Invest in Short Term Rental Properties like a DC superhero

Hello YouTube, we're back. It's Christian Osgood and I am here with a special guest. We have Breck Bassinger. Am I saying that right?

Nailed it.

Yes, Breck Bassinger, aka DC's Stargirl. She's doing something very unique in that she has both absolutely dominated it in her career. No one gets to be a superhero, but she's a TV superhero and a real estate investor starting in short-term rentals and starting to scale up. We have her on today, talk about what it looks like to run an Airbnb in another market and what expansion looks like when you already have a successful career. But Breck, thank you for joining us on the channel.

Thank you, Christian. The pleasure is truly all mine. I, I get to do a lot of interviews for, for Stargirl, but I don't get to do a lot of stuff talking about my other passion, real estate. So I'm very excited.

That's so amazing. Just starting from the beginning, how did you get into real estate? Was it a family thing? Is this all on your own? What did the beginning of real estate look like for you?

Literally me. Um, just me trucking along, learning things by myself, saying, this makes sense. I'm going to do it. Um, basically end of 2020, my boyfriend and I went and stayed at an Airbnb in Big Bear. And as I was like sitting down on the couch, I realized how much I was paying for it just for the 2 nights we were there. And then I was like, well, what would their mortgage be? So I get on the computer and I looked it up. And then I got on the Airbnb calendar and saw that it was like booked out for the next month and a half. And I was like, holy crap, they're making like thousands of dollars a month. And within, I kid you not, 30 days of that Airbnb stay, I had gone back to Atlanta to start filming season 2 of Stargirl. And I had found a real estate agent, found a property manager, made an offer on a place, and was closing within like 2 weeks.

Wow. So you're acting, I assume that puts you all over the place. You're in Atlanta, you live in DFW.

Yeah.

You mentioned having a desire to move back to LA. So you're all over the place. How did you land on Atlanta? And is that a market that you're still going to be investing in? Are you looking at other places now?

Yeah, well, I, I do consider myself a nomad, just In a month, I'm going to be in Portland for 5 weeks filming. So I've kind of seen that as a really huge opportunity with real estate. It gives me the opportunity to learn these different markets. I know the LA market. I've been studying it since I was 16 because I've always just loved going on Zillow and looking and what the prices are doing. And I kind of did the same thing during the first season of Stargirl, which we film in Atlanta. So when I went in to film the second season, I already had a good understanding of that market.. And I saw how quickly it was growing. I knew how many shows were filming there. So I thought it would be a great place to do more of that furnished short-term renting, whether it was for someone coming in vacation because it's a really popping city, whether it was parents for a college because there's like 7 colleges in the city of Atlanta. So they're coming for their graduation. I just saw so much opportunity for short-term renting. And it was at a price range that was more attainable than like trying to get into the LA market from the beginning.

That's amazing. And you're doing something that so few people do. A lot of people make it in their career. And again, I mean, Stargirl, that's a, that's a big deal. You're a DC superhero. Most people, especially at a younger age, are going to spend the money, are going to have some fun with like, hey, you know, I made it my career. That's not what you're doing. You like season 2 of, of making it big. You've started investing You also, you mentioned you house hack out of DFW. So, I mean, you are making sound financial decisions investing in real estate. When you made it in acting and you're starting to get real gigs, what made you decide, hey, I need to invest in real estate as well? Because there's two huge undertakings. Yeah.

Well, I've already, like, I've always had a passion for real estate. I'm also like a numbers girl. Like growing up, I was mathlete. I just, I like that type of stuff and acting really stimulates me creatively, but I always felt like something was missing. And I think it was that more like the other side of the brain being stimulated. So I feel like real estate has really fulfilled me in that way, but also as blessed as I've been getting to work so consistently, consistent, work is normally not associated with acting. Um, I've had spurts of 6, 7 months where I don't book a job, and that's nerve-wracking. And I wanted to be able to have a passive income to fall back on, and I didn't know it was going to be real estate. But then once I got into it, I was like, oh, this is it. This is the thing that almost complements my other job perfectly.

