Building Vacation Rental Portfolio; Keeping up With Goals..

[Adam Hebekeuser]

Good morning! Thanks in advance for anyone willing to share from experience. I started my vacation rental journey about 1.5 yrs back. I currently BRRR'd one cabin and have it going pretty well. Also, purchased my next fixer upper project in the same arera; lake community, pretty seasonal. My goal is to secure 10 in 5 yrs; I am behind on my timeline but learning and speeding up from what I've learned so far. I've been obsessing on this lake market with the idea that my vendors could help me scale here and faster.. It does take a while to get established in an area, that I am learning. However, in order to meet my goals, should I expand my horizons to 1-2 more markets so my purchasing velocity can increase? The other argument would be to stay where I am and be more efficient.

[John Underwood]

Goals need to change with the market and with demand.

Many properties will not cash flow at current levels. Don't get overleveraged in what could be a peak price time frame. People that try and grow too fast are at higher risk when things turn south and they don't have adequate reserves.

If your buying fixer uppers at a discount you will be better positioned than many others. 

Tread carefully in this market until you are sure you have the next solid investment.