All Forum Posts by: Ryan Foster

@Jarod Rotolo a great strategy to get started is exactly what @Lyndsay Zwirlein mentioned.  

1 - Convert your current home to a STR.

2 - Buy a new primary residence (low DP & IR)

3 - Convert the new home to a STR.

4 - Buy a new primary residence (low DP & IR)

5 - Rinse and repeat.

Once you get to 4 or 5 properties and have significant cash flow you can then consider rolling them into LLCs, use equity to buy more investment properties, DSCR loans, etc. and continue to scale your "business".

Congrats on the multi-family acquisition Mary.  What rent are you asking for on each unit? 

As an STR owner this is a very interesting investment. I've been considering a multi-family property focused on STR. Thank you very sharing and congrats!
Curious what information did you need to provide the lender for the commercial (DCSR?) loan?    Did you use past performance on other STRs?   AirDNA data, etc?

Hey Jack - Congrats on the first STR!

Do you plan to scale?

Love that OR as well.  Is Charleston a seasonal location?  I'm not very familiar with the east coast market.

We are in Phx and current Beyond users with apprx 11 properties on it. 

Your post had me pondering if there are better ways to optimize the tool?

 Absolutely correct.  The same feature applies if you want a paid option.  Purchase a domain and google workspace.

You bet.   A business domain and google workspace is the most professional, but this was a free option.

Here is one free idea.

Gmail ignores any words after + in the address.

As an example - if your email is BoonesInc @ gmail.com

You can do:

BoonesInc+House1 @ gmail.com

BoonesInc+House2 @ gmail.com

BoonesInc+House3 @ gmail.com

Then all emails can all be checked from one mailbox and you can categorize/label by name.

You can see the listing at https://www.airbnb.com/rooms/5...
It's been renting since October and cash flowing each month.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $430,000
Cash invested: $160,000

Single family home purchased. 80k in total remodel. No HOA. Setup as an STR. Currently running on AirBNB and VRBO.

https://www.airbnb.com/rooms/53404193
https://www.vrbo.com/2551217

What made you interested in investing in this type of deal?

Adding to existing STR properties. Wanted a home with a pool and no HOA that could be designed specifically as an STR.

How did you find this deal and how did you negotiate it?

Used an agent and the MLS. Negotiated with the seller.

How did you finance this deal?

Financed a 30 year fixed with a local lender.

How did you add value to the deal?

Remodeled the property specifically as an STR

What was the outcome?

The property is performing above expectations.

Lessons learned? Challenges?

The renovation process takes time and the cost of this vs. buying a remodeled property may not be worth it in the short-term industry.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes but all local and not on BP.

Hi Jason,

I would be interested in attending. We operate 11 listings in the Phoenix area.