Buy your first STR relatively close to you.
Consider buying a LTR for your first investment property.
Run the numbers and make sure of what you could net after all expenses. There are several STR spreadsheet tools floating around. Search through the forum.
Read through the forum on past topics and read Avery's book.
Don't get emotionally tied to a property let the numbers do the talking.
Know what the STR rules are for the area you buy your first property.
A 2 bedroom house may be a good first affordable property.
Always ask seller for owner financing you never now what they might say.
Buy your first STR relatively close to you.
Consider buying a LTR for your first investment property.
Run the numbers and make sure of what you could net after all expenses. There are several STR spreadsheet tools floating around. Search through the forum.
Read through the forum on past topics and read Avery's book.
Don't get emotionally tied to a property let the numbers do the talking.
Know what the STR rules are for the area you buy your first property.
A 2 bedroom house may be a good first affordable property.
Always ask seller for owner financing you never now what they might say.
Buy your first STR relatively close to you.
Consider buying a LTR for your first investment property.
Run the numbers and make sure of what you could net after all expenses. There are several STR spreadsheet tools floating around. Search through the forum.
Read through the forum on past topics and read Avery's book.
Don't get emotionally tied to a property let the numbers do the talking.
Know what the STR rules are for the area you buy your first property.
A 2 bedroom house may be a good first affordable property.
Always ask seller for owner financing you never now what they might say.
And don't call it an Airbnb. It is a STR or vacation rental that is listed on Airbnb.
Buy your first STR relatively close to you.
Consider buying a LTR for your first investment property.
Run the numbers and make sure of what you could net after all expenses. There are several STR spreadsheet tools floating around. Search through the forum.
Read through the forum on past topics and read Avery's book.
Don't get emotionally tied to a property let the numbers do the talking.
Know what the STR rules are for the area you buy your first property.
A 2 bedroom house may be a good first affordable property.
Always ask seller for owner financing you never now what they might say.
And don't call it an Airbnb. It is a STR or vacation rental that is listed on Airbnb.
Never thought about it like that, whats the mindset behind calling it that?
Buy your first STR relatively close to you.
Consider buying a LTR for your first investment property.
Run the numbers and make sure of what you could net after all expenses. There are several STR spreadsheet tools floating around. Search through the forum.
Read through the forum on past topics and read Avery's book.
Don't get emotionally tied to a property let the numbers do the talking.
Know what the STR rules are for the area you buy your first property.
A 2 bedroom house may be a good first affordable property.
Always ask seller for owner financing you never now what they might say.
And don't call it an Airbnb. It is a STR or vacation rental that is listed on Airbnb.
Thank you, I just joined this group so its time to take action
Buy your first STR relatively close to you.
Consider buying a LTR for your first investment property.
Run the numbers and make sure of what you could net after all expenses. There are several STR spreadsheet tools floating around. Search through the forum.
Read through the forum on past topics and read Avery's book.
Don't get emotionally tied to a property let the numbers do the talking.
Know what the STR rules are for the area you buy your first property.
A 2 bedroom house may be a good first affordable property.
Always ask seller for owner financing you never now what they might say.
And don't call it an Airbnb. It is a STR or vacation rental that is listed on Airbnb.
Never thought about it like that, whats the mindset behind calling it that?
That's just what it is.
It is a STR that is listed on Airbnb.
Airbnb is just a listing platform.
@John Underwood wow, 100 votes for your post of sound advice. I haz questions for OP.
Have you talked to a lender to get pre-qualified? Are you working with an agent? Are you looking on-market or off-market? Why do you want to invest in STRs (not challenging you, just trying to get to your goals.) Do you own or rent currently? Could you house hack and use a portion of the residence as an STR? Are you going to any meet-ups?
@John Underwood wow, 100 votes for your post of sound advice. I haz questions for OP.
Have you talked to a lender to get pre-qualified? Are you working with an agent? Are you looking on-market or off-market? Why do you want to invest in STRs (not challenging you, just trying to get to your goals.) Do you own or rent currently? Could you house hack and use a portion of the residence as an STR? Are you going to any meet-ups?
You are asking the best questions so thank you.
Pre-qual - Yes I have an investor-friendly lender I work with and they based the "pre-qual" based on the potential income of the property.
Agent: Yes I have an agent shes excellent and works with a few STR investors
On/off market: I have only looked on Market, not too familiar with tapping into off-market, or where to start with that.
