of that period where they're in their 20s and don't want to live with the roommates but um so just looking at all the these different variables that come into play when looking at the market but then also you know what's the the price to rent ratio what's the average cost of living what is the average income uh all of these different things that you can pull and look at the market and then you have to take all of that information and tie it into your investing strategy so if I'm analyzing for a shirt short-term rental it's going to be very different data and stats That I Want from that market analysis compared to if I'm looking for a long-term Buy and Hold play in this market yeah so many so many good points there actually but one thing I want to call out that I thought was super important you said you you started off kind of investing in your backyard because that's what you knew but you also supported that decision with data and I think that's the step that a lot of people Miss there's nothing wrong with saying I know this market so I'm going to invest here because I'm comfortable I'm familiar with it but you have to take it one step further and make sure that it actually makes sense to invest in that market you know a lot of what we do is in the short-term rental space and I've seen some folks get just absolutely hammered on deals because they invested in markets that they knew but they didn't take that secondary step of of supporting that decision with data they said I love going to Maui so I'm going to buy a condo in Maui I love vacation stationing at the beaches in Florida so I'm going to buy a beachfront property in Florida I love going to you know name the place name the state and they say I like going there therefore it must be a good investment but that is not true whatsoever you can use it as your first step but you still want to make sure that that you you take that secondary step of supporting it with data and I think what you talked about Ash about using those websites is a kind of a great place to go and again obviously the strategy that you use is also going to dictate some of the data that you need to pull we'll talk a little bit about the the flips and short-term rentals that we do but like I want to make sure that the data specific to the asset class that I'm focusing on to the strategy that I'm focusing on supports um that that next step there so when I think a little bit Ash about like where people get where people get hung up on analyzing deals uh first I think is where to pull the data from and I think you you gave some great resources there um Bigger Pockets actually as you're going through the calculator tools they also kind of give you hints on where you can pull some of this information um so uh if you guys go to Bigger Pockets look at the tools find the calculator for whatever strategy it is you're trying to use I think that's a great starting point to help you get over that initial hump of what data do I need and where should I be pulling that data because BP literally guides you through that process um I think the the second thing that people get caught up on is how do I know if I'm doing it the right way right how do I know if I'm if I'm missing anything because you see a lot of investors who let's say like a long-term rental for example they might understand okay cool here's here's a property that I'm looking at purchasing here is a comparable property for rent maybe it's running for whatever 2000 bucks a month but they forget that they need to include things like capex or maintenance and repairs so again I I think if you use a tool that is built to help kind of fill in some of those gaps it becomes easier to have confidence just going through those steps so literally the first deal that I ever analyzed actually the first multiple deals I've ever analyzed I did them all with the BP calculators because you can't move forward without filling in all of that required information I felt like it was super helpful for me Tony let's um run on to like now the actual deal what your investment strategy is so you've kind of got your market analysis you know where you're pulling your data from but you have to pull the data for the actual property too such as what are the property taxes how do I estimate Insurance are there you know any zoning you know requirements I need to know about our short-term rentals allowed here what are the rules and regulations of the city so pulling all of that information that can actually be a bit of legwork if you've never invested in that market before you don't really know anything about it so when you're doing the the actual deal analysis you want to know what strategy you're going for so you want to have your buy box with your property type your strategy um are there like definite no's for you like I don't want a house with a pool um and one of the reasons may be because your insurance premium may be higher if you have a pool and you have renters in the place so going through your buy box what is your max purchase price that you are looking to buy at in that market so going through and making this list will definitely help you expedite analyzing deals because you can go through and go ahead and just like check like nope this property did not meet this criteria or yes it does yes it does yes it does okay now I'm actually going to dive deeper into the analysis part of the deal and um one thing with doing that is like you also stay focused and you stay specific on what you're trying to do and one thing I will go over in the deal that I analyze for you guys is that I'm focused on one strategy but with the how the way the market is I am also analyzing deals based on a second strategy as almost an asset strategy so with my first strategy isn't going to work how else can I make that property work and a lot of people ran into that as our our friend Tyler Madden who's been on the podcast several times and we just had his wife zosha on on episode 301 they purchased a property as a short-term rental after closing on the property they found out that where the property was located you could not do short-term rentals and they had to transition and pivot their strategy to medium-term rentals and actually ended up working out great for them but being cautious of if you have a different strategy so that if you are maybe wrong and running your numbers as to what that backup Exit Plan can be and maybe it's selling it uh maybe you know turning in medium-term rental whatever that is that you have some kind of backup in place in case that first strategy doesn't end up working out the way that you want it to and it's almost like having a a safety net I just want to I just want to highlight really quickly ask you you talked about the the buy box and just to like clarify that for folks that maybe aren't familiar with that phrase um again your buy box is basically just you identifying what type of property am I comfortable purchasing that aligns with my chosen strategy and with my chosen chosen goal or like what I'm trying to get out of this it's like I can tell you for us if we're flipping a home in Joshua Tree we're typically looking for something that's about three bedrooms usually one to two bathrooms Eleven Hundred to thirteen hundred square feet built sometime around 2 2000 to 2000 and maybe 10 at the at the latest because we know inside of that little box pretty much down to the penny how much we're going to spend to to renovate something like that uh we know that we can get in and get out we can finish a rehab in six weeks on that kind of product and it's something