First time poster, long time fan of Bigger Pockets
Hello all!
My name is Merritt, first time poster here. I bought my first investment property in 2013, a duplex, as a house hack. Two year ago, I turned on of the units into a STR and have since caught the bug. Since then, I've started a STR management company (Nov. 2022) and have scaled to 11, soon to be 13 units, under management.
On the investor side, I own a SF property that I first ran as a STR arbitrage deal for around a year. The SF is still an STR and I've since converted both units of my duplex to MTRs.
Goals:
I'm consider two routes for the two properties I own: One is selling them on terms and becoming the bank. I like the idea of turning those investments into truly passive cash flow.
The second idea is to sell both of the properties and use the funds to buy and invest in an STR super property. Both of my properties are in the city and fall in the economy STR category, and my dream is to pivot into the luxury STR space.
My other goal is to 3x my STR management company. We brought in 350K gross revenue in year one, and I'd like to break 1mm in 2024. One of the ways I'd like to do this is by buying a STR management company, or contracts from other companies.
Looking forward to connecting with others on these forums.
Merritt N. Harris