How Much Real Estate Did We Buy in 2024? (Deals, Mistakes, and More)
Real Estate Rookie
Deep Dive
What was Ashley's main goal for 2024 in real estate?
Ashley's main goal was to purchase a lake house, which she successfully achieved in July after facing unexpected challenges.
What was Tony's primary real estate goal for 2024?
Tony's biggest goal was to stabilize the motel they acquired at the end of 2023, which they successfully launched but learned many lessons from.
Why did Tony and Ashley decide to close down their Airbnb arbitrage properties?
They decided to close their Airbnb arbitrage properties because the revenue and guest experience were significantly better in their other cabins, and the apartment-based units had limited potential for growth or adding amenities.
What lesson did Tony learn about scaling businesses in 2024?
Tony learned that scaling a business requires either a top-down or bottom-up approach. He found that the top-down approach didn't work well for his smaller business, as he couldn't provide the necessary support to new team members, leading to failed spin-off businesses.
What was Ashley's experience with the lending process for her lake house purchase?
Ashley found the lending process for her lake house purchase to be overwhelming, as it required extensive documentation and a strict timeline, unlike refinancing, which is more flexible. She also learned the importance of being prepared with pre-approval before making offers.
What mistake did Ashley make with her lake house agent?
Ashley chose an agent through Zillow without proper vetting, which led to issues during the closing process. The agent refused to hand over the keys until the transaction was filed with the county, causing inconvenience and requiring intervention from her attorney.
What challenges did Tony face with the motel's labor pool?
Tony faced significant challenges with the labor pool at the motel, as they went through four on-site managers in the first seven months of operation. The lack of a stable labor pool caused headaches during the peak season, highlighting the importance of better vetting and support for new hires.
What was Ashley's experience with her first flip house in 2024?
Ashley's first flip house went smoothly, with her contractor handling most of the work. However, she faced unexpected delays due to a required sump pump inspection, which was not common in her previous transactions. The experience highlighted the importance of understanding local codes and having a strong team in place.
What are Tony's goals for 2025 in real estate?
Tony's goals for 2025 include acquiring one additional commercial property, flipping one house per quarter, and potentially starting ground-up construction for a short-term rental. He also plans to scale at a slower pace to focus more on family and personal life.
What are Ashley's goals for 2025 in real estate?
Ashley's goals for 2025 include making $100,000 from her current flip house, improving operations and systems for her businesses, and potentially keeping her lake house as a personal residence rather than renting it out.
- Top-down vs. bottom-up business growth strategies
- Importance of building internal operations and SOPs
- Value of reinvesting in existing properties to increase revenue or reduce expenses
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