How to Find Great Deals for Airbnb

What’s up guys? In today’s video, we’re going to talk about how to find really great deals for short term rental properties. I know this is a big, big question a lot of people have is how do you get the best possible deals, you know, they’re out there you see us doing them. But how do you get your hands on deals like the ones that we purchase at a short term rental properties, so that you’re gonna get crazy return on investment, you know, really perform well. And really, what it comes down to is three main thing, there’s three different things that you absolutely need to have in order to find and execute on really, really great deals really, really great properties for short term rental. And so in this video, we’re gonna walk through each of the three of those. So let’s jump right in and start with the first one, which is deal flow. And deal flow seems really obvious, right, you need to have a flow of great deals coming to you. But really where that starts is understanding your criteria, because a lot of deal flow is about cutting through the noise. It’s really just about knowing what to eliminate so that you can spend your time only looking at actual good deals that meet your criteria. Because where I see a lot of people make mistakes here is that they think deal flow is just how as many deals as possible coming at me, but what you really need is to be able to cut through all that noise and just find the one or two or three deals that are actually worth focusing your time on. Because a lot of investors problem isn’t that they don’t have enough deals coming to them, it’s that they don’t actually know and have a repeatable system for how to differentiate between the bad deals and the good deals. So what they end up doing is just overlooking these really, really good deals, they’re hidden in the sea of all the bad deals. So what you really want to do is have good deal flow coming to you. And this can be a variety of sources off market or on market. And we can dive into that in another video, but you want to have this coming to you. And then what you really need to have is your criteria, so that you can quickly decide whether or not to eliminate a particular property. And so what you want to do there is understand the market that you’re going to be buying in the type of property you’re looking for, and then what’s called your buy box. So by looking at data, you should be able to figure out what the average purchase price is going to be for any given size of property in any given market that you’re aiming for. So that you know if a five bedroom comes along and it’s priced at this amount, you can just eliminate the returns not going to be there. If it’s priced here worth diving into more, it could be a good deal. It’s priced down here, let’s act quickly, that could be a really, really great deal. So we want to make sure that we can figure that out. Because otherwise if you’re just looking at a bunch of and five bedroom properties, you might go oh, well, this one’s cheaper. Let’s look into that further. But you might just not really know the answer, you might look into all three of them, you might not know how great of a deal this cheaper one is, as yours really need to know that going into it. And so again, that’s just a matter of looking at the data. Being able to run that analysis, that’s something we help investors with all the time is determining what their Buy Box is in a given market for exactly what they’re looking for. So from there, you’ve got deal flow coming in again, this can be on market, this can be off market, getting that deal flow setup can be quite easy working with realtors getting a wholesaler list all these different strategies, there’s a bunch of them right, and you can be really hands on or really hands off. Frankly, I’ve seen a lot of investors buy really, really great properties just on market. So you absolutely can use off market deal flow. And you can get really good deals there as well. But don’t rule out on market, especially when it comes to short term rental properties, there can be some really, really great deals to be had on market as well. So once you have that flow coming to you and you have a way to sort through it, then what’s next is you need absolutely need to have a good way to run analysis, do a detailed analysis. So what I talked about was your high level filtering, right. But then from there, you now need to have a really good dialled in process to quickly run a detailed analysis on each property to see how good the deal really is. That filtering is going to tell you that there are some horrible deals you don’t even need to look at. And some deals with potential that we do want to dive into deeper, but then your next level of analysis should tell you quite directly and accurately how good of a deal that actually is, and what your return on investment is going to look like. Now, it’s super important to be good at this. Because if you just don’t have a good system for this, what’ll happen is you end up passing up on really, really good deals more often than you need to and that just really slows things down. Now, I’ve talked in other videos about the huge pitfall of not having good analysis process and buying properties without due diligence and potentially buying the wrong property. But I think what often gets overlooked just as much is people going in thinking that they can just be super conservative with their analysis. So now well, we’re going to find a great deal because if I’m ultra conservative, then that means I’m only going to buy the best possible deal. But that’s not really a good way to actually go about your investing. You’re basically just banking on some like miracle unicorn deals showing up and in the process of waiting for that being ultra conservative. You’re gonna overlook a whole bunch of really, really great deals that you just didn’t have the right analysis process for that you could have bought. And that’s just going to keep you on the sidelines for a lot longer than you need to be. So you really want to have as a down analysis process so that you can figure out exactly what your return on investment is going to be on any given property they’re looking at purchasing. Now, from there, that’s step two. Guys just want to take a quick break here to say that for those of you watching, who want to build cashflow, and long term wealth by purchasing Airbnb ease and short term rental properties, there’s a link in the description right down below for a free training that will walk you through my exact strategy for investing successfully in Airbnb ease. Now, if you’re not ready to actually buy properties, and you want to get started managing other people’s properties on Airbnb the same way I got started and build a full time income managing other people’s properties, there’s actually another free training linked in the description down below as well, that will be a really great fit for you. So whether you want to invest in short term rental properties, and actually build amazing cash flow and long term wealth by acquiring the assets, buying the properties themselves, or you’re looking to earn a full time income, managing other people’s properties on Airbnb, we’ve got some awesome trainings that are linked in the description down below, that’ll definitely help you out. When you sign up for the trainings, we’re also going to send you a few other tools and resources completely for free just to help you get started. Again, the links to sign up are in the description down below. And both trainings and all the tools are completely free. So make sure to register for the trainings, links in the description down below. The third step in this process is you need to be able to move quickly. So really what’s required, there is confidence more than anything, what I’ve seen people do is like, you know, obviously a big part of this is also just having everything lined up like your pre approval, you got your financing lined up, you’ve got your plan in place, all that but more than anything, you just need to have confidence, I think that’s the biggest thing that I see holding people back from taking action actually putting an offer in on a deal is they lack the confidence, they don’t know what kind of an offer to put in, they don’t know if they should go above asking or below asking, they don’t know if they should give it condition or just go firm. They don’t know if they should, you know, try to pay cash or use financing. They don’t know if they should, you know, even buy this property because they don’t feel confident in their analysis, all these different things going off in their head, they’re just causing a lack confidence. And then while they try to build up the confidence by asking questions by figuring this stuff out, the deal disappear, right, and that’s the nature of great deals is that they do tend to go quickly men, obviously there are exceptions to that there are deals that you can identify that no one else is seeing. But really, you do want to be able to move quickly on a deal when you realise it’s a great one to just optimise your chances of getting it and so on this front, it really just comes down to you want to make sure that you have all those all those ducks in a row all those pieces in place, and that you have real confidence in all of your numbers and your processes going forward. So if you haven’t done this before, or haven’t done it before, incredibly successfully, then you really want to make sure that you’re working with a team who has so that you can have that confidence and act quickly. Otherwise, it’s just gonna take a lot longer and ultimately, time on the sidelines costs you a whole lot of money, especially when it comes to real estate investing where there’s huge returns we have, there’s a big opportunity cost of spending extra money or extra time I should say, same same in this in this scenario, extra time on the sidelines, it does cost you a whole lot of money. So you just want that extra support that’s going to allow you to move quickly and not pass up really great deals. So that’s my thoughts. Those are the kind of big pitfalls that I see people falling into that that have them you know, really not finding great deals and not is exactly what you need in order to find and execute on good deals is good deal flow, a great analysis process and competence to be able to act quickly. If you have any questions any comments any you want to share, just let me know in the comment section down below. 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