Why to invest: I am looking to quit my job and be able to dominate the real-estate game, STRs have amazing cash-on-cash return, great potential for margins, and overall ROI. I also do a lot of traveling to having places all over would be convenient.
Currently, I rent an apartment is south Orlando, Fl.
I would love to house hack, not 100% researched in the topic so haven't fully tried, I am having some issues with full-time just and have been searching for other jobs in the meantime and that isn't going well.
Meet-ups: I want to go to them but have not found any, I don't really know where they post them.
To be honest, I'm not aggressively looking for meet-ups like I should be, really focused on getting the first property, finding a new job and researching. Not an excuse, there's no excuse for not going because they are very important.
if you can house hack a house that you genuinely owner occupy, but frequently aren't in... that is a very powerful strategy, because it opens up better financing with lower down payment options, but still lets you buy and run a STR. I'd look into that.
if you can house hack a house that you genuinely owner occupy, but frequently aren't in... that is a very powerful strategy, because it opens up better financing with lower down payment options, but still lets you buy and run a STR. I'd look into that.
Is there anyway you can point me in the right direction for where I can start? Who should I watch, what should I read so I can become as knowledgable as possible to get into this?
I've follow Robuilt, sean razditch & the real estate robinsons on youtube. Great content. Robuilt is more for "overall STR" advice. Sean is deep in the weeds when you already have one.
I would suggest joining some facebook groups for STR hosts. A word of warning though, the only posts you will see are usually horrific problems. It may sour your taste for buying a rental. Realize though that many of these groups have tens of thousands of members who are not posting their highs, only their lows or where they are looking for help. But... it's a good indicator to see if that scares you away.
Find out what really scares you or where your barrier is, then learn everything you can about that. With a STR, there's a lot to learn.
How do you list your property, what software do you use, what pricing strategy do you use, where should you buy, what kind of furniture do you use, sheets, towels, how do you find a cleaner, how do you manage your cleaner, who will you use for hvac, handyman, plumbing, pool maintenance etc. How do you track expenses, manage taxes. The list goes on...
It's really easy to get lost in the details but they all can be handled individually and over time.
Understand that it's a long term game. You will make mistakes your first year but they get less as you get more experience. Your first rental is the hardest, then it gets easier...
if you can house hack a house that you genuinely owner occupy, but frequently aren't in... that is a very powerful strategy, because it opens up better financing with lower down payment options, but still lets you buy and run a STR. I'd look into that.
Is there anyway you can point me in the right direction for where I can start? Who should I watch, what should I read so I can become as knowledgable as possible to get into this?
It’s new like anything else. I see that most new investors don’t starting investing because fear stops them. So ask yourself - why are you wanting to invest in the first place? What are your thoughts, feelings and emotions around it? If you do have fear where does it stem from? If you think you might lose money go through the exercise of what that would look like. Focus more on mindset, the mindset of a real estate investor is different. We are risk takers. To ensure proper investing we take on a calculated layer of risk (ie underwriting the deal).
It's going to be harder and more expensive than you think to get your first property launched. It will also be easier and less time than you think to self manage once it is up and going.
As you look around, find a way to limit your competition. For us, that was bedroom count, which meant that we had to find a fixer due to budget constraints. Whether it is location, amenities, budget, bedroom count, etc., find something that does not have as much competition as a standard 3 bed/2 bath or 2 bed/1 bath house in a vanilla residential neighborhood.
Feel free to shoot me a DM if you think that I can be helpful. We launched our first place last June and are in the process of renovating and taking our 2nd STR to market. It's really hard and stressful, but it has certainly been lucrative and worth it for us. It is not for everyone, though. I tend to discourage most friends and family that ask about buying short term rentals. If you're not all in and enjoy this business, it's going to be a constant nuisance.
I've follow Robuilt, sean razditch & the real estate robinsons on youtube. Great content. Robuilt is more for "overall STR" advice. Sean is deep in the weeds when you already have one.
I would suggest joining some facebook groups for STR hosts. A word of warning though, the only posts you will see are usually horrific problems. It may sour your taste for buying a rental. Realize though that many of these groups have tens of thousands of members who are not posting their highs, only their lows or where they are looking for help. But... it's a good indicator to see if that scares you away.
Find out what really scares you or where your barrier is, then learn everything you can about that. With a STR, there's a lot to learn.
