Most efficient path to my goal?

Question

Hey BP, I was looking for some help/opinions on getting to my financial goal through STR- AirbNb…

I have a goal of getting to $5000 a month in cash flow in the next 2-3 years. I have $60k in my savings…. I live in KC, should I look at buying STR here, or consider looking for properties near the beach?

From your experience, how would you efficiently get to $5000 a month cash flow in my situation? Do you have a STR that produces $5k+ a month? What does that deal look like?

I look forward to hearing from everyone!

Joshua Strickland · Answer

You can do that with 1 larger cabin or beach house in the right market. (Smokies, Florida panhandle specifically) I’m sure there are other markets also.

If I were you I’d go ahead and buy a smaller property in one of the vacation markets. Maybe a 2/2. If you manage it right it will gross north of $50k/ year. Probably more around $60k. That should get you around $15-20k net. Rinse and repeat as you save your income to reinvest.

Jimmy Woodard · Answer

@Keegan Lawyer if you're looking into the Smokies or Florida Panhandle, I'd definitely recommend working with @Avery Carl at the Short Term Shop. She'll take good care of you!

Avery Carl · Answer

Same as @John Underwood said. Get the biggest, nicest place you can afford. That's the most efficient way. Managing a 4 bed is not any more difficult than managing a 1 bed. Go get em!

John Underwood · Answer

Get the biggest and nicest place you can afford in one of the vacation rental markets. Beach mountains, Lake etc.

One large property is easier to manage than 2 smaller ones and will likely do as good or better than 2 small cabins.

One or two of these type properties should get you to your goal.

Keegan Lawyer · Answer

Hey Kyle thank you for your reply! I’m actually planning a vacation to Destin, and that is one of the markets I was looking in. I’d love to connect!

Joshua Strickland · Answer

@Keegan Lawyer Absolutely

John Underwood · Answer

Sure

Keegan Lawyer · Answer

Thank you for your reply! I have a couple places in mind, do you mind if I message you?

Keegan Lawyer · Answer

Really? That is so awesome to hear. Would it be okay if messaged you a couple more questions?

Kyle Momany · Answer

@Keegan Lawyer I'm glad you chose STR's to increase cashflow, in my opinion they are giving the best COC right now! Your goal is very easily achievable. If you were to partner with someone you could possibly bring in even more. Let me know if you've got any questions.Good luck!

Most efficient path to my goal?

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