That's amazing. Not everyone has as variable income as acting, right? It's like, hey, It's awesome, and then you might have 8 months, a year, 2 years of just no gigs. So stability makes a lot of sense there. But I think something that's really important for everyone to remember, if you're watching this, if you're just relying on one job, even if it's a consistent job, it's not guaranteed, especially in a weird economy. Uh, if you build a foundation in real estate, you have passive income that adds stability, which also adds freedom. You get to act if you don't have to pick up anything between gigs. I'm imagining that lets you get a lot more selective with the roles you take as you build out your acting career, right?

For sure. It's like, it's like this thing in LA, say yes to everything. If a job comes your way, take it, because most of the time we need it. But to have that freedom and confidence to be like, no, I don't need this job for whatever reason, say it doesn't morally align with me, then I have the ability to turn it down, which I want that freedom. Like, to me, that's a really great opportunity that I don't want to miss out on.

Well, I can think of a lot of actors who should have turned down a lot of roles. So having the power to do that is going to be absolutely amazing for you. And I'm excited that you're making the right decisions early. You mentioned being a mathlete previously. And so diving into some of the mathletics, tell me about that Atlanta deal. What do the numbers look like? And how does the actual performance of that property look today?

Yeah, um, so I bought it at the very end of 2020, I believe October 2020. Um, excuse me, for— my voice is cracking.

That was okay, I can edit this.

Beautiful. Okay, I bought the Atlanta condo at the end of 2020 in October for around $273,000 is what it was. I had to put 20% down because my finances were in whack, mainly because of 2020 and because of my unique income. And so I believe I put $60,000 down, or it was either like I put $55,000 down, but then once I furnished and was all in at $60,000, and I think last year I positive cash flowed $25,000. So we're looking at a, I mean, close to 50% ROI, just under that. And not, oh, I know it's been really successful. I feel very blessed. But so mine's a 2-bedroom and a 1-bedroom just sold in the building for $370,000. So I could probably go in if I wanted to and sell mine right now for around $430,000. Which would be $200,000 almost.

Wow. That is incredible. What a, what a good deal.

Yeah. I, it's, I have to shout out Christian Osgood quickly because it is, it's a really great deal. And the numbers are what I would consider a home run, like a 30, 35% positive cash flow. That's amazing. But what I've been struggling with is I'm comparing every deal to this one. And if it's not making those numbers, I'm not wanting to pull the trigger. And Christian was like, listen, Breck, you're not gonna build your portfolio looking for only home runs. You gotta get some singles and doubles. And this, I don't, it resonated with me so much. And instantly my eyes are open to so many more opportunities because I was so laser focused on home runs that I was, it was making me scared and anxious that it wasn't good enough. And you've just given me the confidence to be like, no, these numbers are good.

Don't get greedy. I'm so happy to hear that. What I have found is that when you just keep— so, I mean, the thing with a double or a single, using a baseball analogy, which is funny because I've never played, but with doubles and singles, just getting on base, you just need positive cash flow, right? It needs to move you forward. You can't do a bad deal to move forward, but there are some deals that it's not a home run. You're not going to retire off of one deal, and that's totally fine. What I have found is that people tend to hit more home runs when you're just swinging at more real estate.. And if every deal moves you forward, and every time you close on something, your cash flow goes up, turns out you will have more capital available for when that home run comes available. So I'm so glad that that resonated with you. That was a lesson. It took me a little longer to learn. I didn't figure that out until '29 when I started buying real estate. Almost the same time as you actually, is the end of 2020. I closed my first duplex in December. I'd done a house hack before that, but That's where I really got into the game was that same time, end of 2020. I had a mentor who said, hey, it's okay to get a base hit. And, you know, 100 base hits later, I'm like, wow, it was great advice.

