All Forum Posts by: Michael Harris

Myrtle Beach keeps popping up. I will have to do some more research. I love golf so it seems like a natural fit!

 I think I read this wrong. Thought you meant you had one coming up. I would be interested to see your numbers though!

 Can you send me over info?

 The amount of saturation in the smokies and sudden hike in prices makes me a little worried. Florida (Destin in particular) has been one of the markets I have started looking in to.

 Plan is to shoot for highest cash on cash right now and transition to appreciation once we get our portfolio built. Not worried about location as long as the numbers make sense.

Hi all!

Would love to hear everyone's feed back on their thoughts for the best markets for short term rentals at a million dollar purchase price. Thanks in advance!

I have seen some conflicting info on self managing a STR if it is possible to claim as active income when managing from long distance. I know that in order for this to be possible you must prove that you spend more time on the rental than anyone else. The issues comes to cleaners and if you can prove that you spent more time on the rental than they did. With me having W2 income, being able to take bonus depreciation against that would result in more cash in my pocket for the next property.

My question- have any of you had success claiming active income on a long distance self managed STR? If so, how did you go about documenting it?

Hi everyone!

I am a 26 year old from Colorado that finally feels ready to take the jump in to buying some investment properties. After a lot of thought, I keep coming back to the short term rental space. I am a lender who has been fortunate enough to save up a good chunk of money over the past couple years. I have enough liquid funds to the point where I could buy multiple properties in different markets and still have a good amount of savings. 

There is a couple reasons that I am considering the STR space.

1) love to travel and it gives me an excuse to do more of it. I know from a pure investment stand point that this doesn't make a difference, but I figure if it gives me a little motivation to work on finding deals it can't be a bad thing.

2) My wife is currently a stay at home mom who has been wanting to find some extra work to keep her busy. I have full confidence that between us we would be able to figure out how to manage STR's long distance. I actually think she would enjoy it.

3) I like the idea of purchasing properties in different areas as a way of diversifying. My thoughts are that if for example I own a home in Branson, Phoenix, and the Smoky Mountains I would be more protected than if I owned three properties in the same area.

Any advice options would be greatly appreciated. My main concerns are based around future STR restrictions, STR's in the case of a recession, and starting having no experieince in the STR space.

To everyone out there helping newbies like me, thank you!