New to investing and Bigger Pockets!
Hi, Im Wes! I bought my first home using the advice from the book "First Time Home Buyer" by Scott Trench & Mindy Jensen. I've lived in the house for about a year, added new floors and a paint job with help of friends and family. I've also hired a contractor to take care of some foundation issues and install central air. I'm not sure that I got a good deal on the house, but my monthly payment is only 760, so I can't complain too much.
I'm here now because I got a job offer out of state and I want to rent out my home rather than sell it. I'm unsure of whether to target long term or vacation rentals, so I'm here to do some research on that topic. It's nice to meet all of you!
Welcome to BP! Where is the property located at? I see you listed Raleigh, NC in the post, so I assume it is there?
Quote from @Mark Munson:I actually live in NE Durham!
Welcome to BP! Where is the property located at? I see you listed Raleigh, NC in the post, so I assume it is there?
Quote from @Wesley Neill:
Quote from @Mark Munson:I actually live in NE Durham!
Welcome to BP! Where is the property located at? I see you listed Raleigh, NC in the post, so I assume it is there?
Short-term rentals are obviously much more time-consuming, so if you are moving out of state than I'd suggest just doing a long-term rental. If you want to message me, I can dig into more. I'm a member of the NCREIA and attend the Raleigh REIA every month, so I'm familiar with the area of course, happy to help!
Welcome to BP, Wes! Short term rentals are much more of a job/business than long term rentals. If you're moving out of state, starting a short term rental would be a very tall task. I would suggest starting the property as a long term rental
Hey Wes! Congrats on beginning your investment journey. I manage MTRs and LTRs in Durham, and would be more than happy to provide you with feedback on the market. I sent you a connect request. Let's meet up or jump on a phone call.
Hi Wes, welcome to BiggerPockets! This is surely the best place to start networking and learning. I'd say go for LTRs if you are in it for a passive income without having to spend so much time in managing it. All the best to your real estate journey!
Hey Wes! That's very exciting.
I'd love to help in any way I can. Happy to discuss details with you and get the ball rolling if you're interested. Feel free to reach out, I'd love to connect!
Would be helpful to know how time-consuming your job is, your liquidity to furnish a home like this, the actual location, and if the property stands out for any reasons. Remember the characteristic you look for in a home when you travel: location, price, special features, pet friendly, etc. This will help a lot in deciding if another other than a LTR is useful. You could definitely manage an STR/MTR yourself if you have the people around you that can help (housekeeper, lawn, handyman). Plus if/when you come back to visit friends or family, you'll always have a place to stay for "free"
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#2 Tax, SDIRAs & Cost Segregation Contributor
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Hi Wesley, welcome to BiggerPockets! You came to the right place for information!
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Welcome to BP!
Congrats on taking these steps in your investing journey! Bravo to you!
One thing to do is check out the LTR and STR rental rates to compare. You can start out with the BP Rent Estimator and AirBnB links until Tools.
You can also speak with a property manager for short- and long-term rental rates if you want to go that route.
I wish you all the best!
