STRs JV or Partnership?

[Lauren Nolan Sellers]

Hello everyone! My name is Lauren and I've come to shoot my shot. 

I've been playing parallel to the real estate industry for years in that I have built my own interior design business for 10+ yrs and 'flipped' each of the homes I've lived in. But, I always felt like I didn't have what it took to become a "real" investor. I've been a bird dog, designed flips, selected finishes, evaluated properties, heck I was even part of a demo team... but those are still toe-in-the-water moves. No more. It's time to jump in.

Some major challenges over this last year have taught me to play full out and that tomorrow isn't promised. So "if it is to be, it's up to me." 

I'm ready go all in. I want to dive into the short term rental market. I am looking for advice and know-how and ideally, a partner who would allow me contribute but what I can (familiar with rehabbing and project management) while learning the ropes on the investment side.

I am eager coachable and on fire to change lives. Thanks for coming to my TedTalk! Jk! 

Honestly, I will happily receive any insight you'd be willing to share. Thanks!

[Eliott Elias]

Have any specific questions?

[Lauren Nolan Sellers]

What's the best way to go about finding more experienced investors to connect with?

[Allan Smith]

Love your energy. Go to local meetups, take folks to lunch, learn their challenges. Your interior design experience will pair well as value to offer. I think there's a fair number of flippers that don't have the natural talent in that area, myself included. It's tough to work with investors not in your market. Also join the Facebook group for your area.

[Nathan Gesner]

Quote from @Lauren Nolan Sellers:

Welcome to the BiggerPockets forums!

Go to NETWORK at the top of your screen and you can search for other investors and investment groups in your area. You can also check meetup.com or search facebook for real estate investment groups, clubs, or meetings in your area.

I also have some generic beginner advice that may help. Seriously, don't be afraid to ask questions even if you think they are basic or silly. There are a lot of helpful people willing to keep you on track!

1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.

2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.

3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.

4. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.

5. Study the market. You can learn to do this on your own or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR that works with investors and knows how to best help you.

6. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error. You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.

You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a pretty forgiving world and the average person can still make money even with some pretty big mistakes.

[Saaj Patel]

Lauren, 

Welcome to the investing side!

I have a couple of questions to narrow down who you can talk to - 

1. What market do you plan on holding STRs in?

2. Do you plan to self-manage or are you trying to be more hands-off/headache free?