New To It All - Looking to Start STR...

[Mike Hooper]

Hello Hello...I am Mike from a little town outside of Baltimore, MD.  Call it a mid-life crisis, call it whatever you want, but I feel like now is the time to start looking at the possibilities of real-estate.  I hear all the podcasts and all of the youtube videos about short term rentals, additional "active" income, depreciation and cost segregation, short-term rental loop hole, etc. - it all just seems to good to be true. I have no experience in the space what's so ever, but would be looking to start small and probably local. I feel like i just need someone to talk to that's done it before.

[Travis Timmons]

It's nervy, stressful, and expensive to start. The hardest part is bleeding cash for several months (down payment, carrying costs, furnishing, make ready/renovation expenses) before you make a dime of booking revenue. You need more cash than you likely expect to get a property to market. 

It's a good business that has drastically changed my financial future, but margins are tight and it's a lot of work. Make sure that it is something that you really want to do.

I have nothing to sell and would be happy to help if you think that I can be a resource.