The Truth About Buying Your First Real Estate Investment. AirBNB and Short Term Rental Strategies

Riley Oickle began his entrepreneurial journey in college, offering different services door-to-door to houses around the neighborhood. Now, he is one of the co-founders of BNB Inner Circle and offers coaching services for people looking to invest in their first “income property”.

Find out how Riley went from knocking door-to-door to becoming a real estate investor and coach. Riley shares some great advice on how you can become more positive in your life and job. Watch until the end as he shares the do’s and don’t’s when investing in real estate.

Don’t Forget To Reach Out To Riley Oickle
Linkedin: https://ca.linkedin.com/in/rileyoickle
Facebook: https://www.facebook.com/rileyoickleinvestor/
Instagram: https://www.instagram.com/rileyoickleinvestor/?hl=en
Website: https://www.rileyoickle.com/

Quotes
“It’s not like I need this like I’m attached to the outcome “I need to make this happen”, it’s more like “if it works, it works.” It’s more of a nice to have… And that just gives me a lot of power and control in the conversation.”

“I realized that there was a huge area of opportunity to help people to buy their first. If they can get to their first from 0 to 1, then it was just flood gates are open.”

“I’m gonna reframe how I’m looking at the entire process of knocking on houses and being rejected or accepted. And it was that if they don’t want the service, that’s fine. And if someone yells at me, I would actually feel bad for them.”

“I didn’t just approach this home maintenance business with the objective of making money. It was mainly learning, and not just learning on how to run this business, mostly learning from the people I was speaking to.”

"I was doing the acquisition so it was like how do we find off-market deals? So really dissecting what he was doing and researching that topic. So I just focused on that topic for a month or two.”

“I find that joint ventures are just incredible. I’d ask my mentor what he would have done differently when he was starting off and building his portfolio and he said ‘I wish I would have done more joint ventures’.”

"I find at the beginning 2 to 4 unit buildings tend to be the biggest bang for your buck when it comes to price per unit

“Getting on social media is just a huge advantage. We have the ability right now to have our own TV show online. There’s no reason why you're not utilizing that especially if you're trying to find people that you don’t know.”

“I always look at the fear components and even a lot of the limiting beliefs as being connected. When we really look into it, where is that fear coming from when it’s related to buying a property? It’s relating to just a lack of knowledge.”

Concepts
Experience with socializing with people helps in sales as you learn how to be more friendly and more approachable.
In sales, attachment is different from commitment. It is better to be committed to the outcome (look for ways to make the deal happen) rather than being attached (attaching personal feelings and self-worth to the deal)
It’s good to learn the right habits and make mistakes early at the lower level when the stakes are low.
Starting real estate can be very overwhelming, so having a “lesson plan” is very helpful at the start.
Learning how to negotiate, how to make counter-offers, check for damages in the property, and adjust the offer according to the cost of the damages is one of the key skills needed in real estate.
Understanding and analyzing the market in cities and how to buy outside cities near you is a very important skill needed to maximize your investment.
BRRRR (Buy, Rehab, Rent, Refinance, Repeat) method is very important to keep your money from being stagnant.
Outsource cleaning, repairs, etc. as much as possible so you can allocate your time to more important things.
Building your presence online is very important so people can learn more about what you do and create their first impressions of you.

Time Stamps
0:00 Introduction
6:16 Where did you learn the process of selling
10:20 How did you get the idea of knocking door-to-door and offering services
11:20 The “Bullet-proof Vest”
14:10 What kind of services did you offer in your door-to-door services?
17:10 What does “unattached” mean to you?
21:05 How long did it take you to change from “attached” to “committed”?
23:00 What brought you to real estate?
27:30 What did you learn from your mentor that helped you the most?
31:05 What things do you want/don’t want to see in a person investing in real estate?
37:30 Strategies for finding joint ventures
39:50 How do you take away people’s fear on their first venture into real estate?
42:00 Given unlimited resources, how would you define your freedom?

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