All Forum Posts by: Michael Porche

Hey Patrick, this is something I have come across myself quite a few times but I never actually bought the property to perform. I think it's a great idea, what is bringing you to do so in Raleigh??

Hi Michael! Soo this is the exact strategy that I started out with lol. I did the BRRR investing in Florida with an exit strategy of STR. And I used other people's money. How soon are you looking to get started? this is my bread and butter haha

Hey Debra! I personally like to run all my real estate through LLC's. Especially with STR. There is a lot of traffic coming through these rentals with short stays so with that being said there is a lot more exposure to litigation. You can get a cheap LLC inside ID which is what you want to do. You can file that pretty easily online. On another note, I own a management company for short term rentals locally. Let me know if you need any advice, projections or recommendations in the area. (I live in Boise).

So these questions are pretty loaded. Before going deep into it. What are your goals? Looking to build for appreciation? Looking to build cash flow to replace income? A little bit of both?

Quote from @Kyle Smith:

Hi, a lot (most) areas that I am interested in renting out for short term rentals have strict laws that go with the short term rentals. Does anyone have any tips or tricks to get your short term rental up and running smoothly in these areas? This goes for cities in general and also condo associations not allowing or having specific rules like having to be present on the property.  

Hey Kyle! Great question, overall I personally like to stay away from condo associations in areas that don't have a long-standing relationship with vacation rentals. even then, I am still weary of them. I've seen a lot of change and quick change with HOA's of condo associations. I would start by looking for data first regarding what kind of return I want to get. I want to invest in short-term rentals for the purpose of serving my purposes. Which are tied to my specific goals. Then I call the city or county I am in and ask what the regulations are to see if I can invest the way I want to. I think this is definitely the better approach. Where are you looking to buy?

Hey Trevor! I got access to airdna data in that area and can confirm what you are looking at. Message me if you need that assistance.

Hey Cassandra! It seems like they are pretty heavily... I have a few friends who have been investing in STR's a lot. I would recommend calling the city and talk to business department or planning and zoning. They will have the answer to what it currently is and where its heading, if not them then they will point you in the right direction. Is your goal to buy a STR?

Hey! Well, you definitely have a lot of options! A lot of great beach communities that perform decently well as a short term rental where you can get killer cashflow. I got quite a few suggestions. I'll PM you

Hi @Marta! Great Question. There has definitely been a lot of activity in the real estate market. Are you solely going there for the purpose of vacation and then rent it out just for convenience? Or are you looking to make a good return on your money for an investment?

Hey Marc, I got some airdna access to that area. Need help? In regards to that pro-forma, it looks like it's in the negative. What is your goal with that property besides just STR?