38) Airbnbs Have So Many Rules & Are Doomers Right About Housing?

House Money Weekly

In this week’s House Money Weekly segment, Lauren and Alan get together with their special guest, Michael Zuber, the author of the book “One Rental at a Time.” They discuss blog 136, 7 House Rules That Every Airbnb Host Should Have. Lauren reminds us that having house rules and putting them front and center acts as a contract with the guest on Airbnb. If there are issues with the guest, you need to fall back on your house rules when communicating with Airbnb. The first house rule is the camera disclosure. It’s important that if you have a security camera, you must let the guests know where they are and if they record audio and/or video. The second house rule is quiet hours. You can use noise monitors inside of your units. You can also know if they’re breaking quiet hours rules if the neighbors or other guests complain about it. The last house rule that was discussed is taking a security deposit. Lauren notes that you can take security deposit through Airbnb if you’re API integrated. What about pets? Lauren doesn’t accept them. Both Alan and Michael do.

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Mortgage Minute: Jasmine answers the question: What is Private Mortgage Insurance (PMI) and what loans have it?

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Real Estate Is Easy Interview

Lauren interviews Matias Daroch, a registered architect in Miami and he only works with investors and real estate developers that want to build residential projects. Matias defines developers as anyone who wants to build or remodel whatever kind of real estate for profit. He focuses on developers that want to do ground up construction and only for the residential sectors and mostly on the single family. Matias started with small scale affordable housing which is a lot less complex to work at as a developer. When you grow into the high end and the luxury, the cycles get a bit longer between projects because they stretch a bit more. In terms of mistakes in the high end or the luxury side, there will be some leeway there, which you don’t have in the more affordable projects. Lauren asks if there are times where they benefited from some rapid appreciation while they're building things. Yes, however, the developer then needs to buy at a higher value as well. Lauren asks when investors should bring him in. As soon as the investor gets the offer, the next call is the architect, while they’re in the “soft contract.” Lauren asks about a feasibility study. She also just has to ask about current trends. In Miami, floor to ceiling windows and high ceilings are popular, as well as the trends of natural materials or natural colors. Mathias adds that he loves when projects use an interior designer for staging. Lauren shares her disdain for virtual staging. And lastly, Matias answers how he makes real estate easy, and it’s by encouraging feasibility studies. Also, being able to look at the project from multiple sides. The hosts share their opinions of feasibility studies.

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Vyzer Wealth Building Break: Litan answers the question: Why don’t wealthy people use MINT?

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Guest Host's Segment

Guest Host Michael asks the question: “is today as hard as it's ever been to get started investing in real estate?” To Alan, real estate always seems easier a week ago, two years ago, or 10 years ago. But when he started 24 years ago, it was hard because there was not any podcast about real estate that he’ll listen to, there’s no social media, online courses, or a mentor. No one would give Alan a time of day to talk about real estate. All he did was to read books about investing and real estate. Yes it’s harder, but housing prices are always going to get more expensive and if you wait another year or two years, prices will explode and competition is going to explode as well. It’s harder today but that doesn't mean you have to sit back and wait and wait till things get easier. From a psychological perspective, it was difficult to get started right after the GFC. Lauren bought her first house in 2012 and it was scary for her. We knew homes had just lost 50% of their value. Now, everybody that's thinking about getting into real estate probably knows somebody who has invested during this bull run and made good money. Michael tells about a time when he couldn’t get a loan! It’s always hard. There are always going to be cycles in real estate. So financially, it's harder to find the deals but it's definitely not harder to find the education. The hosts also take some shots at the doomers. Remember to pay attention to who you’re listening to. Have they actually invested in real estate?

Lauren recommended these books: Confessions of a Subprime Lender and Too Big To Fail

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