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

01/26/22 • 90 min

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).

Connect with Better Than Success

Download my freebie to make cash with co-wholesaling - https://betterthansuccess.com/cowholesale

Freebie! Step-by-step instructions on how to invest in real estate in any city. Downloa...

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:

Connect with Better Than Success

Download my freebie to make cash with co-wholesaling - https://betterthansuccess.com/cowholesale

Freebie! Step-by-step instructions on how to invest in real estate in any city. Downloa...

Previous Episode

Building a Massive Real Estate Empire by Land Banking With Levar Clark

We are back to bring you a highly sought after interview and some powerful Q and A’s. Today we are interviewing Levar Clark, a self taught real estate entrepreneur from Philadelphia. Levar has been in the business since 2003 and today he is sharing how he got his start as a real estate entrepreneur and what he’s learned along the way. In an ever changing industry, Levar’s insight into his community and the market has helped him build a successful career and six figure net worth. Tune in today as we talk about land banking, zoning, and community support and lay it all out on the table.

In This Episode:

[02:42] Insight into how Levar got his start in the real estate world.
[03:40] Success in the real estate business is not determined by the number of units you own, and here’s why.
[08:19] Levar shares some advice for new investors based on his experience.
[09:43] How Levar turned $41,000 into $40-50 million under management.
[13:00] Levar uses the “homeowner’s aspect” and market fluctuations to choose which neighborhood to purchase properties in.
[15:07] When should you buy or build condos? When should you not?
[16:22] The pros and cons of selling a developed property or renting out a developed property.
[21:12] The only thing you can really control in the real estate business.
[22:41] How Levar approaches investing in commercial spaces.
[27:55] Levar’s biggest project that he’s developed to date.
[29:06] How Levar plans and prepares for zoning.
[37:32] Why it’s important to seek a community’s support for your projects.
[47:09] Levar breaks down how to determine the number of units you can get on a parcel.
[57:49] Stop using social media to compare your projects with your competition.

Takeaways:

Investors need to understand what their end goal is before they can understand what they’re going to do when they first start.
If you plan to be a larger developer, you have to be active in the community and develop relationships with your local political leaders and policy makers.
Land banking, purchasing multiple lots a few years before development begins, helped Levar get ahead of his competitors, especially in today’s high market.
When you are ready to invest, make sure to stick to your buying criterias instead of making your decisions based on the status of the market.

Links:

Levar’s Instagram - https://www.instagram.com/bearrei_/

Nicole’s Freebie - www.therealestatejawn.com

Guest Bio:

Levar Clark is a self taught real estate agent that has built his net worth from $41,000 to one million dollars using market fluctuations, his intuition, and seeking his community’s needs. Over the last 12 years, Levar has gone from buying and developing single units from sheriff sales, to multi-unit properties. Today he is opening up and sharing his knowledge and advice for new investors. Tune into today’s episode for his insider knowledge!

Connect with Better Than Success

Freebie! Step-by-step instructions on how to invest in real estate in any city. Download it here: www.therealestatejawn.com

Learn more about Better Than Success Real Estate League at

Betterthansuccess.com/btsrel

Get Access to our FREE Real Estate Beginners Class at

betterthansuccess.com/freecourse

www.betterthansuccess.com/realestatejournal - Need help better understanding your real estate area? Download my FREE Real Estate Journal

Next Episode

From Employee to Realtor to Full-Time Investor in 18 Months: Rashauna Scott's Incredible Journey

In this episode of the Better Than Success Podcast, host Nicole Purvy talks with Rashauna Scott about her journey from being an employee to becoming a real estate agent and eventually transitioning into a full-time investor in just 18 months.

Get tickets for the 4th Women In Real Estate (WIRE) Summit at http://wiresummit2023.com.

During their conversation, they cover various topics, including:

The 4th Women In Real Estate (WIRE) Summit.
Raising Private Capital.
How Rashauna Structures Her Financing for Her Flips.
The Exact Steps She Took to Lead Her Own Team of Agents.
And much more.

Rashauna Scott is a millennial thought leader in generational wealth through real estate investment. As the Principal Broker of the Rashauna Scott Team at Keller Williams ONEChicago, she leads residential and commercial brokers in Chicagoland, consistently earning Top Producer accolades.

She's also the CEO of Flippin' In Heels, a nationwide community for women real estate investors, offering education and empowerment. With a decade of diverse investment experience, Rashauna specializes in acquiring multi-family properties and managing private capital.

Rashauna shares her expertise through regular educational content and sessions, aiming to empower her community. She holds a BA in Entrepreneurship and Business Management from Governors State University, with additional coursework at DePaul University and Moraine Valley Community College.