About:
- In this episode, Dr. Glenn Vo interviews Hotel/Short Term Rental expert Diya Liu.
- We discuss topics ranging from her former career as an attorney to her new passion of helping others achieve financial freedom through Short Term Rentals.
- If you’re looking to get started in this niche Real Estate Industry, Diya is hosting an upcoming Masterclass.
Big Entrepreneur 3:
1.Quitting being an attorney and to do real estate full time
He just basically said, What a ways, you know, and, and nobody respects a landlord. Everyone respects an attorney. And I was kind of thinking like, I don’t think anyone really respects attorneys either. And, uh, so, so, you know, that’s, that’s really my parents’ feelings about it. Sure. But they didn’t really want me to go to law school either. They wanted me to be a, you know, a research scientist, which was what they, their golden grail was. So, yeah. Yeah. So going to law school is already a disappointment initially to them until they realize, oh, this is actually pretty cool. So hopefully, eventually they’ll also feel the same way about real estate investing
2. The easiest way is just to get started by either house hacking or just buying a single-family all the way up to a fourplex as your very first rental property
Whether you buy it as a home hack or a rental depends on where you live. I’d make that decision based on where you’re living now. I’m partial. Short-term. I love Airbnb. Three to four times more than long-term rentals. Yeah. I’d buy somewhere you can lawfully short-term rent. So I’d begin. The quickest approach to start is to examine deals and reach out to others in your field. Learn or network. Using your preferred way. That’s how you get started.
3. What markets, in particular, have been really good for you?
I never really focus on a single market for me, and as I mentioned, my tactic, it really is just to try to find these two to three-hour or less towns outside of major metros. But aside from that, I really just think that it’s just a matter of finding the right deal. Now, once you have that particular metric, I. I’ve found really, really great deals and really, really bad deals in pretty much every single market that I’ve analyzed. Yeah. And the hotel deals that we’re buying, we’re buying at way below market rates usually as well. So, you know, I, if I’m able to get a $162,000 condo, that’s two bedrooms, two baths, less. A block away from the beach, I’m probably gonna buy it.
Lessons from the Past:
When I started Outward Girls Investing, I hired the wrong realtor. Most realtors are in it to make money, but they also have your best interests in mind, right?
So, a third opinion is very important. This is crucial when buying a short-term rental. So not just your realtor, who may or may not know about short-term rentals investing, can be a terrific resource when you’re starting out. I think having a third view to say, “Does this deal pencil out?” is a wonderful takeaway, which is why I offer consulting for start-ups. I would’ve vetted my transaction more carefully from the start.
Don’t Stop Here!
To sign up for the Short Term Rental Live Bootcamp, click here:
https://courses.diyaliu.com/str-live-…
Use promo code: GLENN to get 10% off! To visit her website, click the link below:
And visit my website for more Doctor Entrepreneur Podcast episodes and Entrepreneur Tips: https://www.drglennvo.com/