How I Converted My Multi-Family Investments Into Short Term Rentals With Leon Buie

Better Than Success Podcast

Today I am interviewing Leon Buie, a seasoned real estate investor with twenty-one plus years of experience in the game. Leon started his career as an entrepreneur and owned and operated several businesses before investing in a real estate opportunity in 2000. It wasn’t long before he was managing 23 properties, single family and multifamily, and had flipped 50 plus properties. After the market crash in 2008, Leon pivoted to focus on multifamily investments and began hosting short term rentals through Airbnb in Philadelphia and Delaware. Tune in as we talk about the ins and outs of rental property management and Leon offers up invaluable information about getting started as an Airbnb Host.

In This Episode:

• [04:30] Leon shares how he got started into retail investment and development
• [14:20] Managing other business while growing his retail development
• [20:30] Learning which type of properties are best to invest in and manage
• [2:10] Setting up one of his properties as an Airbnb
• [41:58] Pros and cons of becoming an Airbnb host
• [1:01:00] Best way to calendar block your Airbnb property to maximize profit
• [1:06:40] Getting started with Airbnb hosting: how to list your property
• [1:10:07] The pros of having a doorbell camera/security outside of your unit
• [1:12:53] What is Leon’s Pet Policy?
• [1:13:46] Setting up an Insurance Policy or being reimbursed by Airbnb
• [1:16:12] Is renter’s insurance needed for guests who stay longer than 3 weeks?
• [1:16:58] Discounts for stocking your Airbnb with linens, furniture or other supplies
• [1:20:42] If you have to choose: long-term rentals vs Airbnb short-term rentals
• [1:25:53] How to connect with Leon online

Takeaways:

• The hardest part about real estate is the contractor personality management.
• When you have a multi-family unity, like duplex or triplex, then you're never dependent on that one person to pay. For anybody in the real estate game, you don't ever want to pay your mortgage out of your own pocket.
• If you have a property and you know what it's worth, don't let anybody talk you out of it or try to get you to sell when you know you shouldn’t.
• The pros of Airbnb hosting is that you have the opportunity to make more money, repairs and maintenance are easier to manage, and you have a place to stay for free when you’re traveling in that particular area.
• One of the cons of Airbnb hosting is having to be available at odd hours when a guest is having trouble getting in the unit or problems with the house itself.
• Leon’s biggest tip for Airbnb hosting: Use white linens so you can always bleach them.
• If you’re going to allow longer-term stays, set a cut off or limit for renting so you can clean the unit regularly, get paid, and check the property as opposed to renting for more than 3 weeks.

Links:

Leon’s Business Instagram: https://www.instagram.com/heavenlypropertiesnyc/?hl=en

Leon’s Personal Instagram: https://www.instagram.com/elthenumerouno/?hl=en

Guest Bio:

Leon Buie III is a seasoned real estate investor with twenty-one plus years of experience in the game. He grew up in the Germantown section of Philadelphia attending Central and MLK High School. After high school he took the entrepreneurial route and owned and operated several businesses including, a car lot, hair salon, candy store and a car wash , which led him to a real estate investment opportunity in the year 2000, at the age of 30. The deal was such a success Leon doubled down and went all in. He became a regular at the sheriff sale auction, and before you know it was land lording twenty 23 properties (single family and multifamily) with 50 plus flips under his belt. After surviving the market crash in 2008, Leon pivoted his focus primarily on multifamily investments which allowed him to scale and convert several of these units into short term rentals in Philadelphia and Delaware. Leon looks forward to semi-retirement and venturing into more passive forms of Real Estate.

Leon is a loving and dedicated father whose two children followed his footsteps owning their own businesses at early ages.. His son Leon owns and operates a short-term luxury vehicle rental service in Atlanta Georgia. (VIP THERE NOW) . His daughter Leila is a licensed cosmetologist and nail technician servicing clients in Upper Darby Pa. (NAIL'D BY NOEL).

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