All Forum Posts by: Sandra Morrison

@Ivan Aldana

I have LTRs in a metro area, an STR in rural hiking/rock climbing area and an STR in a beach area next to a large metro area.

I will say we have so many more hoops to jump through and regulations at the beach STR even though most of the area is STR's and welcomed. So many more eyes trying to hinder my operation.

The rural one has zero STR regulations or code enforcement but is a regional and attraction and driveable from several airports. Much easier to do business there in terms of regulation but harder to come by a reliable cleaning/handyman/PMteam and smaller pool of contractors.

You need to decide what is important to you.

@Michael Smythe This is great material you are sharing whether one is new or experienced.

@Kislay Shah

I invest in Oh, Ky and Florida and join the local REIA to help facilitate my team building in each location. The Columbus (coreerocks.com) and Cincinnati (reiagc.com) local REIA associations are very active with mostly online meetings and then there is a 4 day annual convention in November (oreia convention.com).

You can join and get realtor/contract recos and deals in the Columbus area by networking with other investors. I can’t recommend these particular REIAs enough.

@Joey Keske

Definitely network for deals, mentors, contractor recommendations.

I invest in greater Tampa/Bradenton/Sarasota area along with Ohio and KY. The local REIA in Tampa is very active. They just had an on-site renovation group that met earlier this week in St Pete. You can find them at tampareia.com. There is also a BeachREIA there and a less active REIA in Sarasota.

I am not as familiar with the Tampa Bay REIA so I can not speak to that.

@Ardian Selimi

You said Alaska high cost of labor makes it hard to pencil out on existing homes but I think that would apply to the new builds also.

For personal residences, I have rehabbed a house hack and buy two homes and the builds came out unpredictable even though the first home’s national production builder and the second home’s local custom builder both had plenty of experience with cost and labor estimates.

For my RE investments, I went with where I could have a a good chance with building a team/knowledge/mentoring/experience.

I grew up in a house hack, started with a house hack and then started with student rentals and then out of state airbnbs. I think STRs are a lot of work compared to my LTRs and I am in a position where I have management for all of my RE investments and they are still some work.;-)

I would pick the strategy where you have the best chance at having mentor/team/knowledge/experience and closer to turn key. Buying existing LTR or STR with proven income that may just need an update or a value add (add more units, add more bathrooms, beds rooms, etc.) and your next one you can try a riskier property that has less proven income. You don't want to have such a bad experience with your first experience that you never invest in real estate again.

Also join your local chapter of Real Estate Investors Association. The Cincinnati and Columbus ones meet completely online if you can’t find a super active one in your area. You need to network with investors to get your team/mentor/knowledge/ and contractor recommendations.

Good luck and give us updates!

@Robert Mendenhall

I am life long resident and 2nd generation investor in Cincinnati. My buildings are 1880-1920s student rentals and I grew up in an 1880s house in the hip area of town. There are things to watch out for but these old buildings went through 100 years of residents and are still standing with their hardwood floors. My parents house hacked a 1950s brick four family -still very solid with all hardwood.

Don’t be afraid of old buildings. So is the average homeowner so it can mean less competition and more money.

@Bonnie Low send me a DM

@Kayla Prange

I have a couple of STRs for a few years and more experience with my LTRs.

My short term rentals are much more unpredictable compared to my long-term rentals. Also I have to get things fixed in a hurry on a short term rental where my long-term rentals I can wait a day or two. Understandably, if people are only on vacation for three days to five days, they don’t want to wait a day or two so you end up spending more money for rush jobs. (water heater, HVAC, appliances, insects/pest, hot tub/pool repair), etc.

Other expenses are replacing the linens, replacing furniture if you can’t get a stain out, pillows,

appliances etc

Does it make money now with you not doing anything to it and just using the current revenue?

Would it make money as a long-term rental or what are your other exit strategies should life get in the way?

Can you do your upgrades as you go or do you have to bring it off-line and could you do that during the slow season with less impact to revenue?

Post and let us know if you go for it!

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@Ana Franchi

Generally freestanding homes appreciate quicker than an attached home. One cannot

control the amount the HOA fees are raised each year.

A three bedroom townhome will rent for less than a three bedroom freestanding single-family in the same area. It all depends on if you have the right type of home in the right type of area. In an area of families and good school districts, a 1/1 apartment may not rent as quickly as a3/2 single family even though the single family will have a much higher monthly rent than a one bedroom apartment in the same area.

@Michael Alexander

This app is similar to the free app/host/guest on Plugshare. I have had electric vehicles for about seven years and have not had to charge away from home more than five times in the seven years as I trickle charge each night but I did use Plugshare to find local homeowners and businesses with chargers. They have many more listed than this BlossomEV app.

I think people don’t realize that you don’t have to go to an official charging station to charge you can go to anybody’s house with an outlet and bring your slow charger or go on Plugshare and find a homeowners or business fast charger.

If this app gets more hosts it will be more valuable if PlugShare has less listings