All Forum Posts by: Avery Carl

STR's or vacation rentals are a really great option. I quit my corporate gig after our second vacation rental. Depending on which market you buy in, 2-3 properties at $250-$300k each could net the income you're seeking.

Check out ClearBanc! I have heard of arbitragers using them to finance the furniture for their leased STR's.

@Jack Abbott we see multiple cabins on a single parcel on a decently regular basis out here.  As long as they have some privacy, it shouldn't affect their rentability, but it could present some complications when you go to sell it.  So that's not a terrible strategy if you're aware of those complications.

As for buying existing, not sure what size you are interested in, but as a general rule, you can expect a 20% cash on cash return when using a conventional 20% down loan.  

Hey Jack! I’ve got 5 vacation rental cabins, and they do really well, but they are in an area with heavy tourist traffic. Are you asking for advice on finding an area with high tourist traffic to do this? Or do you already have land you’re looking to put cabins on somewhere? There are a lot of people on this forum who have cabin rentals, but without some context it’s hard to give a relevant answer.

Adaptability is key! Realizing that not everything is going to always fit into the equation the way you expected is the hardest part to learn. Learning that short term rentals, no matter which market, aren’t always going to fit into the formulas and calculators that we have learned to use as traditional investors can be a tough lesson. With short terms, you can make significantly more money but you’ve got to be able to roll with the punches or you won’t succeed! Or, maybe you will succeed but it will be more painful. Lighten up and roll with it was the biggest lesson for me.

Hi Jahmal! What market are you trying to do this in? That will make an ENORMOUS difference in responses depending on the market. There are many urban markets that landlords and the codes departments will absolutely shut this down. However, some are more lenient! A little detail and we can give you some help!

@Parker Borofsky help this man

Thanks @Eric P.! Happy to help however I can! @Lorraine Patterson I own 16 doors across Tennessee, 5 of which are vacation rentals. Happy to answer any questions you have on getting vacation rentals up and going if you need it!

This is a question for @Matt "Roar" Gardner. I know in my market, the cash on cash return is great but the properties here don't exactly fit into the box of many tried and true investor formulas and rules of thumb. Your best bet is to ask a local expert to assess on a case by case basis!

Hey Lorraine! I invested in short term rentals as a strategy to build quick and heavy cash flow to support our long term rental buying without having to dip into my individual income. I'm a big fan of starting out with STR's. They definitely require work, but it does not take a genius. You can definitely do it! The key is to find the rockstar team members in the market you choose. Start with an agent and lender and build out from there. Check their history. How many deals are they closing? The vendors who are closing the most deals for their clients are going to (usually) be the ones with their finger on the pulse of the market, with more access to off market and pocket listings and vendor recommendations after you close (your cleaners, handymen, etc).

Bottom line here: YOU CAN DO IT. Just do your research and pick the market that best fits your needs and wants, then dive in! There are all kinds of people in all kinds of markets on this forum that have all found success in different ways. Your path to success is out there too. The hardest part is finding it, the easy part is pulling the trigger!