I started my real estate investment career in 2017. For my first property, I leased a single family house for 18 months and ran it as an AirBNB. This appealed to me for 2 reasons cash flow and no debt. Since that time, I’ve added two more properties to my portfolio and I also host properties for others. When the State of Housing in Black America (SHIBA) report came out last month, I realized it was time to share my expertise with others.
I define expertise in terms of my struggles, my successes, and my preparation. I approached this endeavor like any good researcher with a doctorate would 1) I immersed myself in the research- the literature and theory, 2) Designed and revised the methodology, and only then did 3) test the knowledge in the field. As a result of this approach, I have practical and theoretical knowledge that explains why building wealth via non-traditional real estate strategies needs a more prominent place in black communities.
To incorporate these non-traditional strategies effectively we need to be proactive rather than reactive. Wealth requires ownership, protection, and cash flow. As we build wealth via these strategies, we must be aware of the regulations and policies that may enhance or threaten our efforts.
As I mentioned, my first non-traditional real estate strategy was an AirBNB (aka short-term rental) property. So, lets start with the regulations governing those properties in Texas and the Dallas/Fort Worth Area, Short-term rental (STR) Regulations