How do you list your property, what software do you use, what pricing strategy do you use, where should you buy, what kind of furniture do you use, sheets, towels, how do you find a cleaner, how do you manage your cleaner, who will you use for hvac, handyman, plumbing, pool maintenance etc. How do you track expenses, manage taxes. The list goes on...
It's really easy to get lost in the details but they all can be handled individually and over time.
Understand that it's a long term game. You will make mistakes your first year but they get less as you get more experience. Your first rental is the hardest, then it gets easier...
Thank you, this is great.
if you can house hack a house that you genuinely owner occupy, but frequently aren't in... that is a very powerful strategy, because it opens up better financing with lower down payment options, but still lets you buy and run a STR. I'd look into that.
Is there anyway you can point me in the right direction for where I can start? Who should I watch, what should I read so I can become as knowledgable as possible to get into this?
Good idea, I will reach out and find out, if she is unable to help me with house hacking, any ideas on where I should check next?
It’s new like anything else. I see that most new investors don’t starting investing because fear stops them. So ask yourself - why are you wanting to invest in the first place? What are your thoughts, feelings and emotions around it? If you do have fear where does it stem from? If you think you might lose money go through the exercise of what that would look like. Focus more on mindset, the mindset of a real estate investor is different. We are risk takers. To ensure proper investing we take on a calculated layer of risk (ie underwriting the deal).
Thank you so much for that, I will reflect and answer these questions, the want is strong. To make money I have to be willing to lose some and learn.
It's going to be harder and more expensive than you think to get your first property launched. It will also be easier and less time than you think to self manage once it is up and going.
As you look around, find a way to limit your competition. For us, that was bedroom count, which meant that we had to find a fixer due to budget constraints. Whether it is location, amenities, budget, bedroom count, etc., find something that does not have as much competition as a standard 3 bed/2 bath or 2 bed/1 bath house in a vanilla residential neighborhood.
Feel free to shoot me a DM if you think that I can be helpful. We launched our first place last June and are in the process of renovating and taking our 2nd STR to market. It's really hard and stressful, but it has certainly been lucrative and worth it for us. It is not for everyone, though. I tend to discourage most friends and family that ask about buying short term rentals. If you're not all in and enjoy this business, it's going to be a constant nuisance.
Thank you, I will shoot you a DM so we can have some conversations! I would appreciate it.
You wondered about who to watch and what to read to gain knowledge in the STR space. The following people have been the biggest assets to us when it came to learning and gaining knowledge! Their social media is gold!
And once you get a little deeper into STR there's Bill Faeth
You wondered about who to watch and what to read to gain knowledge in the STR space. The following people have been the biggest assets to us when it came to learning and gaining knowledge! Their social media is gold!
And once you get a little deeper into STR there's Bill Faeth
Thank you, ill follow and check them out!
If you're also looking to build equity you could look into off market property to rehab and flip if you need a more lucrative exit strategy.
Sorry to hear that happened. I would review your homeowner's or renter's insurance policy to understand the coverage it provides for short-term rentals like Airbnb. Pay attention to the specific terms, conditions, and exclusions related to property damage, liability, and theft. Familiarize yourself with the claim filing process outlined by your insurance company. Absolutely call your agent to discuss further. It can't hurt to have airbnb and your insurance working on this in conjunction.
well, it's combining two strategies: house hacking, about which there is a ton of info on BP, and STR. it's picking a place that would make a great STR because it would be in high demand... and then also having that place be your genuine primary residence.
you want to talk to multiple lenders - not just investor friendly ones but standard lenders with low down payment options.
James, as someone who has done multiple short term rentals, what specific questions do you have that's preventing you from getting started?
Hey @James May, lots of great advice here, but I would like to know where you are looking to buy?
If you are unfettered by kids, then I would look at doing a FHA loan on a 4 plex or something similar. No STRs to get started. You can buy up to a 5 plex and live on one of the units while you rent/rehab the others.
This will give you steady income and essentially allow you to live for free and even make a decent profit. After a year, you can refi the place into a conventional, do another FHA loan on another multifamily, move and do it again.
This way you can build up cash and have a couple of vehicles that product steady income for you. Then branch out to a STR.
This is what I would have done when I was young.
James, as someone who has done multiple short term rentals, what specific questions do you have that's preventing you from getting started?
Hey Yiwei, I have a few questions lined up, can I send you a DM?