Ep 40: Starting with Airbnb, Finishing with Multiple Investments with James Carlson
We all have our own ways to succeed in the real estate business even in the uneven and difficult circumstance in which we find ourselves now! Our guest today is James Carlson from Erin and James Real Estate and he shares with us about his slightly unusual journey in the field. A lot of things are out of our control at the moment and half the job is just trying to make that your contractors and team are able to carry out their end of things! James' story is one of affirmation, finding your own goals and definition of success and taking it from there. He speaks about how a single Airbnb rental got him started and how he has moved from that into more Airbnb and beyond!
Having become involved in Airbnb education and helping others get familiar with all the ins and outs of the platform was another stepping stone for James and his wife Erin, from there they moved into proper rentals and have seen their business grow steadily along the way. James talks about the extras you can add on for your tenants or guests, looking at local amenities and attractions and how he prefers to do as much of his work in-house rather than bringing in outside help. We talk about where he makes his money and the divides between the long term and shorter-term rentals. We also get into the considerations that go into a purchase and weigh up the value of emotional attachments and gut feelings. For all this, tune in!
Key Points From This Episode:
The real estate business that James and his wife have run over the last few years.
Education and forays into Airbnb — the events that led up to getting a license in the field.
New rules and laws for Airbnb across states.
Finding differentiation in an open and saturated market by offering real value.
Sharing useful information about neighborhoods with prospective tenants.
Opting for in-house over outsourced services where possible.
The breakdown of James' client-base; buyers, renters, and investors.
James' natural progression from Airbnb to a broader investment portfolio.
The emotional and gut feeling element of real estate; considering the less rational side.
Unseen problems; checking the little things that you can miss on the surface.
Breaking down the factors that go into an investment — tips for setting your mind at ease.
Getting away from the supposed rules of cashflow-only investments!
The different market levels and finding lower prices in the higher markets.
Clarity on priorities and following what you really want out of your investments.
James and Erin's work in different cities and how they manage the travel.
“There are a lot of properties that work for different people.” — James Carlson [0:40:13]
“The cashflow rule only drives me up the frickin' wall.” — James Carlson [0:40:20]
“I am not a neighborhood-specific type of agent, I am bringing more expertise around the models you might employ.” — James Carlson [0:49:29]
Links Mentioned in Today’s Episode:
John Cohen on LinkedIn — https://www.linkedin.com/in/john-cohen-56847314/
John Cohen on Twitter — https://twitter.com/johnc429
Chris Grenzig on LinkedIn — https://www.linkedin.com/in/chris-grenzig/
Chris Grenzig on Twitter — https://twitter.com/CGrenzig
Airbnb — https://www.airbnb.com/
Erin + James Real Estate — https://www.erinandjamesrealestate.com/
James Carlson on BiggerPockets — https://www.biggerpockets.com/users/jec83b
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The Real Estate Investing Experience Podcast - https://podcasts.apple.com/us/podcast/the-real-estate-investing-experience/id1481520260