Advise on Short Term rentals and group investment

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Advise on Short Term rentals and group investment

Sam D.
Member since 2022 · 16 posts · 5 votes

Hello, this if my first post in BP. I got my first RE investment property almost 5 years ago - small condo. Now I am planning to get into STR. I was thinking what should one consider when using SRT and if bunch of friends come together to buy the property ? How can one manage finaance, tax, legal, etc...

Please note - I still think I am new to RE investment and there is lot to learn. So please provide your comments in detail. I would love to read them and do further research.

Thanks

Sam

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Luke CarlPro Member
Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
4y

I would save up for a couple years and get into without the friends 

Podcast Guest on Show From Surviving on $30/Day to 30+ Properties Thanks to Blue-Collar Skills
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  • Luke CarlPro Member
    Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
    4y

    I would save up for a couple years and get into without the friends 

    Podcast Guest on Show From Surviving on $30/Day to 30+ Properties Thanks to Blue-Collar Skills
    2Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    4y
    Quote from @Sam D.:

    Hello, this if my first post in BP. I got my first RE investment property almost 5 years ago - small condo. Now I am planning to get into STR. I was thinking what should one consider when using SRT and if bunch of friends come together to buy the property ? How can one manage finaance, tax, legal, etc...

    Please note - I still think I am new to RE investment and there is lot to learn. So please provide your comments in detail. I would love to read them and do further research.

    Even professional partnerships go sour all the time. The risk is far greater when the partnership involves novices. I agree with Luke that you're better off going it alone until you're seasoned enough to be the leader of the pack and savvy enough to maintain control.


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  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    4y

    No partnerships, even with your best friends. It will turn sour really quick. You can do this all by yourself pretty easily anyway, why involve anyone else?

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  • Sam D.
    OP
    Member since 2022 · 16 posts · 5 votes
    4y

    Thanks everyone for reply.

    1Reply
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