Tips to get started

[Kiosha Boyles]

1. How much cash would you recommend having in reserves before buying a STR?

2. Also, would you ever recommend getting a personal loan to cover the down payment or renovation costs? 

[Joshua Strickland]

1. Minimum 3 months reserves above your down payment and closing costs.

2. I personally would not, but I’m pretty conservative. There’s something about drastically cutting expenses and grinding to get that first down payment. I believe that makes people better investors long term. Others are on the use all your leverage train because mathematically it tends to make sense, but I don’t believe that’s smart when adjusted for risks.