All Forum Posts by: Joseph Bafia

Somewhat coincidental but I'm vacationing in Miami as I reply to this and have several STRs in western NC and our current project is a new build on land for STR in western NC.
many factors to consider and it’s about knowing your market and what guests are looking for. We have all sizes of homes (2br, 3br, 4br) and our smallest do the best.  
We do self manage so if you are looking at PMs make sure they have an awesome reputation or it may sink you.  Reviews are everything 

Happy to share more ideas or chat!

I'd you want to get into the STR game it's very doable even from a distance. It require more work and not as passive as a LTR but can be more lucrative. We have both but have really been targeting the STRs more. You can be a bit more aggressive in price than a regular home buyer or LTR investor and we're still buying in this market.
happy to answer any more questions!

I've got several STRs that we self manage from a distance and also have a couple of LTRs (one in Midlithian IL). It's all about your comfort level and how much time you want to spend on the property understanding that STR will be a better return month to month (if done right).
happy to help answer any questions. 

I've done many of mine as vacation homes with 10% down. There are some DSCR lenders that will do 15% down as well. Similar to you I'm trying to scale as fast as possible in the STR world.

Check out the book on Amazon STRATEGY: Start Up Guide to Short Term Rental Investing as it will give a good guide on what steps to take.  Depending on how much hand holding you need, mentorships and coaching can work wonders if you need the extra help.  Agree that you can learn about all of it through books and video but sometimes people need a bit of extra direction and can get you from A to B quicker!

Happy to help and answer any questions.

AirDNA can give you a head start or some basic ideas, but like others suggested, we always do our own data extraction.  We browse other rentals in the area to get a feel what the successful ones are doing and charging.  Best of luck!

spot on with what @Andrew Postell states. We ran into same thing and after 5 homes, we maxed out DTI and went the DSCR route. Then also found a seller financed deal and then private money partnerships. DTI will update with every year that passes and we can show Schedule E income for our STRs. There are options!

@Samuel Lynch thanks for this info!  Just joined.

Welcome! We began our journey not that long ago (3 years) and now have 8 properties (6 STR 2 LTR) and we self manage all them from a distance. It can be done with the right processes and teams in place. Happy to help answer any questions!

Best of luck!

(I'm in Raleigh NC, but head up your way quite a bit for my day job)