We have listed a few key things to check before selecting a property management company to manage your home.
Welcome, taylor! PLEASE SHARE A LITTLE BIT ABOUT YOURSELF WITH OUR LISTENERS.
I'm based just outside of Boston, MA. I started investing back in 2018, kind of by accident. My husband and I were looking for somewhere to live, and we needed to live close to the city where we work, but the city is so expensive. We house-hacked before we knew what house hacking was. Later, we realized how cool house hacking was, because we could find financial freedom in continuing to invest and follow our passion. That led to out-of-state investments, more house hacks, and diving into more short-term and long-term rentals. So it has been quite a journey and quite fun.
2018 WASN'T THAT LONG AGO, AND IT SOUNDS LIKE YOU MADE a lot of PROGRESS. JUST OUT OF CURIOSITY, WHAT DO THE PRICES LOOK LIKE WHERE YOU ARE?
They look pretty similar to where you are, so the first house hack we sold was about $730,000. Anywhere between $700,000 and $1,000,000 is the regular market.
YOU SAID YOU INVEST LONG-TERM AND SHORT-TERM. WHAT does YOUR LOCAL INVESTING LOOK LIKE?
At the first house hack that we were living in, we had it as a long-term rental, and then we transitioned to a short-term rental for about a year before the pandemic happened. And then we turned it into a long-term rental. So, we did briefly short-term rentals locally, but all of our short-term rentals are at a distance right now.
HOW FAR AWAY ARE WE TALKING?
One is in the Smoky Mountains in Tennessee, and the other is in Crystal Beach, Texas.
SO THEY AREN'T A QUICK DRIVE away, RIGHT?
Exactly, about a 24 hour drive.
WHAT LED YOU there?
Originally, we were investing from a distance. We were living in a really expensive market. We knew we wanted to invest out of state. So we bought long-term rentals in Tennessee, and then we were moving into larger multi-family properties. Weeks before the pandemic shut things down, we had a two-hundred-unit apartment complex under contract, and we were all-in. In the end, it didn't work out, which was a blessing because the world shut down two weeks later. So, we spent about a year in 2020 planning what we wanted to do because we felt like we weren't making any progress.
We saw all of the progress coming out of the "Short term shop with Avery Carl" magic she had created. She is fantastic. She opened a brokerage that covers multiple vacation markets. We watched what she was doing. She bought her short-term rentals and used that profits to buy larger properties to sustain her financial freedom. So, we were like, this is the moment to change our strategy from short-term rentals to long-term rentals. We just dove in, which led us to purchase our most recent properties in the Smoking Mountains and Crystal Beach in Texas.
YOU SAID YOU WERE UNDER CONTRACT FOR A 200-UNIT APARTMENT PRE-COVID. THAT'S A BIG JUMP FOR PEOPLE.
My husband and I are all-or-nothing people. We are aggressive strategists. We had one commercial property and five units, and then we had smaller properties. And we decided that we wanted to take on larger properties. So we were going to be the GP on this 200-unit property. We were all in.
DID YOU HAVE A MENTOR?
We were on our own. We did a lot of research, and had been to every networking group in our area. We just wanted to give it a go. We had a lot of amazing people in our lives that wanted to be limited partners in the syndication, so we were like, let's do it! We wanted to use this opportunity to build our portfolio.
If you want to hear more about Taylor Adams' experience, you can listen to the complete episode, here.