that that we've uh that we've done multiple times however uh when you're first starting it's not always easy to really know what your buy box is uh and sometimes you kind of just gotta use the the data that's available and make your best judgment um so I can like on the short-term rental side when we first started looking we looked at all the data for that specific market and we compared revenues by bedroom size typically when you're analyzing short-term rentals you kind of separate it by bedroom count and we looked at five bedrooms four bedrooms three bedrooms shoes one Studios and we said okay we think the best return is here the four or five bedroom for this specific City so as we started to look for deals we said no to anything that wasn't a four or five bedroom initially and all of our acquisition efforts were focused on four and five bedrooms because we felt that was what made the most sense then as we started to get more comfortable and familiar in that market we started to identify how smaller properties uh could play a role in our portfolio as well we started to open that buy box up a little bit so I think what's most important is just creating that buy box so that you can get really good at analyzing something specific because like I actually mentioned earlier it's easier to become an expert at analyzing five bedrooms in this ZIP code with this type of construction style than it is to analyze everything in an entire County so I think part of the buy box part of the reason why it's so important is to help give you that confidence as you're analyzing deals the next thing after you know knowing what your Market is what kind of deal you're looking for is how are you going to pay for the deal uh there's often the phrase heard that if you find a deal the money will come because it's a deal and everybody will want to be a piece of that opportunity but it is way less stressful if you have a plan in place as to how you're going to fund a deal before you actually have it instead of running around like a chicken with your head cut off trying to find a private money lender hard money lender after you have the deal locked up and you have 72 hours to to get funding secure so figuring out how you're going to fund a deal so right now my main source is for funding a deal are my lines of credit that I have using um cash my own cash for rehabs and then also I have a private money lender that I use for a lot of deals and then for my refinances I'm doing a lot of them on the commercial side of lending and I did one recently on the residential side but that's kind of how I'm funding my deals I'm not really doing any purchases that are mortgages right at the beginning that I'm usually doing the lines of credit or the cash last year I did do uh three properties that were purchased with hard money and right now it is way more cost effective for me to just use my lines of credit to fund the deals yeah I'd say the vast majority of what's in our portfolio uh both on our holds and our floods have been funded with private Capital private money in some way shape or form um every single flip we've done has been fully funded with private money we haven't used any hard money yet um the majority of our properties that are in our short-term rental portfolio you know kind of rebirth them we bought them initially with private money and then we refide into into long-term debt or we brought in Partners who carried the initial mortgage but for us and I think because we built a little bit of a track record it's been a good method and a win-win situation for us and that person to leverage private money now I know a lot of folks might be thinking you know duh you guys are Tony and Ashley Bigger Pockets uh co-hosts and you know you guys have these these big platforms so easy for you guys to raise private Capital but I can tell you I know people that are not podcast hosts that don't have you know tens of thousands of followers on social media that are still still leveraging private Capital to fund the majority of their deals and you know Ash and I have talked to folks in the on the rookie podcast who did it on their first deal you know with no track record whatsoever so if you're wondering man how do I where are all these people hiding that just have money to give to us investors you got to start building your network out and that's attending local meetups hosting your own Meetup there's a lot of benefit that comes from that but I think the more hands you can shake the more ways you can provide value to other people uh the the easier it'll be for you to find that potential private money lender for your own deals as well and the private money lenders that I use were all before the podcast I didn't meet any of them through being on Bigger Pockets or through the podcast they were all private lenders before um I actually started on the podcast so it definitely um and there there's a lot of great Instagram accounts that share how to you know reach out to private money lenders uh solely at lattes to Lisa's she does a really great job of explaining and social media posts how she has approached private money lenders how she does you know a pitch deck to them per se as to what the deal is what's it about and how they can um lend on the deal that's one of the best ones that I've seen yeah I also got a shout out uh Amy majori she's Amy a-m-y-m-a-h-j-o-r-y on on Instagram and uh she also does a creates a lot of great content specifically about raising private capital for your real estate transactions okay so do you want to do one of our deals yeah let's do it let's do it okay do you want me to go first yeah if you're if you're volunteering a tribute let's do it sometimes I gotta talk about that nerdy side of me okay I'm actually going to do a screen share so if you guys are listening to this in the car wherever you are go back and find it on YouTube so you can actually watch the screen as I'm going through it I'll do my best to be as uh visual as I can with my words but when I uh speak or write I am definitely a lot more analytical than Visual and storytelling so uh I'll do my best but I'm gonna do a screen share here okay so first I just want to share with you guys some of the data that I pulled on this Market because this is my first time going into this neighborhood this is a neighborhood of Buffalo New York so how this deal came about and one important aspect of getting a deal done is actually sourcing deals and so I got a text from my real estate agent that I've used for quite a few of my deals she did my first prop property back in 2013 so we've had a good standing relationship and she texted me and said Ashley I thought of you I just walked this house you gotta come see it it's in an amazing area can you come tomorrow or something like that so I went and looked at it and Ashley just want to confirm so this was on Market no this was not on Market so in what the real estate agent was doing was in their office they kind of will sometimes put their heads together and help comp a listing as to what it should be priced at so agents will take other agents on tours of properties that they have that are coming up to one help them price it get their thoughts on it second to have it almost as a pocket listing to see if they can sell it before it even goes on the MLS so this was considered a pocket listing where was not listed yet the person that lived in the property had passed away and it was now going to his estate and there was a trustee of a state who just wanted to sell it so my agent had gone through with the seller's agent and so I got into the property the next day I met her there and the seller's agent I always always love when the seller's agent is at the property because they know so much more about the property about why the seller is selling than my agent does because my agent is just walking in the door with me and all they have is kind of what's going to be on the MLS but this wasn't even on the MLS yet to have any information about it so we went through the property with them in this neighborhood I didn't know anything about it so it was great that we drove we walked around everything like that to kind of get a visual the seller's agent knew a lot about the area and told me all this stuff so it sounds great coming from the two agents but then again you have to verify so I went and looked at the areas where there was a lot of gentrification a lot of rude vitalization in the surrounding streets because in Buffalo and along with a lot of cities it can vary Street by street so South Buffalo I have several investments in and I can tell you the exact I could draw out on a map the exact shape of where exactly I want to be in South Buffalo and for this part Buffalo I just I didn't know any of that so uh going on Google Maps and doing the walkthrough where you can actually take your little yellow guy and walk the streets if you can't physically be there or going to the property but so here's just a couple examples of the the data that I pulled so right here looking at a three year forecast uh so right here this then kind of the top column got cut off here but where you're seeing a 10 on the top for the three year forecast so one to ten ten being the best as far as appreciation in that in homes in that area that they're going to see they think that over the next three years this property will appreciate 18 okay over the next year it will be about six percent okay that is considered a 10 rating compared to all of Buffalo it is comp it compared to the nation it is a seven rating which is still actually pretty good um and then it goes on to talk about like the latest quarter where it actually went down for from uh Q4 2022 to q1 to 2023 which I saw all over our state as to just a drop in um prices but then once spring hit everything shot right back up again and everything's going over listing everything is being you know sold within a couple days or gone pending within a couple days so then another you know it's stat that I pulled here too as to the population growth so there is actually a little orange warning symbol by this so it says within half a mile from the location the the population is um changed 11 okay and I believe this was um for within the last five years okay so 11 increase and when I clicked on that little orange thing it said this is higher it was either higher or on average with the nation I think it was higher than what the national average is for population growth okay so right there those are two things that look really intriguing to me about this neighborhood and I actually did it very very Niche down as to like this is only like a three block radius right now that I'm looking in um as far as comparing this neighborhood okay so now I'm gonna take you guys to the actual Bigger Pockets report that I pulled okay so this is using the rental calculator report so this property that I looked at it doesn't need really any rehab maybe a couple cosmetic things and just like the yard cleaned up um lots of garden gnomes things like that so this property if I'm going to rent it out as a single family home I don't have to do any rehab I'm going to be able to list it for thirteen hundred dollars per month it is a five bedroom house with one and a half bath okay one thing that I am really looking at right now and I'm finding this to my advantage and I've started looking at this because the market is competitive right now the market has changed as to what it was two years ago and this is probably something I will carry forward forever though is looking at unique properties or things that are not apparent so this property is a single family home but it is actually zoned as a two-family home as a duplex and it does have separate meters on there for electric yeah let me let me ask one thing because I think that's an important thing to call out how did you how did you identify that like if I'm if I'm a new investor how do I figure out if the actual usage of this property matches with what it's zoned for so you can go to prop stream and usually they will have that data on there as to what the zoning is you can go to uh the GIS mapping system for the county uh one red flag for me on to kind of like trigger looking into this was that there was the two meters on the side of the house but if this was listed on the MLS it would be listed as a single family home so if this property were to get to the point where it was listed then it would be listed as a single family and there would be people who were looking for multi-family just automatically passing by this listing so the only things that need to be done to actually make this back into a two unit would to be put up a wall where the stairs go to the upstairs which is very cost effective and not hard to do and then in the bathroom add the shower back in the shower was taken out which again it's not that that difficult of a thing to do there's a basement the plumbing all runs right under the bathroom you just hook up a new drain and you put your shower in so those are the the two things that you would need to do so for my example I ran the property as a single family home okay as a single family home we kind of talked about Tony with you for short-term rentals comparing like bedroom count like you're gonna get more for a four bedroom than a three bedroom but not as much for a five bedroom or whatever your example is the same may go with a long-term rental where there just isn't enough income to support what you could charge for a five bedroom so for example uh three-bedroom house and a five bedroom house might just only be fifty dollars more just because nobody living in that neighborhood can pay more than thirteen hundred dollars a month so I ran this property as a single family home and it ended up being negative 45 in cash flow okay with a negative 1.65 cash on cash return and when I did this I ran it with even putting 20 down on the property and just getting a conventional 30-year fixed rate loan on the property but let's go through uh some of the expenses well first the the rent I found that by going to the Bigger Pockets rent estimator and putting in the address of the property and pulling up comparables then I also went to Zillow rent and I looked at what is currently listed then I also went to Facebook Marketplace and looked at what is currently listed in that area for rent and I use those three metrics to kind of come at the point that 1300 is a very conservative number that I could get for rent for this property as a single family home okay it also has a large backyard and it has a driveway which not a lot of the other properties in the the neighborhood have that okay then I went and pulled the taxes I pulled the taxes I never go with the MLS listing and what it says and even though this property wasn't listed on there I always verify myself no matter the source no matter who's telling me I always verify what the property taxes are so I went to the Buffalo oars website I went to the Erie County GIS mapping website and I was able to pull the property taxes off of there and get the copy of the tax bills the next thing is insurance so Insurance I've Gotten Good at estimating just because of knowing