All Forum Posts by: Bryan Stengel

Hi Eric, I really love the idea of STR and some of them could bring serious cash flow at the right price point. I think you need to weary about several other aspects with an STR. I will say from experience that STR renters tend to be more needy than long-term. While it is justified or not, the market has changed in terms of expectations too. Some renters become home inspectors and will tear your place apart regarding anything (maybe for a discount). It seems if you are far away from this property then it might be a good idea to consider hiring the services of an experienced property manager who really could provide ongoing communication during the whole stay.

I'd also consider ways you can maximize your cash flow. While cleaning is a huge and necessary expense, you can also make part of your ROI by adding an additional amount to the cleaning fee. You may also charge a pet fee as well. We've never had an owner that was not unhappy paying one. Honestly, it does open up the amount of renters you attract to. Overall, STR could really provide you with a whole lot of cash flow or it can go the other way. It depends on the month for myself. I will also consider the value it may bring you and your family especially if you will be going there yourselves. My family goes to our STR quite often and we alway have a nice time. It is a place to create memories so that in itself sometimes supersedes cash flow. Best of luck!

 Thank you!

Hi @Garrett Brown, I really love this idea.  Talk about taking hospitality to another level.  How does this work with alcohol though?  Are we technically serving alcohol?  If you are providing champagne or wine, would we need a license for that to do so?  This may seem like a dumb question.  I have just always wondered that when we go to a hotel and they give us bottle to celebrate an event.  I'd be curious to get your opinion or anybody else on the post. 

 Thank you!  You answered my question.  This seems like a great idea.  I just wasn't sure how you'd exactly bypass Airbnb or VRBO platforms.  It seems like offering this as a separate package once you secured the booking is a good idea. 

Hi Steve, the self storage space has always intrigued me but I have no idea where to even start.  I will definitely check out what you guys post here. 

Hi Brandon, I agree with Jonathan. You never want to compare yourself to how other people might be scaling. Sometimes I am honestly skeptical how some people scale to 100 units in three years unless they have a lot of liquid cash to spread around. It sounds like your house hack was a success after securing the FHA loan and renting out the second unit. I believe you have to make that your primary residence for at least two years before moving to the next one. However, you could look into a second multi-family in the meantime as long as you have a decent downpayment. I have a lender that works within the Scranton area if you need one. Of course, try to get multiple perspectives from different loan officers before committing. Best of luck! I'd be curious to know what part of Scranton you're renting too. I currently have two long-term holds near Marywood University. Look forward to hearing form you!

Hi Michael, I wish I was posting on this forum sooner to reach out.  I am an investor in the Scranton area.  I currently have two triplexes near Marywood University so majority of my tenants have been students.  There are certain parts of Scranton that I have been advised not to touch since they are definitely still developing.  They are usually located South of the main city area.  Properties north of Greenridge St. are a fair play.  You will be within close proximity to the University and approximately 5 minutes driving distance from the main city area, which also includes the hospital (could be good maybe for a medium term rental if close enough for travel nurses).  Anyway, I would say vacancies do take 30 days to 45 days to fill.  Sometimes it could be sooner.  It all depends on the time of the year.  You are absolutely right though.  Appreciation takes time, but cash flow has been great.  I'd put it as Class B area for the most part.  As you mentioned though, there is opportunity.  I remain optimistic about the Amtrak line heading through the Poconos up to Scranton from New York.  Let's connect!  I am also from Long Island too. 

Hi Charles, I think you made the best decision in terms of an exit strategy.  Not sure if you were looking for a long-term hold on a two family, but it seems that was not playing out favorably for you.  Congrats on selling the home and getting something out of it!

Hi Kenroy, 

First and foremost, thank you for your service!  I think there is definitely a couple strategies at play here for you and your family.  Obtaining the V.A. loan is going to allow you to put more liquid cash toward renovations.  I'm thinking a house hack with a V.A. loan so you could slide with that 0% down and allocate funds for repairs.  Rent out part of the space at least to help pay for mortgage and utilities.  After one year, I believe you can then rinse and repeat if you want to go that route.  At that point, you potentially could refinance to just to grab more liquid cash out of those homes too.  There are several two-family homes near Lindenhurst, Bay Shore, and West Babylon.  I know of several people that have rented in those areas.  Depending on how much liquid cash you have, you could also invest too on the side if you are looking to scale rather quickly.  Please feel free to reach out if you have any questions.  Best of luck!

Sincerely, 

Bryan Stengel 

Phone:  516-287-0364

Hi Edward, I agree that investing in the out of state market may be a better idea in terms benefiting from potential cash flow at a more reasonable price.  I live on Long Island in New York where tenant laws are not favorable for owners and often could encourage squatting.  On top of that, the prices of single family and multi-family homes could be very expensive as well.  I decided to purchase property in Pennsylvania where properties are more affordable in certain parts, demand is relatively good (less vacancy), healthy cash flow, and tenant laws are more favorable to the owner side in case your tenant stops paying their fair share.  I would suggest research the out of state market around you.  I picked an area that was driving distance from where I live (within fours hours or less), but you could pick something further.  I do have a property manager on-site to address any concerns my tenants have.  It may be worth the investment if you decide to do out of state to eliminate any potential mishaps when it comes to timely repairs if needed.  Feel free to reach out!  You definitely learn as you go.