All Forum Posts by: Avery Carl

would have to see the property exactly. We have 2 2 beds that did 80k last year that are pretty middle of the road, so it's not completely outside the realm of possibility. But I'd need to see the exact property and their listing to see if 92k looks in the ballpark. It may be or it may not.

You need Garrett Simmons. For some reason it won’t let me tag him

Hi Remy! Vodyssey is an education company. At The Short Term Shop, we are real estate agents that specialize in helping short term rental investors buy and sell short term rentals. So you can do both! We are not competitors.

There is NO such thing as passive income, even with a property manager. I have 8 self managed STRs and 200 something LTRs with managers. What I have learned from investing over the better part of a decade is that there is no scenario where you can buy something and then lay on the couch the rest of your life and throw your phone in the trash. You're still going to have to answer when the property manager inevitably calls because you as the owner need to make a decision. Our LTR manager called yesterday bc someone worte the F word with a stick in the fresh sidewalk concrete we put in.

There is a time and place for managers in STR. If you're in scale/growth mode, that is not the time. That being said, I don't know if "doubling" the cash flow is accurate. But it can be the difference between cash flowing and breaking even depending on the deal. You have to decide if answering a few messages and calling a handyman a time or two a month is worth the 18%. When I first started I was happy to answer the "I can't work the remote" message to keep that extra 10k, because I had plans for it. Now, with more properties, what used to be 10k in savings each year is enough for the down payment on an apartment building. So you have to decide which is more important to you at this stage in your life: scaling or being mildly annoyed when a guest can't figure something out and messages you while you're at the movie theater.

And there's no wrong answer to that, by the way.

Thank you for reading it Mason! I wouldn't expect a 100k price drop on an 800k house but the market is definitely much better for buyers than it was 2 years ago when there were 100 offers on every property. Stay patient and persistent and the deal will come along! Don't get discouraged!

@Luke Carl lol. OP one property should not require a VA. Less than an hour a week 5 properties, let's talk about VA's.

I'd like to also point out that there is no such thing as truly passive income (outside of a true syndication). We have 8 self managed STR's and 200 something LTR's with property managers. The manager is still going to call you for you to make decisions when things need to be done. Nothing worth having is easy.

You need @Derek Tellier

Airdna pulls both Airbnb and VRBO

Everything @Collin Hays said is correct. Most will come furnished but you will need to replace a few things. Lenders typically like to see 6 months reserves (does not usually have to be all cash, can be in 401ks, IRA's etc.)

Most of the local furniture stores are familiar with furnishing for out of state owners, you'll just have to make the selections. 

@Brenna Carles is an experienced STR investor and loan officer in the area.

Paying a PM 20% will almost always put your cash flow in the negative. There is a time and place for property management in this asset class but if you're in scale mode, the time for the PM is not now. Your projections for a 2 bedroom are also pretty low. I have a studio that grossed quite a bit more than that last year. A smaller property like this will also have more like 80% occupancy. 63% is very low for the size and area.

It's unlikely you'd need to spend 50k to get up and running. Especially if the property comes furnished. You may just need to make a few small replacements and get your linens and a few other things.

On an investment property under the jumbo limit why not do a 15% down investment loan? A lot of people don't realize that the minimum down payment for a SFR investment is 15% and not 20%.