All Forum Posts by: Nikki Nicole

Roofstick? :P   You had me at "roof!" lol  Good luck with the venture!

Hi Nikki! This is the best place to ask for some knowledge and support, so congrats on taking the first step! 

I would lean into what your goals are with investing into RE, wether it is for STR's or flips. I personally started with the same vision of getting into flipping and I ended up jumping into STR first.

The most important thing is figuring out what market you'd like to be in and wether or not they are STR friendly. Most people believe that you need to be in a vacation destination to get the highest return when in reality, these areas are probably the most regulated. For example, I own/ operate 2 STR's in Colorado that have generated a combined $180K in revenue this year. Although they are not in highly sought after vacation areas, I get so much traffic from visiting families, hikers/ skiers, and concert goers. Not to mention that Colorado is said to be 'the next silicon valley', so lot's of companies are relocating/bringing their employees out every month.

The other component you'll want to consider is how much capital you have available to purchase, furnish, and launch your STR listing. Typically for a 3-4 bedroom you'd be looking at about ~ $30k/$40k in furnishing. CA most likely is not an are you'd want to start because of the purchase prices. Your cash on cash return would be scary low compared to a market like CO..

It is really intimidating starting this all on your own so if you have any other questions on where to start, feel free to send me a message (:

Hope this was helpful!

Take a look at the Black Hills, South Dakota.  Lots of investment opportunity here- decades of reputable vacation spots, millions come to the Hills every year for Rushmore, our two national parks, our national monuments, and all of the other fun things that are in and around the hills.  Properties are still attainable here, and SD has no state income tax. Send me a message if you'd like to know more!

I have been toying with the idea of STR as well but there are many additional costs (utilities, internet, higher property management fees, etc.) that keep pushing me away.

However, there are a few things that I'm looking for:

1. What are the taxes associated with that city? For example Galveston Tx has a 9% fee and Texas has an additional 6% (you may be able to pass this off to the guest).

2. What's the demand for the area? Conferences? Entertainment?

3. Can the numbers work as a LTR in the event laws change (like in Los Angeles)?

4. Where would I want to visit? As mentioned before, why not use it to your advantage.

5. What is the right property type? Maybe a 2 bedroom house would be fine or maybe there is more demand for 4+ bedrooms. Each area is different.

Good luck! 

Since you are 'all over the place' I would suggest settling down and choosing just one or two possible avenues to pursue. Study hard and things will become more clear. Running around every which way will probably not be successful, I strongly feel people need a plan...

Thank you :)  definitely going to come up with a plan first