12 Expert Real Estate Investing Tips With Michael Elefante
Welcome to RentRedi’s series: Investor Spotlight!
We’re highlighting experts & their real estate investing tips for beginners—from the experts.
Our Investor Spotlight features quickfire questions of the tools, advice, routines, and strategies real estate beginners & professionals use to grow their business and gain passive income.
Investor Spotlight: Michael Elefante
Michael Elefante is a 29-year-old real estate investor and entrepreneur. He focuses on short-term vacation rentals, listing them on sites such as Airbnb and VRBO.
Let’s dive in!
Quickfire Real Estate Investing Tips for Beginners
1. What’s your favorite app (real estate related or not)?
Airdna – it helps me analyze markets for short term vacation rentals (Airbnb). I take the data I get from Airdna and use it to help forecast the profitability of a short term rental.
2. How many hours a night do you sleep?
7
3. What’s the best piece of advice you’ve ever received (real estate related or not)?
Investing your money is less risky than going the rest of your life relying solely on a single source of income, which you trade your time for. Would you rather work a job the rest of your life and hope you have enough money to retire, or achieve financial freedom at a younger age, and take control over your time?
4. Do you invest out-of-state?
Yes
5. Have you ever house hacked?
No, but I wish I did
6. Do you have a go-to paint color for your rentals?
Black Magic – Sherwin Williams
7. How long does it take you to analyze a property for investment?
10 minutes
8. How old were you when you purchased your first rental property?
26
9. Hard money loan or conventional?
Conventional or DSCR
10. What is the #1 piece of advice you would give a new real estate investor just starting out?
There is an investment strategy that fits any budget. Don’t think you need a large sum of money to get into real estate.
11. What made you want to invest in real estate?
Financial Freedom. Establishing enough monthly cash flow to leave my job was life-changing. Beyond cash flow, real estate is one of the best ways anyone can build long-term wealth.
12. What’s a landlord “hack” you use to make your life easier?
Leverage technology to make your life easier. Automate as much as possible. It will allow you to scale faster and remain focused on your business and less on day-to-day operations.
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About Michael
Michael Elefante is a 29-year-old real estate investor and entrepreneur. He focuses on short-term vacation rentals, listing them on sites such as Airbnb and VRBO. Michael and his wife, Jill, became financially free within 12 months after making their first-ever real estate investment.
Since becoming financially free, they quit their jobs in April 2021 and spent 7 months traveling the country in a camper van. They currently own and operate 5 short-term rentals and one long-term rental.
Beyond real estate, Michael spends much of his time creating content on platforms such as Tik Tok, Instagram, and YouTube. Additionally, he has created resources to help others learn how to invest in and manage rental properties.
More Resources
Check out RentRedi’s YouTube channel as well!
Read more Investor Spotlight profiles that feature real estate investing tips for beginners.