All Forum Posts by: Duncan Hayes

Maybe you misread something but I did not come here asking for advice on anything other than resources being used to assist folks with starting their STR business. I gave a piece of my background, no long term goals or breakdown, just that I'm interested in something and was asking EXPERIENCED folks in the sector I'm specifically asking about. I don't remember thinking to myself, "let me create a forum post on BP so that I can hear people who never actually did it themselves tell me why they don't or why they wouldn't"

you can shudder, but going by the actual definition of the word "investing," you don't have to own to invest. nobody said I'd never own either. I can purchase a property on lease to own, airbnb it out, exercise my option, and purchase the property to convert it to longterm. it would seem that you all are thinking on a much smaller scale than me about this specifically and placing your limitations onto me. 

I think you failed to read my previous reply, where I stated I want to purchase LTR also. but that is not what I am looking at or speaking on right now. it really sucks that this forum is full of people who just want to shoot others down based on stories they've heard, not something they've actually been involved with. 

I appreciate the input but this forum post was asking those that actually have their own experience for their advice, not the advice of people that never got into the game themselves; only watched or heard about it. 
 

you don't have to agree with me. I don't agree with you. the cost of doing business is investing. it's a cost you pay in the midst of trying to earn a return on all the money you spend. everything spent is spent with the goal of making a higher return. there's plenty other businesses where you have to spend on items that don't physically produce a return for you individually, but as a collective the money comes back. if I spend $4k on a unit and that unit makes me $3500/mo, did I not invest the initial $4k? it was just spent? 
  

anyone could buy a job, just like anyone can buy a business. I would imaging I could eventually automate airbnb the same way you can automate most any other business. owning cash flowing businesses will generate wealth if you own enough of em for a long enough time. yea the owner is gaining too, which makes it a win-win right? but you're right, they could find a way to terminate lease, but that's a risk that comes with investing, is it not? I could invest in Tesla and then Elon decide to throw it all away tomorrow with one bad decision. I could purchase a house and a sink hole swallow it. I just see that as the risk of investing.

appreciate your input though.  

Don't get me wrong, I want to get into LTR as well. MF to be specific. But, I'm interested in how you've come to your conclusion. 

@John Underwood

how is it not? I put up a deposit on unit (investing), I pay first months rent (investing), I furnish (investing), I pay the utilities (investing), I pay "management" fees to AirBNB for connecting me and the customer (investing), I pay cleaning company to clean my units after checkout (investing), all in hopes for a larger return so I can recoup what I spent and put some money in the bank (investing).

 LOL why do you say that? 

Hey BP, hope everyone is doing well. 

My question is simple, Where Do I Start? A little about me, I've been in the investing industry for about 2.5 years now. Have virtually wholesaled deals all over the country from my couch, but I'm ready to get some cashflow going. I currently live in Austin, TX and I do have a LLC registered here as well. I'd like to get into the STR space, specifically AirBNB but idk where to start. What resources are you guys using to do your market research? I've viewed what going rates are from the consumer side and getting to see the available days so I think I have a general idea of the #'s, but of course "general ideas" and investing don't go together.

Thanks in advance for any advice! 

I'm sorry that you feel that way, but at the end of the day people are gonna do what they gotta do to pay the bills. Comes with the territory of owning a cell phone. I don't own any property, yet I get phone calls all day for car warranties and the previous owner of my phone #'s debts because they failed to update their phone #. If I were a landlord, I'd make sure that my properties are owned in a LLC I control so folks gotta work a little harder to find me and when they do they won't be calling my personal #.

It costs to be the boss and if I could jump from 0 owned to 100 owned but it meant my phone was gonna ring 15x a day, then that's just part of what it costs. At the end of the day it's a business and if you fall somewhere in the demographics of the owners target audience then you'll be contacted. 

Now, if I call you and you tell me to kick rocks and do not call you again. I know that's not the case with everyone, and for that I extend my apologies on behalf of my peers. But, it's not something I can change. On the bright side, I see most of these newbies falling off within the next year or two, so the volume of calls will eventually slow down. There's light at the end of the tunnel!

I appreciate your response and input Alan, although this post was directed to other wholesalers and not landlords who have a grudge with wholesalers LOL 

Hello BP,

I've been in the industry since 2019, that's when I did my first wholesale transaction. Since then I've done more, and just recently closed one in San Diego. I have a LLC, business bank account, but no business credit established. As far as personal credit, it's in the process of being rebuilt. Would anyone know where I could find private lenders for this specifically, rather than going to traditional banks? With the right $ for a consistent marketing budget, I know that deals will come. How could I even position this to another investor, like a cash buyer?

Thx in adv