All Forum Posts by: Joshua Strickland
Joshua Strickland has started 6 posts and replied 407 times.
Post: Question about purchasing short term rental in Orlando by Disney.
- Investor
- Flowery Branch, GA
- Posts 413
- Votes 412
Sounds like a good starter. For me the CoC return is too low. 10% ish.
Post: Short Term Rental Investment Properties Dec 2021 - Feb 2022
- Investor
- Flowery Branch, GA
- Posts 413
- Votes 412
Originally posted by @Lei Lu:
@Joshua Strickland
Great plans!
I am doing the same, comparing different markets. I saw a report that Myrtle beach is one of the fastest growing market.
What do you like about myrtle beach and what does your wife like about Orlando?
I like Myrtle Beach because I grew up vacationing there and the golf. My wife likes Orlando because of Disney/Universal. We aren't real technical in our analysis. Figure if other people are succeeding in those markets then we probably can too. Plus we are both analysis/paralysis people so if we think too hard we end up not making a decision. Our ultimately goal for STRs is just to have one in each of the markets we vacation in the most. It's easier for us than to stress over getting the absolute best CoC returns and a simple plan is better than no pan.
Post: Short Term Rental Investment Properties Dec 2021 - Feb 2022
- Investor
- Flowery Branch, GA
- Posts 413
- Votes 412
Originally posted by @Justin Beasley:
Originally posted by @Joshua Strickland:
Originally posted by @Justin Beasley:
Just closed on STR in the Smokies. Building a new cabin in Cobbly Nob(Smokies) in the first quarter. Breaking ground in January. Should be finished in April.
Building a cabin in 4 months? My builder is good, but I’d love to know who you’re using that can do that. I have an architect drawing plans for a 6/6 in PF hoping to break ground in March.
The 4 month timeline definitely deserves some explanation:) The average build timeframe in the Smokies is between 7-9 months from the day your break ground. So, here is how we do it.
1. On the new builds we build with cash or we keep enough cash in reserves so we do not have to wait on any reimbursements from the bank. This allows us to always have our supplies on hand. If you end up having to wait on reimbursements from the bank before you can order supplies then that will increase the timeline by 1-2months.
2. The cabin is not a custom build. It is a nice cabin, but pretty straightforward. The equivalent of a spec home in the residential world. 3 Bedroom/3 Baths, 2000 sq ft, with game & theater room. LVP throughout, LVT in bathrooms, granite throughout, etc.
3. This is not our first cabin so we know exactly what we need and when we need it so we can move pretty quick. Also, we do not have to wait on a architect...we have built this cabin with some minor adjustments to the floor plan more than once.
Hope this helps. If you are building for the first time and it is more of a custom build then it will definitely take more than 4 months.
Gotcha. I just finished a custom build and it took almost a year. Built with cash but ran into some hiccups with weather and breaking ground during the winter. Plus my builder is probably not the most organized, but a good guy that knows his stuff. Super jealous on that 4 month timeline. That’s awesome. I’m looking at spring/summer 2023.
Post: Short Term Rental Investment Properties Dec 2021 - Feb 2022
- Investor
- Flowery Branch, GA
- Posts 413
- Votes 412
Originally posted by @Justin Beasley:
Just closed on STR in the Smokies. Building a new cabin in Cobbly Nob(Smokies) in the first quarter. Breaking ground in January. Should be finished in April.
Building a cabin in 4 months? My builder is good, but I’d love to know who you’re using that can do that. I have an architect drawing plans for a 6/6 in PF hoping to break ground in March.
Post: Short Term Rental Investment Properties Dec 2021 - Feb 2022
- Investor
- Flowery Branch, GA
- Posts 413
- Votes 412
I want to expand into a 3rd market and lock up one additional large STR while rates are still ultra cheap. I'm leaning towards Myrtle Beach while my wife wants buy in Orlando. From their looking to pivot my portfolio and add more LTRs or potentially self storage.
Post: STR: Great Smokey Mountains
- Investor
- Flowery Branch, GA
- Posts 413
- Votes 412
Originally posted by @Anna Batchelor:
@Justin Anderson & @Joshua Strickland Thank you both so much for your insight!
Out of curiosity - what is the reason for "staying south of downtown Sevierville, west of Cobbly Nob and east of Wears Valley"?
Access to attractions. Traffic can get brutal if too far out.
Post: STR: Great Smokey Mountains
- Investor
- Flowery Branch, GA
- Posts 413
- Votes 412
Pigeon Forge, Gatlinburg, & Sevierville are the gold standard at the moment.
Other places like Bryson City are nice too but a different feel.
Post: BRRRR or Turnkey for STRs?
- Investor
- Flowery Branch, GA
- Posts 413
- Votes 412
Good luck finding a BRRRR vacation rental in this market. If you're in a more metro type area then maybe.
Post: STR Markets with a max ~$550K range
- Investor
- Flowery Branch, GA
- Posts 413
- Votes 412
@Daniel Denning Curious to which complex you’re in? Do they allow your guests to access the all the resort amenities?
Post: Is anyone looking for a short term rental partner?
- Investor
- Flowery Branch, GA
- Posts 413
- Votes 412
You need a DSCR loan. It's based on the asset versus your personal income.