November 02, 2023

Pre-Purchase Checklist

31 minutes

This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform.

Real estate investing checklist. 0:00

Identify your market and buyer persona to craft an effective offer.

Define goals before purchasing a property, says Kenny Bedwell.

Investment goals and strategies. 5:46

Kenny emphasizes the importance of understanding personal preferences when investing in STRS, including proximity, seasonality, and lifestyle assets.

Kenny also highlights the logical side of investing, including ROI and regulation, which are influenced by personal preferences.

Market selection and personal preferences in real estate investing. 9:38

Kenny emphasizes the importance of defining investment goals before selecting a market, as it can lead to fruitless and irresponsible investment decisions.

IPhone 13 Pro Max (3): Focus on markets that align with your interests and offer clear advantages, such as better restaurants and wine drinking spots.

Kenny: Provides a step-by-step process for choosing markets through education, rather than relying on influencers or chasing trends.

Market selection and regulation in short-term rental investing. 13:35

Kenny emphasizes the importance of regulation in market selection, citing examples like Hot Springs, Arkansas, where short-term rentals are limited due to local regulations.

iPhone 13 Pro Max (3) agrees, highlighting the need to research regulations before investing in a market, using Asheville as an example of a neighborhood with strict rules against short-term rentals.

Creating a successful short-term rental property. 18:12

Kenny emphasizes the importance of understanding the buyer persona before selecting a short-term rental property, as it will impact marketing and positioning efforts.

iPhone 13 Pro Max advises against glossing over the steps involved in defining the buyer persona, as it takes hours to complete and is crucial for successful marketing and sales.

Real estate investing with a focus on budgeting and property selection. 21:08

Kenny emphasizes the importance of understanding acquisition costs, post-close costs, and carry costs when buying a property.

Kenny advises investors to factor in all three costs - acquisition, post-close, and carry - when creating their budget, and to have a minimum of $25,000 set aside for carry costs.

Real estate investing strategies and property selection. 25:56

Kenny recommends starting with 10-15 markets and narrowing down the list through research and due diligence.

iPhone 13 Pro Max (3) spent 500-700 hours researching before finding the best property in their portfolio.

Crafting offers in real estate investing. 30:29

Kenny and iPhone 13 Pro Max (3) discuss crafting offers in real estate, with a focus on getting help to buy points down and putting various components into the offer.

Kenny emphasizes the importance of factoring in additional costs, such as amenities, when making an offer on a property.

Kenny provides a 5-point checklist for crafting a compelling offer, including defining goals, market selection, and budgeting.

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By Bill Faeth & Kenny Bedwell

4.9

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