properties in this area and what I currently play pay on a single family or what I currently pay on a duplex right now if you really want to hone in on your insurance is to actually go to a broker and get a quote and just ask them quotes are free to get and yes an insurance broker is going to get annoyed with you if you keep every deal you analyze you keep asking them for a quote and you don't actually buy these properties and they're having to do all these quotes for you but at least if you do one or two with them you can kind of gauge an idea to what they are and then there's all also you know websites like policy genius we've had them as an ad sponsor before we just go online and plug in the information and they give you a quote and then the fixed expenses so since this is a single family home the tenant is going to pay for the electric the gas the water and sewer there are no HOA fees and the garbage is looped in with the the property taxes and it's like a user fee with the the water um which will be billed back right to the tenant the user fee and then lastly the variable expenses so on this I did eight percent for vacancy eight percent for maintenance eight percent for cap X so I gauge my percentage on the condition of the property and also the age of the home so this being a single family property for vacancy I went with eight percent where if maybe this was a three unit I maybe would have cut that down to six percent just because if 110 moves on the single family I have no rental income coming in but in a three unit at least I still have two other rental units bringing rent income in and for maintenance because it is an older home I did the eight percent Cat-Back seem eight percent the management fees eight percent that's kind of a going rate in this area um I think I was paying six and a half percent before uh with the property management company but that was because it was a bulk rate but um it's between eight to ten percent I have my own property manager in place um so it ends up being less than that because I'm just paying like kind of the cost of having a property manager and a team and um so that will most likely be a lot less but I always like to factor in what the current property management fees are in the area because one day I decide again I want to use a third party property management company I already have it baked into my number but for this property it would be a negative 45 dollars per month in cash flow okay so we did look and we did see that it is projected to have a six percent increase every year in the home's value so maybe if I'm going for appreciation that you know what I can lose fifty dollars a month that's fine and I'll just wait for the property to appreciate and I'll go and refinance and I'll pull a bunch of equity out and then I'll go buy another property or maybe I'll sell it in five years when it's projected to to be worth more okay so those are some of the different scenarios that are running through my head when I'm thinking about this I don't I don't buy usually properties that are a negative cash flow so this would be a new thing for me if I decided to go with this property for this and I should mention too which I don't think I did was the the purchase price I set here was a hundred and fifty thousand dollars okay and that's what the the seller had said that they would think they were maybe going to list it for they they weren't sure yet and I did seven percent for my interest rate amortized over 30 years and the loan amount would actually be a hundred and twenty thousand after putting down that down payment of 20 okay so next I'm going to take you to a second analysis that I ran on the property and the second analysis is if I were to convert this back into a duplex okay so it's important to note too that for if you're going to be doing any rehab and you want to refinance after you do the rehab Bigger Pockets does have a separate calculator they have their rental calculator which you still can build or a bacon rehab into that calculator too but then there's also the Burr calculator and this one will be if you are doing a rehab and you're going to refinance so this will actually calculate your holding cost during the rehab period And so you've gone to you've gotten it rented until you've refinanced so for this one I did the purchase price of a hundred and forty thousand because remember just because somebody is asking a certain amount of money does not mean that's what you have to pay for that property so if I'm analyzing a deal and I may use their asking price as a starting point but I that doesn't mean that's what I have to pay and like oh the deal doesn't work I don't give up I go in and I manipulate my purchase price I don't go in and say oh well you know what maybe I can bump the rent up a little bit more no I want to be super conservative on what my rent is and also what my expenses are so inflating expense senses not too much so that they're not realistic but also keeping my rental income low and not over inflating that and then if I end up being able to list the rent the rental and rent for even more like great that's bonus money so for this one I ran it with 140 000 as a purchase price and this one I did add that I would purchase it with my line of credit where I pay nine percent with my line of credit so I'd be paying that nine percent interest only to my line of credit I put that I could expect to refinance within four months so you know if I set aside a month to do the rehab which would be blocking off the separate door by creating a wall on the stairs and then also adding that shower into the lower bathroom realistically that would take less than a month but I'm giving myself a month to actually you know take care of that and then by the time I close with the bank financing I'm giving myself plenty of time by saying four months okay so differences with this there's no down payment I'm just taking the full 140 000 off my line of credit paying the nine percent interest and I'll be paying a thousand fifty in interest a month until I'm able to refinance on that property for the refinance I would like to do a residential loan at 30 years as of yesterday when I talked to a lender at one of the banks I use the approximate rate would be seven and a half percent for that um my loan fees I put at four thousand which is they're usually like around three percent I would say on the residential side and then my monthly P I would be 971.91 and that's also with baking in those loan fees as adding that but so this total loan amount I did it at 135 000. so that's with me leaving 5 000 of the purchase price into the deal and then also the rehab I estimated at 10 000. I really think the rehab is going to be less than that but I need to clean up the yard and there's a couple other little updates that I want to do to the property so I'm being conservative with that that 10 000 by over inflating it a little bit but I'm leaving money into the deal on this property I'm only pulling out 135 000 but I have a hundred and fifty into the deal so this makes my cash on cash return 11.22 percent okay I usually Target more for 15 at minimum on cash cash return this would leave my monthly cash flow 116.93 and my monthly income this is the part that I really like about turning this property into a duplex is my monthly income would be twenty one hundred dollars because now I have two units and I'm able to get more for a three bed one bath and a two bed one bath then a five bedroom single family home with one and a half baths so that was where it was kind of looking at the property and