All Forum Posts by: Joshua Strickland

@John Carbone I’m all in (furnishings, etc.) at $500k. Just under 2200sf.

Here is what I’ve learned from building just up the road in Pigeon Forge, TN…

It’s pretty great realizing the new build has six figures in instant equity.

I’m quickly brought back down to life when I realize if I would have just bought an existing property a year ago I would have gained that equity in appreciation plus the cash flow since then.

Also it makes purchasing other properties during that time a headache. Try explaining to a bank that you are building a property with cash/private loan and then plan to refi out. Their heads will explode.

You can always add one later if you don’t like self managing. I’d give it a try up front though. 

@Steve Shields I don't have any STRs in GA but those markets are as hot as any to my knowledge. For STR and LTR

Sounds right. They aren’t having any of that 10% down stuff with condotels!

I can tell you financing for a condotel is a whole different ball game and dealing with the HOA can sometimes be a challenge. Lower price point then a SFH is attractive, but your down payment will still probably be higher.

Search for local Facebook groups.

I agree with others here. STRs are more work and if you are using a PM they typically take a larger revenue percentage than LTR PMs. 

I’d recommend @Dave Foster if you are going to 1031. I’m doing one now with his company now and he’s been able to answer all my questions.

 Sure thing

@Steve Adler A $250k down payment should get you around a $1 million dollar property. In the right area that property can gross anywhere from $125k - $200k (current STR market, which could change). As long as you manage it right you should be able to net your goal plus potentially a decent amount more.

Just make sure you aren't taking on too much risk and have plenty of reserves. STR is a mix of real estate investing and a business so I would caution going all in on your first one.