All Forum Posts by: Jennifer McPherson

We are interested in the San Antonio, TX market and are looking for an investor friendly agent. We are looking at STR and/or Multi-family.

I have been doing a lot of research into where we might buy another STR and was looking at Big Bear Lakes, CA because it is very close to a downhill MTB park and my kids race DH and have always wanted to get a place close so we can go spend a few weeks there whenever we want.

WHY.... are there so many places for sale here?  Red flags are going up around me regarding this area.  Anyone know why this is?

Thank you!

Jennifer

We have been considering maybe not this next house but the following - finding a large house with maybe 4 or 5 large rooms and creating a targeted STR that focuses on each room having a complete office/bedroom set up for the people who are living this lifestyle. So Basically they will be STRing a room with use of the rest of the house as a shared experience. This is just one of those type things I think about when driving or flying and have ample think time. Has anyone heard of something like this and I am curious on thoughts or experiences or opinions on this?

Thank you - Jennifer

I think part of what makes my entrepreneurial spirit is the attraction I have the bright shiny objects and what I call - Oh Look a Squirrel syndrome.  We dabble in real estate and have for a number of years but have not gone full steam ahead.  Real estate was action one of my - Oh look a Squirrel ventures but is secretly my favorite venture of them all! I do have a marketing agency which eats the vast majority of my time.  

That being said, I am trying to get to a spot where I am 90% working on my company and not 60% in it - which is currently what is happening. Once I get there my goal is to shift and work 50% more on building our STR business by acquiring more properties!

For example, we are in the process of getting approved for another STR in TX. This morning I decided to go onto AirNDA and do some research that took me to FL, NV, AK and CA. Look a Squirrel!

Curious how many people here also have the "Oh look a squirrel" syndrome?  Sometimes when I say things out (or type them in a forum) it makes me more accountable to start taking actions for the things I want most!  

@Jonathan Vese We started two STR last year, one in TX and one in AZ. In the process of getting our 3rd. Prior to this we had a couple long term rentals.

My advise is to research!!!! Go in VRBO and Airbnb and see what’s out there, what’s booked, how much it’s going for etc.

And sign up for AirDNA. It’s the best bang for your Buck and completely worth it! It will show you all the stats on STRs in an area you are interested in.

And the biggest piece of advise…. Give yourself ample budget to furnish the rental! I estimated about $12-15 K for each of the places we bought and that was not enough! I ended up spending closer to $20k on each.

Our STR is crushing it in McKinney, TX. We are currently looking for another one in that location. The DFW area is a great market for STR.

@Ryan Johnson. I like the breakdown! With our two STR we bought in August last year my biggest learning moment was furniture budget. I underestimated each house by around $5k!!! It is so much more than just furniture. Its incredibly expensive to start up! But much more lucrative every month compared to long term renting!

My husband and I both say the exact same thing!  We do NOT want to be a greeter at Walmart!  Not that there is anything wrong with that - we just don't want to have to!  

My "Why".... My husband and I were in our mid-40's and working in the private industry and felt the need to supplement our retirement in order to live a better life once we retire. That is still a why and but as we shifted our investments to STR we are finding the cashflow is much higher than it was when we had long-term rentals. So we shifted our model to STR. It is WAY more fun than being a day to day long term landlord! In my day job I own a marketing agency and by nature I am SUPER creative. Which makes it extremely fun for me to use my creativity to set up STR's!

Hi @Ryan Kroeger, We own two STR, one in AZ and one in TX. We are currently going through the process of trying to get another one in TX working with a standard mortgage company. They do want the AirBnB records with our application and will consider the income. Our issue is we have only been renting them since August 2021 so not a ton of data to go off of. The one in McKinney, TX is crushing it beyond what I would have ever thought for that location, so that one shows extremely well to the bank in terms of cash flow. The AZ one we are just hitting the high season for that property so while it does show a positive cash flow not as high as the TX one. Good luck with purchasing one.