Manage episode 325167847 series 2570043
We begin the episode with Nathan sharing their background story and how he exposed Ryleigh to his work in real estate. He shares that he got his first rental when his wife was pregnant, and they closed the deal when Ryleigh was born. He has been a landlord his whole life, and he started taking Ryleigh to projects sometimes out of necessity and other times just to spend time with her. He was doing all the repairs, which took him away from their home, and he had to find ways to bring his family to him. When she was a little bit older, they would allow her to do things like painting the walls in the basement of rentals. Whatever she asked to do, he let her and he didn’t care how good it was because he would fix it. For Ryleigh, the experiences are fun to remember. She recalls painting the houses, the snacks that her mom would buy them, and the fun names that her dad gave to the houses so she could remember them.
We then talk about when Nathan discovered that it was less of a game and Ryleigh actually loved it. Nathan shares that it happened when he decided to go to Flip Hacking Live and she wanted to go with him. They spent time listening to podcasts together, and he realized that she was picking up and retaining the information. At that time, he was also doing flips alongside long-term rentals, and her interest showed him how much she wanted to be in the game. From Ryleigh's experience, she always connected with the people they listened to on podcasts. The fact that they were making millions of dollars a year fascinated her, and it sparked her interest in real estate.
Next, we talk about their business and what they are focusing on right now. Nathan shares that they are transitioning to midterm rentals for traveling nurses and business executives. Their focus is more on acquiring wealth and this niche is more profitable than long-term rentals. On the other side, flipping is quite the opposite, and he enjoys a lump sum paycheck. Their goal this year is to accumulate wealth by transforming some of their long-term rentals and holding furnished rental properties in the right locations.
We then talk about the economy and the work involved in long-term versus mid-term rentals. Nathan shares that they have one long-term rental that they rented for $1,600 a month. They did a complete rehab for it, which cost them around $10,000 for the furniture and the fixtures. They do everything, just like in an Airbnb residential property. They have to ensure everything is there for the mid-term clients, including WIFI and other utility services. This usually costs them an additional $500 to $600 in expenses every month while renting it for $2,700 a month. Nathan usually targets renting to traveling nurses and executives, but he’s looking into other options like working with insurance for floods and fires to host people whose houses have been destroyed. According to him, just like in anything else, the more options you have, the better.
Lastly, we talk about Ryleigh’s role in their mid-term rental business and their future goals. For Ryleigh, she is responsible for picking out most of the decorating items, such as the furniture, designs, and colors. She also makes a checklist of everything they need to ensure the whole process runs smoothly from the beginning to the end. Their goal is to acquire or transform their long-term rentals into furnished properties to have seven mid-term rentals by the end of the year. This will help Nathan to quit his job and dive fully into real estate, something he is looking forward to.
Make sure you don’t miss another amazing episode of the Just Start Real Estate Podcast with Nathan and Ryleigh Eckles and get valuable information on how to invest in mid-term rentals and how you can get your kids involved in real estate investing!
“Mid-term rentals are more profitable than the long-term. They call for more work, but you get to keep the fruits of your labor.”
- Nathan Eckles
“Just like everything else, the more options you have in real estate the better.”
- Nathan Eckles
“It is hard as a young person to prioritize making money, learning a skill or building a business when there are so many things that you can focus on nowadays.”
- Mike Simmons
“The wear and tear in mid-term rentals is low compared to long-term rentals because most people treat it like a hotel.“
- Nathan Eckles
“When you start real estate at a younger age, things are going to be easier as time goes on. You will see the outcome and learn where things can go wrong.”
- Ryleigh Eckles
Kids will always experience the things other kids do, but exposing them to real estate at an early age will make everything easier.”
- Nathan Eckles