figuring out okay what can I do different to maximize the income put a little rehab money into it and there's other examples of this so maybe you have a property that has a large driveway can you rent out parking spots to the neighbors to someone's to store an RV a boat does it have a garage does it have a barn um we have one single family home that has this huge Barn that we rent that out separately uh for somebody for storage so I love looking at a property and thinking about okay what are the things that I can do different to make this a better deal and instead of looking at it and like how can I manipulate the numbers in a negative way that I end up just becoming underwater because I'm not getting the rent I wanted I cut out the lawn mowing expense thinking that I could find it a lot cheaper than what it actually costs to have the grass cut so as you look at the expenses here you'll see that there are different expenses now that I do have to pay though because it is now the duplex so Water and Sewer it is not separately metered so I will be paying the water and sewer I could charge back a water fee if I wanted to but most of the the properties in that area do not so I want to stay competitive if I did charge it in I would probably have to drop the rent anyways bake in that water fee and it would just end up being the same amount anyways um and then my insurance may be a little bit higher I found compared to single family and duplexes that unduplexes my insurance costs do become a little bit higher because of I don't know if it's the liability portion of having two tenants or just like the cost of the property to rebuild because now you have two kitchens to replace two bathrooms to replace um and then also the gas for the property um that's is the heat source and for the hot water tanks that is not separately metered only the electric is so the gas would be paid by uh me the landlord because there's no way to tell which tenant used which meter or used how much because there's not the the separate meters to actually build them back so this puts it at the monthly cash flow 116 dollars cash on cash return 11.22 percent the purchase cap rate which honestly I don't care that much about a purchase cap rate is 9.33 and then the pro forma cap rate 6.53 your monthly income 2100 a month your monthly expenses 1983 dollars and seven cents so the last thing I factored into this is I put in the analysis over time saying that I can expect a three percent increase in rental income three percent increase in expense income which probably could be a little bit more for each and then the five percent per year property value increase remember that um statistics showed us that it projected to be six percent and being conservative and I did five percent and then I just kind of laid out how the property would appreciate but also on the calculator report it's really nice because when you put in how you're financing the deal if there's a mortgage it also calculates what your loan balances based on a few major payments to pay down principal and interest paying down the principal balance and gaining Equity by the five percent increase every year from appreciation but also by that loan balance being paid down um and what your your value is going forward and how much Equity you actually have in the house so for a I hold the property for 30 years that's projected to have 860 000 in equity but um yeah so that's just kind of an insight as to how I would do uh an analysis on a single family or duplex property and world-class breakdown Ashley care so let me let me ask you um how how much of what you did uh uh has changed between actually I don't know 2019 versus Ashley today like because that was obviously a lot of information I'm just curious like how much of this is just have you learned through like repetition because I guess I don't I don't want our listeners to hear this like man I'm not well equipped to do any of that so it's just like was there a starting point you kind of built on top of it or just I don't know just kind of give us some insights into how it's changed I guess yeah so when I first started out it was very much like on the on a piece of paper it's like here's what the expenses are and then I actually got very diligent in verifying everything and that's where I were like like knew the dollars down to the penny and then that's where I kind of transitioned into okay I can ballpark the property taxes uh for the example I showed you I don't really know a ton about that market so that's where I was like I need to know exactly what the property taxes are in which I do do that but for a rough analysis for a market I'm already investing in how about Park the property taxes and the insurance the water bill things like that and if it like comes out you know looking kind of good then that's when I go further in and I actually pulled the exact number so right now what has changed for me with the market is what are my options for funding and also refinancing this deal so really getting creative with that uh so right now my line of credit is a lot cheaper than using hard money or a private money lender okay and I want to use that to my advantage so that I can be more competitive because I have that rate um also with my private money lenders what can I work out with them like maybe if I'm not even using them for all of the deal or part of the deal uh definitely putting in offers for seller financing so I'm going getting more flexible on how I'm actually going to fund the deal and how I'm going to get creative with the financing going forward the next thing I'm looking at is to what are the income streams on the property so right now like in Seattle Washington you can put in Adu an additional dwelling unit on a single family home you can put the Adu in your backyard and uh you know that can increase the value of your property and also bring in rental income so if you're going to sell this house as a flip you now could someone makes it more affordable to someone because they have that rental income of the Adu in the back they're willing they can now pay more for the property and that's more in your pocket and a lot of times the cost of building that Adu isn't less than what you could actually sell that property for so for me is looking at all the different revenue streams that can come out of that property so with this one it was changing that single family back into a duplex to really maximize that Revenue oh one thing yes there's one last thing I would add is that in my Market at least the there's been huge rent growth over the last couple years but it has become very stagnant so be careful that you are not riding those High projections again of what you can get for rental income so look at the rental growth trends for your area too I just got a six unit emailed to me this morning for my broker and I'm looking at what the seller had projected the rental incomes that you could get because they said it's way below Market rent you should be able to get this and when I pulled comps you could not get that comps from last year you could get that but it had you know decreased by like a hundred dollars of what it they were renting for last year and that hundred dollars makes a big difference across the bottom line when it's a six unit so that's six hundred dollars a month that you're not getting anymore as to what they're projecting and if you go off of Old numbers or that aren't accurate then you know that that's where you can get into trouble so to even be more conservative I always go a little bit under as to what the market rent is