Long-time lurker, first time poster. Most likely the millionth post on this! Apologies if this isn't the best area to post (still figuring out the navigation on this forum). Been a Bay Area local for all my life and really want to dive into the STR market in the medium-medium/long future somewhere in the Sierra Nevadas (preferably Tahoe or anything off of Highway 4 - Arnold or Highway 108 - Pinecrest). I understand Tahoe is a preferable market for STR (Yes, I know about Measure T :) ) due to the year round attractions with exception to the shoulder seasons, but really open to everywhere with a decent market in Norcal. I do have a pretty good pulse on the market in SLT since I have had family living up there for years.
Has anyone has had experience with split ownership? If so, i'd love to know your thoughts on how its been (legalities, splitting time, ect)? With that being said, i'd would love to network with individuals that may be open to this in the future.
Just wanted to throw my feelers out there and learn from some of the veterans in this community!
Thank you, all and appreciate time!
You’re asking for a nightmare. Just don’t. Save sufficient cash to swing a deal yourself.
I think with the right partner, it’s a great idea !
I was doing STRs on my own and connected with someone actually on BP and we’ve hit it off and already purchased 2 properties together.
Lay out who will do what, how financing works, entity structure, etc. I’m a believer in 2 heads are better than 1 and we compliment each other well. I believe many successful investors partner with others (many of the podcasts and even podcast hosts talk about partner deals they do).
Best of luck and let me know if I can answer anything for us!
Stand back to back with your partner. You each have a cap and ball pistol. Take 10 paces, turn around and fire. The winner has sole proprietorship of the rental. You also have to bury the body on the land of said rental.
I'm your next town neighbor in Milpitas. Bought a STR in SLT county last summer (outside the area impacted by Measure T). It is going great and now looking for another property somewhere else. Sorry I'm not interested in split ownership but if you ever one to chat with someone with a similar story please reach out. I'm an open book and happy to tell you about my experience.
This is my place:
@Ilan M Aliphas appreciate it! Would love to dive a bit deeper with you. Sending you a DM. Beautiful house BTW! 😀