So I'm glad that resonated. Yeah, 100 base hits later, what are you at? At least like 30 home runs at that point if you just keep bringing it around.

There's been a few. The last deal we did was a 10-plex that came in out of nowhere. I was actually in Dallas when we got the phone call, but— Oh, cool. Broker called because I did a base hit earlier. Funny enough, we bought a triplex right off of the water there, tiniest building I own. They called and said, hey, congratulations on your last close. You guys still buying multifamily? And I'm like, oh, I'm always buying multifamily in Moses Lake. Gave us a deal that had excellent pricing. The terms were phenomenal, exactly what we're looking at. We got 5% interest-only payments and 15 years of a seller finance note. Phenomenal deal. And the home run just came in because we made the decision to do that base hit earlier in the year. So it does work. And I'm really glad this opened your eyes up to other opportunities because they will come as you buy real estate, your story grows. The story is always worth more than the real estate.

So that's phenomenal. And yeah, I guess stories, but I mean, like experiences, like Recently, I've been looking at two different triplexes that I've been really close to making offers on, but certain short-term renting ordinances that have come up are just prohibiting me from doing it. But just the amount that I've learned, even from going into these properties, has been exponential. And I know when I do find the next property that I'm going to actually get to make an offer on, that I'll be much more educated.

That is phenomenal, which brings me to my next question. So you're looking at triplexes now. Before this call, you actually mentioned that you've had a little bit of a difficulty getting through some of the ordinances and rules around Airbnb in your target markets. What are your goals from here? Where are you trying to go in real estate and what's next on the horizon?

So this past month, I've really been bunkered down focusing on growing my portfolio. I'm not filming right now, so I was like, "Breck, this is the time to do it and get more properties under your belt." out. And I have hit a lot of roadblocks. And actually, like the other day, I was, I was really down about it. And my, my boyfriend, God bless him, he was like, Breck, this is why a lot of people aren't successful in real estate, because they get to this point and they give up. But you can't do it. You got to keep going. And I was like, you're right.

Okay.

Um, but I have— I was really focused on the short-term rental market just because I feel like there— yes, there's more risk, but the reward tends to be better with that risk. And as of now, I'm having to take a step back because I've— it's been roadblock after roadblock. And I'm looking more into the furnished corporate housing. Being an actor, that's kind of when I go places to film, that's where I stay in. So I know there's a market for it. Even like in Atlanta, there's 20+ shows filming there right now. And every single actor on that show is going to be needing a furnished place for 6 months. There you go. So I do— that's kind of where I'm researching and educating myself now. It's really important for me to have a team lined up, meaning a property manager who, once I get that property, can take over for me. Because it is supposed to be— for me, this is more of a passive job. So when I have the time, I focus on it. But when I'm filming, I can't give it my full time and attention. So I have like 4 different people I'm calling that are more of the corporate housing in Atlanta. And then I'm also starting to do the same thing in LA. So between those two markets, I'm hoping to start expanding there, but who knows, I might have more roadblocks.

We'll see. Yeah. Well, that's phenomenal. That's the part of why Cody and I named our YouTube channel and our course, The Multifamily Strategy. The reason we call it Multifamily Strategy, because everyone's strategy is a little bit different. We're huge on long-term contracts. Year-long leases because of consistency. You have different pieces, right? You're in the acting field, you know how the corporate housing works, you have connections there. That makes sense that that's something you would add to what you already do because it's in your wheelhouse, you have knowledge on it, and it, it's vertical integration. You understand real estate, you understand the acting community. If you can lease to that community the way they need it, you have a viable business plan, which is exactly what I tell people to do. It's— you don't need the copy everyone else's strategy. You need to learn what other people do and apply it. I love that that's exactly what you're doing. You've applied the, okay, everything doesn't have to be a home run, but I want to do good deals that move me forward. Well, now you have more deals to look at targeting things like, okay, what about midterm leases? It's going to add stability, which is awesome.