yeah that's a really good point and I'll I'll talk a little bit about that same concept as well I asked you about you know making sure that your your data reflects recent changes and and the market that you're looking into um but cool let's uh let's talk analyzing short-term rentals you know there's some overlap obviously between what Ashley just explained when she's looking at long-term rentals uh and what we'll be doing with short-term rentals specifically on the expense side you know when you're analyzing the expenses for a property as a long term and as a short term you you have mortgage expenses principal and taxes and insurance you have utilities just that on a short-term rental you're typically paying the utilities versus with the long-term rental you can pass that along to your guest so the the expense side is pretty similar right a lot of those inputs are are the same where long term and short terms really differ is on the income projection side so Ashley talked about how you know she just mentioned it right she looked at comparable properties to see what they were renting for today and usually it's one fixed number that you can assume you're going to make over the life of that lease so if I say this property is going to rent for thirteen hundred dollars and then I sign a lease with a tenant for thirteen hundred dollars then I know for the life of that lease that I'm going to make thirteen hundred dollars um with short-term rentals you have variable income on a monthly weekly daily basis that you need to account for so I'm going to talk about um what that exact process looks like for analyzing or estimating the income on a short-term rental okay so when you're analyzing a property as a short-term rental specifically when it comes to the income there are three kind of key pieces of information that you need to understand you need to understand your average daily rate which is uh also called your ADR you need to understand your occupancy and you need to understand your cleaning fees and I'll break down each one of those three pieces so again your average daily rates your occupancy and your cleaning fees combine to make up your income for a property so let's let's go over ADR first ADR again stands for average daily rate and basically what this number is is that it's the number the guests are willing to pay to stay at your property for a single night and usually when you're analyzing a property you want your ADR to be an average across the entire year so you say on average across an entire 12-month period 365 days what are guests willing to pay for one night at my property and the reason we want to make sure that we're looking at an entire year is because in the short-term rental industry what people are willing to pay for a single night varies pretty dramatically depending on the week of the or the night of the week that they're booking right people are typically willing to pay more for a Friday or a Saturday night booking than they are for a Tuesday night booking right because there's more people traveling on the weekends so the the night of the week makes a difference the week of the of the month makes a difference and the month of the year makes a big difference as well most seasons kind of have their their peak time and most seasons kind of have their their slow time for me and some of my markets summer is the busiest time in some of my markets whereas in other Market somewhere is the slowest time so you want to understand what those nuances are in your Market to make sure that you're accounting for that in your average daily rate projection so again your ADR is pretty heavily impacted by seasonality so you want to make sure that you're looking at that number across an entire year and I'll give you guys a breakdown on how to actually identify what that ADR is but for now I just want you to understand ADR stands for average daily rates and it's the number that shows you what your guests are willing to pay on average across an entire year for one night at your property next is your occupancy occupancy tells you how many days out of the year you can expect to be booked now again if I'm comparing short-term rentals to long-term rentals once you sign a lease with a tenant you can expect your property to be fully booked or at least that unit to be fully booked for the entire duration of that lease so if you sign a 12 month lease with someone then you know for the next 12 months you are going to be fully occupied whereas with short-term rentals we don't have leases that we signed with tenants we have guests who come in and stay for a couple of nights and then they go home so there's always some percentage of nights that go unbooked and that's what you want to try and identify uh for your occupancy is okay out of 365 days how many days can I expect to be booked and again you want to look at this number as an average across a year for the same reasons that we want to look at your ADR on average across an entire year because your occupancy changes or goes up and down depending on the month of the year okay and again I'll show you how to pull this these numbers here in a sec and then the last thing that you want to look at that that gets included in your income is your cleaning fee income now this is something that's unique to short-term rentals but when you book a property on Airbnb or verbo as a guess when you book a property not only are you paying for the stay right for your nightly rate but you're also paying for additional fees Airbnb charges fees verbo charges fees but then hosts also charge what are called cleaning fees and this cost usually gets passed on to your cleaning staff however you should recognize it as income for two reasons first because it's included in your deposit from Airbnb and verbo when they pay you out and then second you also have the opportunity to turn your cleaning fee income into a slight profit Center as an example on some of our properties we might pay our cleaners I don't know 115 dollars per clean but we can charge Our Guest 125 dollars per clean so that means if I'm only paying out 115 but I'm collecting 125 every time that property gets clean I'm making a profit quote-unquote of ten dollars and say that my property I don't know maybe I get booked 10 to 15 times per month that's an additional 100 to 150 in in profit that I'm generating from my cleaning fee so I usually like to include my cleaning fee as part of my income for a property as well for those two reasons so again to recap your three pieces are your average daily rate your occupancy and then your cleaning fees so once you have all three of these you want to put them into a formula and uh again I've got a free calculator that you guys can all download if you head to the realestate robinsons.com forward slash calculator again that's the realestate robinsons.com forward slash calculator it's a free download it's an Excel file that I've used tens and thousands of people have downloaded this calculator to help them analyze deals but if you want to kind of follow along on that calculator you'll be able to do the do that there but once you get all of that data you want to plug it into a formula to understand what your projected income is so basically you take whatever your occupancy percentage is and you multiply that to 365 days and that will tell you how many days out of the year you can expect your property to be booked so say from your analysis you say hey 75 is a good occupancy number for this property in this market so you would take 75 percent multiply that to 365. that gives you 274 so now you know okay I'm going to be booked roughly 274 days out of the year so that's the the first step the second step is to take that 274 or whatever number you land on and multiply that to your projected average daily rate to your projected ADR so let's say that you have 274 days you project to be booked and say through your analysis you say 250 is a good projection for my ADR you take 274 4 multiply that to 250 and you get 68 500 in Baseline Revenue okay let me repeat that one more time 274 days is what you project to be booked you multiply that 274 time your projected ADR again in this example let's say it's 250 274 times 250 equals 68 500 that's your Baseline revenue for your property the last step then is to add in your projected cleaning fee income again there are steps you can take to understand hey what is what's the average cleaning fee that uh properties are charging in my market you use that data to assume what your cleaning fee is for the year and then you add that to your Baseline income so again say we have a baseline of 68 500 and through our analysis we identify we can collect another eighteen thousand dollars a year in cleaning fees which is not unreasonable at all um 68 500 plus the eighteen thousand dollars in cleaning fees gives you a total income of eighty six thousand five hundred dollars okay so those are the the inputs that you need to project your income you need your occupancy percentage which gives you how many days you'll be booked out of the Year multiply that to your projected average daily rate which gives you a baseline income and then you add to your Baseline income what you project your property will collect and cleaning fees to get your total income on that property so that's the kind of overview of how you project your income now I want to break down just a little bit more detail how to project your average daily rate and your occupancy because those two things are super critical to get right now there there are two kind of different ways to project your ADR and uh your occupancy levels for a property the first approach is your comp based approach so your comparison-based approach the second approach is what I call your percentile based approach so your first approach approach number one is your comparison base or your comp based approach the second approach is what I call your percentile based approach now let me break down what each of these means in the comparison based approach or the comp based approach what you're doing is you're looking for properties that are similar uh in size design and amenities functionality location to your property like okay you you have your subject property that you're analyzing and you want to find other active listings on Airbnb or verbo that are similar in size design functionality amenities location Etc okay so if yours is a brand new construction built in 2023 then you want to find other properties ideally that are brand new construction built in 2023. if yours is a um you know Farm style rehab that was built in the 50s you want to try and find other Farm style rehabs that are built in that are built in the 50s and recently rehabbed if you have a lofts in downtown you want to try and find other lofts in downtown so you kind of get the idea here but the goal is to use Airbnb and identify properties that are similar to yours once you have those properties identified you want to understand what are those properties charging on a nightly basis across a 30 60 90 day window and you want to go 30 60 90 again to accounts for the fact that prices are seasonal that adrs are seasonal because if you just look at a say seven day window you might be getting the best week of the year or you might be getting the worst week of the year either way your numbers are going to be off but when you go out over you know a 7 30 60 90 day window you start to get a mix of what the different uh seasons and months can produce in terms of ADR so you create your list of comparable properties right after you go through Airbnb you can literally just open up Airbnb look at your chosen Market click through find listings that are similar and open up their calendars to see what they're charging okay it's a completely free way to do this and you want to try and build out as many comparable properties as you can the more the merrier right I'd say at minimum you want to get somewhere between 10 to 15. ideally you want to get as many as you can okay don't put an upper limit as long as it's a good comp you should include it inside of your your approach there once you have your comp based again you want to go through those listings and understand how booked are they over a seven day window how booked are they over a 30-day window what are they charging over a seven day window what is their average price over a 30 over a 60 over a 90 day window then you use those numbers you get the averages of those and you plug it into the formula we talked about earlier okay so that's the first is the comp based approach the second approach is the percentile based approach and I like doing both because the cop approached uh it's kind of like your your sniper rifle approach where you're picking out specific properties did you filler exceptionally similar to yours whereas the percentile based approach is kind of an aggregate approach that pulls in a little bit more data but but kind of gives you a better overview of the market now unfortunately or not unfortunately I guess fortunately there's paid software out there to help you do this I don't know of a way to do this for free outside of like you trying to build your own scraping tool to pull all of this data but there are websites out there like air DNA and price Labs that are data providers for the short-term rental space we use uh price labs for a lot of our data analysis um and I think gosh what is if you guys go to hello.pricelabs.co forward slash the real estate Robinsons uh you get I think a 30-day free trial and then like 10 off your first bill so again that's hello.pricelabs.co forward slash the real estate Robinsons And what you want is their Market dashboards tool and with the market dashboards tool you're able to collect an insane amount of data on the properties that reside with inside of your chosen market so if you're following Along on YouTube you can see this future prices table here that I'm I'm referring to and basically what price Labs does is that for whatever data set you choose right so say I want to look at a specific market and I want to look specifically at three bedrooms within that market price Labs gives me both historical and future data on what prices what adrs are being charged at different levels okay so it breaks it down by hey at the 25th percentile here's the average price that listings are charging at the 50th percentile here's the average price that listings are charging at the 75th here's the average at the 90th here's the average so I can see across my Market at different I guess levels of not luxury but you know different levels of property quality where 90th would be top of the market 25th would be the bottom of the market I can see on average what are these different properties charging and I love looking at this data because you can get super granular both looking at historical data and forward looking data now I'll try not to get too much into the weeds here but basically you want to be able to pull this data and identify on a month-over-month basis going back as far as you can I think right now you're able to go back to like 2020 or maybe even 2021 in price lapse data and you want to go as far back as you can and