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Getting Into The Airbnb Game, with Erik J. Olson

Episode #1350

In this podcast, Erik has been talking about his real estate investment plans. Erik shares his motivation for getting into Airbnb in this episode.

October 12, 2022

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Episode Transcript

Erik J. Olson (00:01):
Getting into the Airbnb game, what is happening? This is Erik J. Olson. So I’ve been talking on this podcast about my real estate investment plans. I wanted to give you a little bit of update cuz they’ve changed. So I’ve been looking for many, many months for an apartment building in my local area, the Norfolk, Virginia Beach area. And, and frankly, I, I can’t find one. I can’t find one that’s a good deal. I can’t find one that I want. There’s a lot of what I would call junk around here, stuff I don’t really want to own. And the prices are frankly just still too high. Even though the market has corrected a lot of the owners that are selling, they still have this vision of grande that they’re gonna make a ton of money. And so I I, I have been yet, I I, I have been unable to find something that I, I want to invest my money in and, and also ask others to invest with me.
And it’s been quite frustrating. Now I have some criteria, which is I’m looking for 10 to 20 units. I’m looking for B class property, and I’m looking for something that I will put my name on and go talk to potential investors about raising money. So it’s gotta be something I believe in. And I can’t find that, I can’t find that locally, but I could go outside of the area. But I, the problem is this, like, if I don’t know the market that I’m going into, then I don’t have the confidence that I need to go to my network and ask them for money. So I’ve been like sitting on the sidelines for a while. I’ve looked at so many properties that are for sale in the area, and I’ve, I’ve underwritten almost all the ones that are on the market right now, and nothing’s really clicking.
Well, you know, Kevin’s also been going down this real estate path and one of the things that he did that I, I respect, is that he’s taking action. He’s not waiting for the perfect market conditions. He bought, he has two Airbnbs out and he bought one in Winter Grain, Virginia. And when he did that, he was telling me how as a four season resort. And I really liked everything that he was saying about it. And I also liked really just the deal that he got. And I liked the area. And so we started to look for condos or houses in ski resorts in Virginia. These are ones that I’ve been to in the past. I’m familiar with them. I may not be super familiar, but I’m familiar with Virginia. So I’ve lived here practically my whole life. I’m familiar with the resorts, I’ve been to all of them.
So we were looking at Wintergreen, mass nut, and Bryce in particular, looking for weeks looking, looking, looking, still looking for commercial property, but now starting to look at individual single family homes and condos. And I found a condo, actually it started off about two weeks ago, we found a, a cabin in massive Nutton, Virginia. And we put a contract in for that. We even agreed to, to pay more than asking price, but the competition’s still too hot. And we got out bid. It’s crazy. So that fell through a week later, which was one week ago
Erik J. Olson (02:58):
Now. We put another bid in for a place and we actually offered a lesson asking price, but then we allowed the escalation to go up to asking price, and we got it. So I’m now under contract for a three bedroom, about 1,250 square foot condo in Wintergreen, Virginia. We close on that on November 10th. I’m actually going up there this weekend to take a look at the condo with my wife. We’re gonna measure, she’s laying the whole thing out as far as colors and furniture. And I wanna be, I wanna be going through the routine and, and trying to figure out what this whole like short term rental thing is all about. So I anticipate there’s gonna be a lot of lessons learned. Kevin’s going through the process right now as well. But I, I, I like the fact that I’m actually just executing instead of sitting on the sidelines, waiting, waiting, waiting.
I can’t stand waiting. And, you know, whether it’s real estate or your main line of business, like I, I think it’s important to, I think it’s important to not always act quickly, but you certainly don’t wanna sit around away for perfect conditions. And if you find yourself waiting too long, there, there, there, you know, you certainly don’t want to get like itchy finger and like pull the trigger when you shouldn’t. But, you know, there’s a saying in real estate that you don’t wait to buy real estate. You buy real estate and wait, meaning you should get to real estate, get it operational, get the rent coming in, and then you’re waiting for time to pass so that it increases in value the whole time you’re getting paid as far as like rent goes, but you’re waiting for the market to continue to increase like it has historically. And at some point you’ll sell and you’ll get a big score. So in real estate, again, you don’t wait to buy real estate. You buy real estate and wait.

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About The Hosts

  • Erik J. Olson is an award-winning digital marketer & entrepreneur. The Founder & CEO of Array Digital, he is also the host of the Journey to $100 Million Flash Briefing and daily podcast, and the organizer of the Marketers Anonymous monthly meetups.

  • Kevin Daisey is an award-winning digital marketer & entrepreneur. He started his first company when he was just 23, and is the Founder & CMO of Array Digital. Kevin is the also the co-host of the Journey to $100 Million Flash Briefing and daily podcast, and the co-organizer of the Marketers Anonymous monthly meetups.

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Website Design, Online Advertising, SEO, Social Media & Digital Marketing.
© Array Digital LLC