We are in the STR game!

17 Replies

My wife & I have officially gone from 1 to 2 STR's! Started with converting our vacation home to an STR on Moosehead Lake, ME & now going live in Gulf Shores, AL on our second property next week. With the help of Jonathan Lazzarino & Avery Carl at The Short Term Shop we went from offer to close to renovation to live listing in 10 weeks. It all started with listening to BP Real Estate Podcast Episode 364 while I was running (and learning) during the pandemic.  Now we are on the hunt for STR #3 and that next 10% down vacation home loan. I'm already paying it forward with friends that want to learn to do what we are doing... Thanks again Jonathan & Avery! 

Congrats - that's awesome!! Same boat, same podcast episode, same pandemic learning over here :) My husband and I are converting a game day condo we have in Clemson, SC into a STR and we are under contract for a new construction cabin in Blue Ridge, GA thanks to @Avery Carl and Yok Re.  Actively looking for an already-built Blue Ridge cabin to get the cash flow coming in sooner!

@Brian Gerlach We put down a 10% construction deposit and will close once complete, 9-12 mos. $780K, 4 bed/3bath.  Looking for 3ish bedrooms now, and close to turn key (no major rennovations) in the $600s to start cash flowing asap.

We used to have a duplex STR right on the beach of Gulf Shores. Loved the units. We got hit by 2 hurricanes in 1 year. Our units were in the minority and not destroyed by either hurricane. The rebuilt units needed further setback from the ocean. So our units may have increased in desirability. However, the hurricanes, resulting damage, and issues getting the repairs done from OOS soured our taste, so we sold them. Of course, after we sold them they went many years without getting hit by another hurricane.

Besides the hurricanes, we had issues with property taxes/insurance going up faster than our rents.  Our cash flow was decreasing each year.  The insurance makes sense if the properties get hit by hurricanes twice in such a short period of time (we collected more from the insurance than we ever paid in insurance for those properties).

Good luck

@Emeline Hunter  Did you purchase the vacant lot first and then found a GC on your own to build-out the house or you're purchasing lot and house directly from the developer/builder? My wife and I just purchased a lot on 30A in the Florida Panhandle and have plans to build out a property on our own (I'm an architect), so curious when other investors are doing new construction, as well...