just start looking at the trends what is the average price for the month of July in 2021 what is the average price for the month of July in 2022 uh month of July in 2023 and start comparing those and what you'll be able to see as you do that analysis is what are the different price points I can expect to charge based on how nice my property is so if I think my property will operate and the the top 10 percent or that 90th percentile then I can kind of look at that data set to help me gauge what my average daily price and my occupancy will be if I think that I'm going to be more kind of like middle of the road budget listing then maybe I'm going to be looking at that 50th percentile to to gauge that but once you have those different percentiles mapped out and you've looked at it month over month year over year you then have a really good handle on what do I think I can achieve with the listing that I have now one important thing to call out and this is one of the changes that you really have to be aware of and Ashley kind of mentioned this as she was talking about at the end there about her long-term rental piece you want to understand if your Market is up or down year over year now we're recording this in the summer of 2023 and uh if you've been following the short-term rental industry 2021 was a crazy year for short-term rentals it was immediately post-covered uh there was a a tremendous amount of Pence up demand for short-term rentals and uh not nearly as much Supply as there is today so you you saw this uh you know extreme amount of uh Demand with this kind of lagging to to keep up supplies you really saw a lot of listings do exceptionally well in 2021. 2022 you saw more Supply come on board uh where you saw kind of demand come back down to somewhat normal levels and I think 2023 will be the first year where we see uh um you know maybe a more so normalized travel Cadence at least across the United States so what you're seeing in many markets and this isn't true for all markets but in a lot of markets where 2021 has a higher Revenue projection than 2022 and even where 2022 has a higher Revenue projection than 2023. so like in the example that I'm showing here if you're following Along on on YouTube we can see that the average price in in this market for 2021 was 138 dollars in 2022 that same data set had an average price of 135 dollars so our ADR dropped by three dollars in that same Market year over year now obviously three dollars isn't a huge swing um but you just want to make sure that you're accounting for that because maybe in this market it's only a three dollar drop but maybe in a different Market it's a 15 or 25 or a you know 100 drop which makes a big difference in adrs over an entire year so you want to make sure that not only are you looking at um you know what what am I projecting this property to do but what is the difference year over year and am I accounting for that of my projections of this property okay and the approach I just laid out even though I'm talking adrs you can pull that exact same information for your occupancy rates as well and that'll allow you to see hey at the 25th the 50th the 75th the 90th percentile what kind of occupancy numbers am I seeing so once you have all that data then you're able to drop it into to a calculator and the data that you pulled it drops right into the calculator that I share with you guys again if you go to the realestate robinsons.com forward slash calculator you can get a free copy of this but here's just an example of a of a sample deal that we've looked at um so the property that we were looking at had a purchase price of six hundred and sixty five thousand dollars um it was a 15 down payments we were estimating about three percent for closing costs uh that would bring our total cash investment to just under 120 000 based on our research we saw an average daily rate or an ADR of 385 for this property we projected our occupancy to be 77 and then we saw another twenty two hundred dollars give or take in cleaning fee income bringing the total income of that property to one hundred and thirty four thousand dollars now again don't worry about the specifics here but just know we took our our ADR our occupancy and our cleaning fee income and we came to a total gross income of 134 almost 135 000 we then plugged in all of our expenses so again the basic stuff your mortgage rates your mortgage amount your insurance your taxes the one thing that again is kind of unique to short-term rentals is Airbnb also charge charges a fee for you to be on their platform right that's how they keep the lights on and as of this recording Airbnb charges a three percent fee to host on every single booking so you'll want to make sure that you're accounting for that three percent um in your analysis as well so 134 000 in Revenue a three percent fee is about four thousand dollars annually that you're paying to Airbnb so you wanna make sure you're accounting for that as well um but anyway once we do all that we're able to see what our total cash on cash return is for this property uh and then allow us to make a decision on if it's a good deal or not so I know that was a lot of information uh if you guys want to go back and watch this on YouTube I encourage you to do so but like just at a high level to recap what I'm talking about here the steps you need to take the data that you need um you want your average daily rate you want your occupancy you want your cleaning fees you want to find comparable properties either through the comp approach or using the the kind of aggregate data from something like price Labs take that information plug it into that free calculator and then you kind of spit out a uh a cash on cash return and you've got to decide whether or not that cash on cash return is good for you um so I hope that was helpful guys again if you're watching on YouTube you can scan this QR code to to download that free calculator if you're listening to the podcast cash just head over to the real estate robinsons.com for says calculator and you can get yourself a free copy of that as well but that was a mouthful I'm gonna shut up now because that was a lot of information I don't know Ash I guess any any thoughts from you I think uh David and Rob might not have us back because we went way over the time that they allotted us but uh thank you guys so much for joining us we hope that you took some value away and so our little intro there about just deal analysis in general and then the Deep dives into real life deals that Tony and I are looking at so thank you guys for listening when they're you're on the real estate podcast or you're listening on the rookie podcast I'm Ashley at both from rentals and he's Tony at Tony J Robinson on Instagram and you can hear from us again on the real estate rookie podcast or on YouTube searching real estate rookie we also have a huge Community page on Facebook real estate rookie thank you guys and we'll see you next time still yeah [Music]

Channel: Real Estate Rookie

Views: 25,196

Keywords: how to analyze a rental property, analyze a rental property, rental property, airbnb, brrrr, brrrr investing, buy rehab rent refinance repeat, passive income, cash flow, how to analyze an airbnb, rental property calculator, biggerpockets calculator, rental property deal analysis, income property, rentals, how to analyze rental property investment, how to calculate cash flow, airbnb business, biggerpockets, real estate, real estate rookie, real estate rookie podcast, podcast

Id: mRuCnHSnzcE

Length: 76min 53sec (4613 seconds)

Published: Wed Jul 19 2023