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Ep 212: 5 ways to buy your 2nd AirBnB
01:04 – Number one, it’s a second loan. If you own a second property, and you can pass it off as either the place that you’re living for part of the year or vacation home, then you only need to put 10% down typically this is gonna be really difficult in the same city that you live in already.
02:06 – Number two, it’s a slow burn but FHA or conventional at three and a half to 5% is pretty dang good.
02:26 – Now the only issue with this it’s a slow burn because you typically are going to be told by a lender that you have to live in it somewhere around six months to 12 months before you can legitimately move out and not get the loan called because you turn it into an investment property but this is an amazing way to build wealth.
03:10 – Number three house hacking. It’s by having another person in the house or another unit of the property that is paying you rent and you’re making money to go towards your mortgage.
05:17 – Now burning takes a little bit of skill and strategy but it all comes down to your ability to find off market or cheap deals and your ability to do some numbers.
05:42 – If you do this deal, right. You can actually not only get the entire property paid for plus the rehab that you put into it, but maybe even the furniture that you put in for Airbnb.
06:52 – What do you mean you can do Airbnb without owning the house? That was exactly what I asked in 2019 After I had just gotten done doing this bird deal that I just told you about and it was making money.I did the whole researching on YouTube and going down a rabbit hole of podcast and I found out about this thing called doing Airbnb without actually owning the home arbitrage and co-hosting.
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