All Forum Posts by: Paul Cox

Dude that is so inspirational and motivating all at the same time...looking forward to hearing more of your story

Paul

Welcome@Wilmer Pena, 

I've been reading the posts here in the STR forums for a couple of months now and have gained a great deal of tip of the iceberg knowledge from these great contributors. I'm planning on buying my first STR in the next 60 days based on some help and guidance from some of the contributors here. One of the things I like about the STR route is to do what I learned from @Avery Carl about taking the quick cash flow that comes with STR and reinvesting that into more LTR/Multi-Family properties.  That's the plan I'm running with now.  Again Welcome my friend and happy investing!

Paul

Congratulations Anthony...your post could have described my own journey and so the other day I finally reached out to an agent / investor for some 1 on 1 conversation about picking up my first STR in a highly popular area. My only decision was do I go big for my first STR or something a little smaller to hedge my investment. Well, after my talk with my new mentor, we've decided to go big. I hope to get one within the next 60 days, so thanks for the inspiration and taking action!!!

Thanks to everybody for your comments. I will be chatting with Avery tomorrow at 3 to discuss STR up in the Tennessee area and other STR thoughts.... The numbers I mentioned earlier were best guess as I looked at the rental sites down there for certain homes and so there was no factual science to the numbers I mentioned for the Corolla beach house. In fact, the home we were looking at has never been rented. You can check it out at the following link: https://www.zillow.com/homedet... 

The advice is great especially about avoiding prostitution and rattlesnakes in a refinery town @Paul Sandhu :) :) :)

We're really excited to pull the trigger on something as I have listened to the podcasts this last week and the biggest pieces of advice is to "Just do something". Thanks again everybody for all your thoughts and comments...Will update as I move forward!

Hello my STR gurus,

My wife and I are trying to decide where to purchase our first STR? We're very interested in the Outer Banks area (Corolla). Knowing what all of you know now, would you start with a large home (think 6 bedroom) and a pool (400-550K and would be a stretch for us) which could bring 40-60k a year based on what I've been seeing down there, or would you start smaller on a learning model, say a 2 bedroom in historic Wilmington that is up for sale at 119K that the description says has brought in over 14K so far this year doing AirBnB? I appreciate all your thoughts and comments.

Thanks

Paul

Chris,

I'm looking to to the same thing and have been following this forum for a short time and there's a wealth of experience here to learn from.  Also under the Tools section, there's an AirBnB Calculator link that will lead you to additional info about how to get started.  Good Luck my friend.

Paul

Kerry,

Wow, thanks for sharing what I guess just goes with the territory. I'm sure it's going to get better as you find your flow with the property. I hear a lot about self managing and it seems that you're local to your property so it makes sense to do so. You are doing what I hope to do within the next 3 months along the Carolina Coast, though I will be managing from VA and am thinking about a property manager. I look forward to your upcoming experiences.

Clayton...I am a returning member to BP and fell in love with the Grand Strand area, though I did not get to the Wilmington area.  I have been devouring the standard sites like Zillow, Realtor and Truilia as well as one of the other big realtors in the area.  Wilmington seems to be a decent market and I want to know and learn more about that area.  Welcome to the site and congrats on your accomplishments thus far. Here's hoping we run into each other in the future.  All the best

Paul

I've been looking at refinancing my primary mortgage from a VA 3.75% 30 year to a VA 3.25% 30 year loan which will save me about $247/month but to do so it involves about $5678 in closing costs to do so. Would you still pull the trigger and do something like this. I'm currently at 26 years on my current loan and owe about 430K on the loan. I'm currently looking to pick up our first investment property and I'm thinking the additional $247/month may come in handy. Anyway, just looking for some friendly feedback!

Thanks all

Paul

@joelhollingsworth, this too is my first post and likewise, I have been following the cabal here. I've been torn between the Carolina coast and the mountains of Tennessee. Thanks all for the great info and advice that you all give willingly to all us want to be STR investors

Paul