All Forum Posts by: Melissa Nash

I have properties in Bham, montgomery and a few others. Are you looking to buy something already done for you? Or are you doing the work yourself? I have loads of contacts for you and the good- bad and ugly on who is good and who is not! Message me if you want the low down! 

@Sunil Kumar I own properties in Tuscaloosa and I have some great recommendations if you need it. Message me any time! :) I love that market. 

Ha! great question. I ALWAYS have them bc they are cozy and just look better. I do go through them often though, rips or stains. but I think its a nice touch, Just don't go crazy and have too many! :)

absolutely! If you don't ask for it, you don't get it!! I ask for it at the beginning of the stay. I literally tell them they should expect a 5 star stay and if they don't feel its a 5 star review worthy to let me know asap. This sets the stage for expectations right off the bat! 

Quote from @Jason Jennings:

Hello! I ran across this via Google. We currently own a 3 bedroom nice cabin up in Lake Arrowhead. We have been against turning it into a STR. I am up here right now and realized I have been here 4 times in the past year. As much as I would like to keep it private, I feel like its leaving a lot of money on the table. I am exploring the idea if turning this into a part time STR is a good idea even if it is only supplemental income to defer some costs of the mortgage. I am not necessary looking to make enough to cover everything, but it seems such a waste to sit here unused as much as it is. Thoughts?

I mean yes, you can do it, why not? Just learn how to set it all up correctly. You need get a permit with san Bernardino - they are about 3 months to get and make sure the house is ready with the required items like the floor plan, etc. Then you do have to comply with the ALA for guest use and they have to pay for a wrist band and pre-registered to walk around the lake. Staging & photos is everything in Lake Arrowhead- bc so many fantastic designers have houses there, you need to make sure your property looks really great in the photos to get bookings. Set your expectations, Arrowhead has about 30% occupancy rates. So, I feel its important to make sure its worth it to you with all the costs/ permits and set up. I see a lot of investors not understand occupancy rates and think they just get bookings easily up there. As long as you don't care and its just extra income to you then go for it. Best of Luck 

Quote from @Bonny Drago:

@Melissa Nash omg just saw your reply ! I am still looking but this has given me pause ! I am not set on owning a house there was doing it more as a business! To start getting some cash flow ! I even thought of Oxnard by the water and Maui 😂

The market is very oversaturated there.... one of my cabins that usually at 90% occupancy for the last 3 years is less than 12% occupancy right now. So, there is not cashflow to be had right now. Not to be a debbie downer, but its the county's fault for allowing 3000+ new STR's during covid with no cap, and the locals are not having it, but more than that-its over saturated and pricing is a race to the bottom. I highly recommend looking in areas NOT oversaturated for best success.

Lot's of great input going on......I would add that first before you start looking at markets, you have to ask yourself "what are your goals?" what are you trying to do? Time frame and budget? These are questions that once answered will dial down your market strategy. 

For example: if you want a nice B class property in KC for $120k after renovation value, thats NOT going to happen. The entry to get into good areas of KC is much higher now. Because of the steady growth and jobs there. 

Also, are you wanting to buy (done for you) or do you want to buy distressed and hire the contractors? that is where the TIME piece comes in. 

Go a bit deeper to define YOUR goals and YOUR strategy 

Best of Luck!

@Chris Seveney is 100000% correct. 

This is how I do it the easy way. 

Main LLC Wyoming. (bc the laws favor RE, and its cheap and easy)

Then each state I own a property in I file as foreign entities to the LLC in Wyoming.

I have several LLC's in Wy. 1 is for my CA properties, 1 is for a partnership property, 1 is for my AL properties, 1 is for my OH properties, 1 is for my TN properties, etc. etc.

Are you going alone in a BRRRR in another market or are you staying in your own market? The best advise to to team up with the best people in the beginning to help lower your learning curve. Don't go cheap. And factor in time=money. Pay for the things that you can't do unless you have unlimited time. And get at least 2-3 quotes on everything and ask for referrals. :) I have completed 30 renovations the last 2 years (during covid) and from a distance and I had plenty of set backs & issues, real estate isn't perfect, expect the unexpected & stay organized and pick the right people. Best of luck.

Do what your capacity allows; TIME, KNOWLEDGE, EXPERIENCE & MONEY. I would ask the partners to the table based on these things, what 1 is missing the others should fill in.  Then you can expand to fill in your team as you need it. For example, hiring / working with advisors or trusted teams that can handle the others. It takes a team to be successful in real estate, so choose your table partners well. :)