Thank you. I'm really working on being open-minded.

So we'll see. Oh, that is a good way to build a business. Learn all you can. And the biggest thing is application over the information, right? You're absorbing the information and then you're going out and applying it. You're absorbing and applying. As you start hitting it from different angles, all of a sudden you're going to find your niche, which is going to be awesome. Your, your boyfriend was exactly right. Yeah, this is where people get stuck. You get your first few properties and you're trying to jump into something bigger, there's always a roadblock. And once you push through that all of a sudden things just start absolutely taking off. And I have a feeling you're right there.

I feel it. Yesterday was hard in that I was really excited about this one triplex I was looking at and then it wasn't going to work out, but I, I woke up this morning feeling really excited because just yesterday I hadn't— yesterday morning I saw the triplex and then it was this maybe amazing opportunity. And yes, it didn't work out, but I'm like, That all happened yesterday. So today that I'm just one step closer to the time it works out. I feel optimistic. I do.

So thank you. Last question for you. So you have this rental over there. You said you're also house hacking in Dallas. Which property came first? Did you buy your primary and then start house hacking or did that come after the Atlanta purchase?

So yeah, my Atlanta purchase was originally, so it's a second home technically speaking, because I did live there the first 6 months. Um, when I was filming. And then my plan was to, to live there every time I went back, but honestly it was making me so much money that it made more sense to not live there. So third season I ended up living in like a bougie place, and I was like, what, my short-term rental is paying for it, it's fine. And then I came over my hiatus, I came home. At this point I'm so set in, for me personally, renting as little as possible in the future. Just because I, when I lived in LA, I rented for 6 years straight, just throwing money down the drain. And I just, I, now that I know the opportunity of buying and building equity, I just can't get myself to rent again. So I knew I was going to be in Texas quite a bit. Just that's where my, where I'm from, where my family is. So I did buy a home here and it's kind of like coming from LA where I, where a condo is literally $800,000 to to come to Texas and just get to spend pennies of that. Like literally a down payment in LA bought me my whole home here. I don't want to leave it, but then again, I'm like, I miss LA. Anyway, so yes, I'm house hacking. It's kind of, there's a really big laundry room in the middle of the house that we basically made a second kitchen. So it really is like my, I guess my tenant, what would that even be? My roommate, there we go. That's the word, my roommate. We really do basically have two different parts of the house. So it works out perfectly.

So making those smart financial choices early is going to set you up just ridiculously well. It just takes a few of these to retire you. It doesn't take a whole lot of real estate, you know, paid off over time to have significant cash flow. When you have stability, it's like you have an awesome acting job and everyone, if you haven't seen DC Stargirl, definitely go do that. Breck's amazing. But outside of that, you don't need acting. You're, you're setting up correctly so that you just have passive income. You're gonna have full freedom to do what you want. Keep making the right decisions. Obviously, you're not that hard to find. Anyone can Google you or check out your IMDb page. But if people wanted to reach out to you and contact you, what is the best way to follow your real estate journey?

I actually just yesterday made a BiggerPockets account.

There we go.

I don't know, I was like, this is a huge community. And I, I've had— it's been so fulfilling getting to just talk to you and ask questions. I was like, I, I need more of this because it's very inspiring talking to people who are successfully doing what I want to do. So I thought it would be fun to connect through people there. And I am like, even just through my regular Instagram, I talk about it some. I— not a lot because my experience isn't a lot, but I'm hoping as I grow, it becomes a bigger part of just my, my Instagram.

Awesome. Awesome. So yeah, reach out to her via Instagram, reach out on BiggerPockets. What is your— what is your tag or your username on BiggerPockets? How do people find you there?

My name, @breckbossinger.

There we go. Easy enough. I really appreciate your time here. If you guys haven't already, like and subscribe to the channel. We're going to have Brett here again, I'm 100% sure. And, uh, yeah, we will see you all next Monday.