In this video, my student Andy shares his story of his journey over the past 5 years of being a student in my real estate coaching program. It is because of success stories like Andy, and many of my other students, that I keep teaching real estate. My goal is to impact as many lives as possible.
I helped Andy quit his job, achieve financial freedom and become a multi millionaire. I want to help you too. If you are coachable, are able to follow instructions, will listen to what I say, and do what I tell you to do, then I encourage you to apply for my coaching program by clicking on the button below:
ANDY’S JOURNEY FROM STUDENT TO REAL ESTATE INVESTOR
When Andy attended his first real estate training event, he had a net worth of almost zero. He had a full time corporate job with a Fortune 500 company and a small 401k. Like many of my students, he was looking for financial freedom.
After joining my program, it took Andy around 7 months to find his first rental property in Miami. I gave him a private lender loan to purchase this property and also provided him with my crew to rehab the property. This was his first Section 8 Rental property.
After the property was rented, he refinanced the private lender loan into a conventional mortgage using the 15 year mortgage. This is a well known method of investing to create wealth called “Buy, Repair, Rent and Refinance” which is often called the BRRR Method (which stands for Buy, Repair, Rent, Refinance).
He continued with this method of borrowing money from me to buy rental properties in Miami, repairing them to make them rent ready, and then renting them out to Section 8 tenants. After each property was rented, he refinanced the private money loan into a conventional 15 year mortgage. This allowed him to pay back the loan and then have cash available to do the next property.
Over a period of 5 years Andy purchased a total of 10 rental properties in Miami. All 10 of these rental properties were Section 8 Rentals. At this point Andy still had a full time job but had significantly increased his net worth and was already a millionaire.
In Feb 2020 Miami was hosting the Super Bowl. A few weeks before the Superbowl, one of his rentals had been vacated and was empty. He called me up and told me that he was thinking of furnishing it and then listing it on Airbnb because people were charging a lot of money for Superbowl weekend.
He hastily rented furniture from a furniture rental company and had the entire house ready for Superbowl weekend. The person that rented his house had a corporate job and decided to stay a little longer. The following month, Covid happened and that same person asked if they could stay for 3 months. When Andy looked at his cash flow from this house, he immediately realized that he should be doing this with his other rentals.
When the next rental lease was up, instead of renewing he converted that into an Airbnb as well. Using the knowledge that he had from his first Airbnb he started furnishing the Airbnb with an eye towards “customer experience” and what the guest was looking for. He soon realized that adding a swimming pool could almost double the daily rate on Airbnb so he started installing swimming pools and building outdoor barbecue areas, TV’s, fridges and an area where people would want to hang out.
He started adding pool tables, putting greens, and video games to properties to create more of an “experience” for people staying at his Airbnb. And the reviews poured in and people loved staying at his Airbnb’s. He was able to increase his nightly rates to up to $800 a night (1,000 on busy weekends).
Andy how has 10 Airbnb’s that generate $50,000 a month in income. His net worth has increased to over $2 million dollars and because he has so much cash flow from his Airbnb’s he was able to quit his job last year.
Through hard work and learning the Airbnb system from his first property and then replicating and perfecting that system he has figured out how to create the ultimate experience for someone who is looking for an Airbnb in Miami.
We have an Airbnb & Short Term Rentals Boot Camp in South Florida where we teach our students how to use the buy, repair, rent and refinance strategy to purchase Airbnb Rentals.
Andy now teaches two of the sessions at the Airbnb Boot Camp, to our students who want to learn how to purchase, design, furnish and list their properties on Airbnb.
Andy is now a coach with Lex Levinrad Real Estate Training and is helping our students learn how to achieve financial freedom.
You can learn more about the Airbnb & Short Term Rentals Boot Camp which is held in South Florida by clicking on the link below:
If you are ready to start your journey towards financial freedom and you would like to learn more about our coaching program you can apply using the link below: